The Coinbase Ventures Guide to NFTs

The Coinbase Ventures Guide to NFTs

There is also promise for NFTs to create new kinds of relationships between entertainers and fans, particularly in the world of music. Catalog, for example, lets artists sell unique tracks directly to fans in the form of Wav NFTs. This lets fans directly support their favorite artists by purchasing their music directly from the source. Imagine purchasing a limited edition Taylor Swift song before she got famous.

All This, By AbJo (1 of 3)

NFTs can also create deeper relationships between fans and creators by conveying rights to exclusive experiences. For example, fans who purchased The Disclosure Face automatically received 4 tickets to any Disclosure show worldwide. On top of that, the purchasers became friends with the artist and Disclosure now regularly performs at their events.

Just as with music, the world of sports and NFTs are also colliding. NBA TopShots, which turns NBA moments (i.e. a Lebron James dunk) into digital trading cards, is already among the top grossing NFT collections. The company behind TopShots also just announced plans to expand into the NFL. Sorare, which just raised a mammoth $680m Series B, has similarly partnered with international soccer clubs to generate NFTs that represent players. These NFTs form the basis of a fantasy sports competition in which users are rewarded when their players perform well.

Social Tokens

Social tokens can be viewed as the fungible cousins of NFTs. Similar to how Bored Apes or NFTs minted by certain musicians convey access to certain communities or experiences, social tokens do the same.

Social tokens are catching on with creators and influencers who seek to create social communities around their individual brands. One interesting recent example is UCLA basketball player Jaylen Clark using the Rally platform to issue the $JROCK token. Holders of these tokens will get tickets to basketball games as well as unique content from Jaylen.

Social tokens are even earlier in their adoption curve, but alongside NFTs, are helping form the backbone of crypto’s social layer.

All roads lead to Web3

Crypto has now introduced several novel innovations to the world: first, Bitcoin and digital cash; then, Ethereum, smart contracts, and a revolution in capital formation; recently, DeFi and a reimagining of the financial system. Now, NFTs and what some believe will be a revolution in digital ownership and social coordination. Put all of these technologies together and you have the foundation for Web3 — an internet owned by its users.

Given the recent rapid rise in NFT values, it is likely that this market will experience boom and bust cycles, similar to previous crypto innovations. Regardless, we’re likely to see a continued cambrian explosion of new experiments that range from brilliant to absurd, as the lines between the digital and physical world continue to blur.

Steve Wimmer — Punk Portraits

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This website does not disclose material nonpublic information pertaining to Coinbase or Coinbase Venture’s portfolio companies.

Disclaimer: This material is the property of Coinbase, Inc., its parent and affiliates (“Coinbase”). The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Coinbase or its employees and summarizes information and articles with respect to cryptocurrencies or related topics that the author believes may be of interest. This material is for informational purposes only, and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations or (iii) an official statement of Coinbase. No representation or warranty is made, expressed or implied, with respect to the accuracy or completeness of the information or to the future performance of any digital asset, financial instrument or other market or economic measure. The information is believed to be current as of the date indicated on the materials. Recipients should consult their advisors before making any investment decision. Coinbase may have financial interests in, or relationships with, some of the entities and/or publications discussed or otherwise referenced in the materials. Certain links that may be provided in the materials are provided for convenience and do not imply Coinbase’s endorsement, or approval of any third-party websites or their content. Coinbase, Inc. is not registered or licensed in any capacity with the U.S. Securities and Exchange Commission or the U.S. Commodity Futures Trading Commission.

The Coinbase Ventures Guide to NFTs was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

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