Franklin Fitch, Head of Growth at Blockparty, sees the commodification of culture as the future of the internet.
Indeed, Fitch believes that a well executed NFT strategy could very well be a make-or-break opportunity for legacy brands as well as for the brands of the future:
“When you start to connect physical events, digital signaling, memes and collectibles all into one, I think you create this really superpowered sort of wave of commodification of culture and commodification of status and commodification of membership. And also combine that with all the crypto native benefits of global payment rates, easy ability to transact and send peer-to-peer so it becomes really liquid and moves quickly.”
As household name companies (such as Visa or Coca-Cola) begin to explore NFTs, Fitch sees an opportunity forming for brands to commodify "what culture is" for their brand and community. He related the growth in NFTs to luxury watches and their collectors, both of which are dependent on a community of buyers to maintain their value. With NFT’s, he argues, the marketplace is built into the ecosystem of NFTs and he believes its ease of access will help to maintain a product's liquidity.
On this episode of The Scoop podcast, Fitch also touched on how NFTs can be collateralized in the same way products like Yeezy sneakers can be collateralized via the fractional art market with companies such as StockX.
“It's easier to have that liquidity. It's easier to have that peer-to-peer price discovery.” Fitch told Chaparro.
Much like the way watches are collected to connote social status, NFT's can actually be built to have additional use cases to unlock VIP access within the Metaverse. Fitch observed how NFT's are being used as a means to unlock experiences within online communities and in the Metaverse:
"Now we have ways to codify, financialize, commodify artifacts of culture, and we have ways to communicate them peer-to-peer, socially, signal with them, unlock experiences with them."
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