In a riveting discussion, NFX Partner Morgan Beller, Cuy Sheffield, head of crypto at Visa, and Micah Johnson, artist and creator of Aku, explore the future of company building.
They delve into the shift towards a community-first approach, the transformative role of NFTs, and the potential of play-to-earn projects.
Changing Metrics in Web 3.0
Unlike web 2.0, where the focus was on the number of eyeballs, followers, or views a creator could attract, web 3.0 is more about commerce.
The real metrics are how many people purchase an NFT or a social token that gives them membership into a community, and how many of them participate in that community.
Significance of Community Engagement
Community engagement and open building are crucial for creators.
Regular interaction with the community can provide invaluable insights that can guide the company’s direction.
However, managing a community and engaging with it requires a different set of skills than creating art.
Future of NFTs and Play-to-Earn Projects
NFTs and play-to-earn projects hold immense potential for artists and creators.
They offer a new way for artists to monetize their work and reach a larger audience.
The principles of ownership, collaboration, and community, which are central to NFTs, can be applied to other sectors, leading to a more democratized and inclusive economy.
We’re democratizing access to have agency over our future financially. It’s more broadly this concept of giving the people what they want and letting people tell you what they want. – Micah Johnson
Expansion of Web 3.0 into Other Industries
Web 3.0 is expanding into other industries like education.
For example, a study group called Crypto Culture in Society crowdfunded their course and gave an NFT for participating in the study group.
This shows how new community-based models are being used across different industries and sectors.
Community-First Approach in Company Building
The future of companies lies in a community-first approach, where early customers, partners, and supporters play a pivotal role in shaping the company’s trajectory.
This approach is particularly evident in NFT and play-to-earn projects, where the community’s input is instrumental in determining the future of the product or service.
Democratization of Art through NFTs
NFTs are revolutionizing the art industry and asset class.
They offer a novel way for artists to monetize their work and reach a broader audience.
NFTs can also be perceived as a ticket into a close-knit community, rather than just a digital asset, leading to lifelong friendships and connections.
Potential of Play-to-Earn Gaming
Play-to-earn gaming offers a method of distributing content that allows consumers to participate in the narrative while benefiting from the value generated by the platform.
This model is seen as a potential game-changer in various industries.
If any individual can build a commerce business and sell to consumers across the world, we think that that’s just an enormous opportunity to grow economies and to help people earn livings from their creativity. – Cuy Sheffield
Concept of Creative Ownership
Web 3.0 introduces the concept of creative ownership, where consumers are no longer passive recipients of content but have a say in its creation.
This shift can lead to increased loyalty and excitement among consumers, as they feel empowered by their ability to influence the content.
Digitization of the Supply Chain for Creators
With the digitization of the supply chain for creators, they can now mint an NFT instead of producing a physical item.
This enables participation in commerce and the ability to build global commerce businesses at a massive scale, where the only real barrier is creativity and ideas.
Replacement of Web 2.0 Models by Web 3.0 Models
Web 2.0 models are being replaced by web 3.0 models.
For instance, the Stonercats series was funded by rallying the community together and giving them value back for being capital providers.
Similarly, the Board Apes brand funded themselves to be a massive brand and have the resources and capital to do whatever they want without needing to license or get into deals where they’re getting splits on their revenue.
Power of Direct Consumer Engagement
Web 3.0 is about giving people what they want and letting them tell you what they want.
It’s about asking people directly and letting them fund what they want to learn or see.
This concept is seen as a more powerful, meaningful, and authentic relationship between creators and their audience.
Shift in Company Development Model
There is a paradigm shift in the traditional model of company development.
Instead of devising an idea and then trying to sell it to customers, companies are now building a community first.
This community then helps shape the company’s products and services, leading to a more customer-centric approach.
