NFT Fest 2022
Excited to get my lanyard. Hannah at NFT Fest 2022.
Let’s talk about the evolution of the Internet.
NFT Fest 2022 in Melbourne covered Web 3, Blockchain and NFT’s. I love the area both for the innovation and technology, but also the unique opportunity to shape the future.
Wouldn't it be great to learn from where we are now?
From cyber bullying to data privacy. From diversity and inclusion online and toxic trends.
What if we could build on the best bits of the internet - the access to information, community, fun, creativity and change the worst bits?
Let’s start with the headlines.
Melbourne was diverse, and welcoming
“We are not too early” in Web 3
“Respect, Learn, Understand. And then, Create”
NFT communities are making positive impacts
The Tech needs Plumbing - foundations are required.
NFT’s hold potential to create deep relationships with Fans
A message of “Be Bold, with caution” came through
A handy watch out - Wellbeing in Web3
Let's start with real representation
Oh boy, what a joy to see this diverse group. All genders, all abilities, all backgrounds. It was painful to tear myself away early on the Thursday as I'd made some great new connections (and they were all heading for drinks). This is a community that is built on acceptance. It is warm and inclusive, friendly and open.
The message was clear around collaboration - this is about building together - not competing. And this is evident in the conversations and connections I have made since.
"We are not too early"
Joan Westenberg set a tone of urgency on day one. Less hypothetical, more action. She pointed out that enough tools, products and tech exist to start. To build, to create, to learn. And timeliness was needed, "look at the streaming of music, no one is winding that back". Joan's argument was that if 'we' wait around, the opportunity to create value for the artists and creators will be lost. Equity is possible through creating goods and services on the blockchain now. Not waiting until inevitably, a enterprise uses their scale to build what works for business but again cuts short the creator. "Get your head down, and build".
"Respect. Learn. Understand, and then Create"
Leanne Bats from The All Blacks came from the position as a brand owner. Participating was important, before creating. This builds your understanding of how it works. It's a safe way to learn, and also to fail. Her remit across the Rugby giant, the All Blacks, Leanne needs to demonstrate caution in order to launch in a way that is truly beneficial for fans. The potential is great - but know the audience, along with the processes, regulation and unknowns first.
NFT Communities - Meet the Nouns DAO’N-Under
When a crew of 7, including one 12 year old girl, stepped up on stage with pixelated glasses and large cutout characters, I did wonder WTF is happening?!
The next 30 minutes helped my NFT penny to drop. The group as part of a collective. The NFT's bought in this project create a shared treasury, the investment could then be used towards projects the committee all voted on. As an example, they'd agreed to sponsor NFT fest. They'd also created art in Brazil to celebrate the 10th anniversary of skateboarding being legalised there. The group were all digital artists and creators, but that was not their background with a few being tradies, one being still at school.
There is no exclusion here, instead a group with a shared interest in creativity and working on positive and interesting things. The artwork of the Nouns is open source, so developers and creators can create their own value and IP from being a part of the Nouns. The penny dropped.
The Tech needs Plumbing
Blockchain technology exists now, but what limits its immediate expansion is the foundation, the plumbing as it was referred. How does the chain talk to other current systems, what regulation is there? With blockchain, there is no middle man. Tokenisation is one key area of discussion, for trading and for ownership. As is the data kept on chain - does all cashflow and balance sheet data exist on chain? Blockchains need to be interoperable with other systems used, particularly in the example discussed of banking and real estate.
The NAB representative at NFT Fest shared it was what their customers were asking for, and with any transformation, it started with the education internally to move things on.
A Deeper Relationship with Fans
Whether Sport, Fashion, Wine, Music, Web3 - NFT's offer a way to build a deeper relationship with your audience.
This is more curation than mass appeal. Large audiences ‘passively consuming’ your brand v’s those that live and breathe it. An NFT may come with an exclusive experience, hearing a new track before it is aired, getting a pit side walk at the Grand Prix. From the NBA and NWBA 'Top shots' to Wimbledon Centenary, the ability to engage further with your audience, your superfans, is a great way to think about the potential of NFT's.
Build! Test! Learn! Oh, but, at your own risk
NFT Fest provided so many moments of excitement and a desire for action. We could be too late, other brands or businesses were here, so shouldn’t we / I be? However the legal session on Day 2 helped sober us up.
If you sell an NFT, what is the copyright law? Do you have the ownership of each layer of the digital file?
What are the bundle of rights when sold on chain? What about a token?
Terms and conditions do still need to apply, but which ones? And when ownership is transferred, do you bypass any need for an agreement in writing, as the traditional law may require?
There was assurance that the Digital Law Association was working on this. It does however need input, needs members of the community to lean in and engage. NFT’s are new, and therefore so is the law (limited right now) to protect consumer and creator.
Web 3 Well-being Watch out
A phrase that was oft repeated was "A day in Web3 is a week in the real world". Things move so fast, it's hard to keep up. Many referenced the timezone challenge being in Australia for when there were NFT drops, setting alarms for the middle of the night to try and get in with a chance of minting a collectable.
Beware of the pressure, take time out, watch out for your well being. Yes, there can be Fomo, but the juggernaut moves quickly and if you don't look after number 1, you can end up depleted. Kevin Li was one who spoke of taking a few months out, it is healthy and ok to do so.
A handy note to end on, as my mind buzzes from all of the excitement, and new information.
A huge thanks to the organisers of NFT Fest 2022, and for all the lovely people I met there.
