NFTs Need an Audience: Utility, Consumption and Building New Wor…

We have yet to really build out how you consume, display and enjoy your collection as anything more than just storing it in your closet or vault or purchasing it on an exchange. If NFTs crash and burn as a bubble, this will be why.

By giving the owner her own place of glory on the UX, we make them an important part of the creation story. This increases the value of ownership, which increases how much an artist can charge.

Unfortunately, today, those great non-owner experiences barely exist. For art and collectible NFTs, the UX so far consists of marketplaces, social posts to promote sales, some data-driven transaction ranking sites, and crypto-wallets. We have the NFT equivalent of auction houses, media for pro art buyers, and the systems to manage transactions. All... See more

As such, owners of NFTs have a vested interest in making sure that great third-party consumption experiences exist, especially if their ownership is evident and it can drive more transactions, passion, and engagement to the creator.

As any asset begins to accrue greater recognition and deeper social significance, its value moves beyond being predominantly transactional and towards an expression of the owner’s identity.

For NFTs to reach their true potential, we need to build much farther-reaching consumption experiences. And to not repeat the same mistakes of our current digital era, we need these platforms to maintain a decentralized ethos.