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ART & COLLECTABLES

The Next Wave of NFTs Will Begin with the Community

Community, education, and transparency are the foundation values of a new wave of NFT ventures like Doge Fight Club.

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The buzz around non-fungible tokens has risen in 2021, from the art world to gaming to sports. However, as the technology evolves, NFT developers look into using trustworthiness, long-term rewards, and chances for education and collaboration to form communities.

Then followed the boom, when multimillion-dollar artwork sales made headlines worldwide, and early NFT holders became billionaires overnight. But, as a culture of buying and “flipping” NFTs evolved, they were quickly followed by a surge of cash-ins and copycats.

However, the community utility of NFTs may have saved them; when weekly trade volumes on key NFT platforms plummeted last spring, they rebounded with vigor in July and August. The comeback was ascribed in part to the success of NFT artists informing communities around their projects.

Soon, celebrities were proudly flaunting their NFT avatars on social media, symbolizing their membership or sense of belonging to a specific collection.

Community Comes First

“People invest in the community very early on—and they expect to be rewarded for it,” says Elliot Ngai, co-founder of Doge Fight Club, which released its first collection of 6,200 unique Doge Fighter NFTs on November 14.

However, derivative avatar projects are no longer adequate to entice NFT-hungry buyers. Doge Fight Club is part of a new wave of NFT projects that aspire to be more than just a collection of artwork by forming active communities around them to teach, educate, and entertain their users.

Didi Frichti, a member of the Doge Fight Club, said:

“Joining the Doge Fight Club has been the best move I’ve made during my NFT adventure.  If you’re new to this, it’s the ideal place to be, whether for trading advice, regular crypto market analysis, or the NFT watchlist. It’s all about helping one another.”

Doge Fighter NFT holders have access to the Fighter’s Corner, a community for like-minded people to meet and talk about their NFTs. They can also vote on the assets and decentralized autonomous organization (DAO) of the community.

The Educational Incentive Program

Many early NFT groups sprang out around their particular projects as an afterthought. At the same time, the first wave of NFT holders rallied around the soaring valuations of crypto ventures such as CryptoPunks and Bored Ape Yacht Club. As a result, NFT projects are now putting the community first, including incentives and demonstrable value from the start.

Because there is an intense hunger for useful, actionable knowledge among newbies to the crypto sector, Doge Fight Club has turned its Fighter’s Corner into an instructional hub as well as a gathering spot. Doge Fighter owners can get help and advice in the form of trading tips and crypto-lessons here. “As a member of the larger crypto sector, we’re a great entry point. Our roadmap is heavily targeted toward education in its design. Education is utility,” Ngai explains.

To help its community, the project is also creating educational audio and how-to video content and commissioning research reports—something Ngai claims no one else in the NFT field has done to a gold level. Knockout Reward Points ($KRP) – daily prizes earned by staking your NFT – can be used to access these resources.

Members must keep their Doge Fight Club NFT if they wish to access the Fighter’s Corner; this feature fits with customers’ waning interest in merely flipping NFTs for profit. “This is not the community for you if you’re going to flip,” Ngai remarked.

Beyond Opacity: NFTs in the Future

As of May Chau, Doge Fight Club’s Marketing Lead explained, people’s expectations of NFT initiatives also change. “The due diligence you must perform […] raises everyone’s expectations.”

NFT holders have become increasingly suspicious of rug pulls, scams, fraud, or founders simply losing interest and abandoning their projects; therefore, the days of faceless founders and questionable pedigree around NFT initiatives are soon becoming a thing of the past. In addition, regulators are becoming more interested in NFTs as they grow more integrated into the global financial system, which means that full transparency will soon become non-negotiable for NFT start-ups.

To that end, the founders of Doge Fight Club have guaranteed that they’re ahead of the game by doxxing themselves for the sake of accountability. The crew is also proud of its long history in the fintech industry. Ngai, Wister Ng, the other co-founder of Doge Fight Club, and Chau currently work at Knit People, a Canadian cloud payroll and payments company.

That openness should help them develop their initiative; Doge Fight Club wants to build a full-fledged metaverse platform at some point down the road. The idea of shared virtual space has caught on, with everyone from Facebook to Nike putting their stake in the ground—but with Doge Fight Club’s emphasis on community, the NFT project is ideally positioned to ride the metaverse wave. “When we say Metaverse, we don’t mean a video game,” Ngai clarified. “It’s a community, a place where people can come together and chat about subjects they care about.”

ART & COLLECTABLES

The Chainsmokers are the First in the Music Industry to Share their new Album Royalties with Fans via the NFT Drop

The famed music duo The Chainsmokers’ new album features an NFT giveaway, which provides 5000 fans a 1% royalty split.

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#nft #nfthours #chainsmokers #royalties #cut

The electronic music duo, The Chainsmokers, are best known for classics like “Closer” and “Paris,” but they’ve also established a reputation as Web3 pioneers. The most recent example is their new album “So Far So Good,” which will include a drop of 5,000 NFTs that will allow fans to share in 1% of the revenues.

This is the most high-profile case of musicians using NFTs to distribute royalties to fans to date. While artists such as Nas and Diplo have published royalty-generating NFTs for individual songs, this is the first time a band has done so for an entire album for free.

In an interview, Taggart and bandmate Alex Pall said that they chose their most devoted followers, of which 5000 will receive an NFT, by examining data from concert purchases, song streaming, and Discord engagement.

In this scenario, the NFTs will grant fans access to a members-only area of The Chainsmokers’ Discord channel and the opportunity to meet with the duo personally.

Those who get the NFTs will be notified when they receive a payment on a quarterly or semi-annual basis. If customers decide to sell the NFT, a smart contract (basically a computer program) will transfer 7.5 percent of the earnings to The Chainsmokers (one of the benefits of NFTs for artists is the opportunity to receive a share of secondary sales), which the duo plans to gift to the album’s songwriters.

The new record will be released on Friday, and the NFTs will be handed out on May 17. The Chainsmokers use Royal, a platform that uses the Polygon network and was behind Nas’ and other significant artists’ recent NFT drops, to distribute the NFTs.

The Chainsmokers claim to have arranged for the NFTs to be released in a fashion that does not require their supporters to have any crypto knowledge. While crypto enthusiasts can request that the NFT be sent straight to their Web3 wallet, beginners can request that Royal construct a wallet and rely on the site to display and store it.

To reduce fan friction, the duo has arranged for them to be able to acquire and transfer NFTs without incurring any transaction fees. So allow Royal to establish a wallet for them, which will be shown and stored on the site.

The music industry is entering the Web 3 era

The Chainsmokers aren’t new to the crypto industry, but this is their first time issuing NFTs. For years, the two have run an investment group that has sponsored various Web3 projects, including Royal, created by another artist, Justin Blau, aka DJ 3Lau.

According to Pall, Pall and Taggart first discovered bitcoin six years ago while playing a corporate gig for Google. A random guy approached their trailer during a break between scenes and gave them a blue streak about the revolutionary power of blockchain. This event convinced them of the technology’s promise.

Pall claims that they recognized right away how an immutable blockchain record might help them create new relationships with their fans and, potentially, solve the problem of secondary ticket sales. Scalpers (sometimes using bots) sweep up large blocks of tickets and resale them for an enormous profit, which has long irritated fans and singers alike.

Using NFTs on a blockchain can help bands avoid scalpers and ensure that resale earnings go to them or their fans.

The Chainsmokers are a rising number of musicians who have realized that blockchains can be a better alternative to traditional economic structures that include layers of attorneys and music industry middlemen.

Blockchain-based record and distribution platforms give musicians a new method to communicate with listeners and provide the most dependable approach for monitoring royalties, which has been a long-standing issue in the industry.

The Chainsmokers are eager to point out that NFTs and other blockchain-based technologies have yet to be demonstrated in the music industry. “Everyone is still trying to figure this out,” Taggart says.

However, the rising popularity of platforms like Royal, which just funded $55 million, and the growing number of prominent musicians adopting crypto suggest that Web3 is likely to be the way forward for the music industry.

If that’s the case, the NFTs linked with their record will be yet another win for The Chainsmokers, both as musicians and businesspeople. One of the duo’s other businesses is a successful tequila brand.

When asked how they got their entrepreneurial spirit, the duo praised Jimmy Buffett, claiming that the Margaritaville singer built a corporate empire by carefully selecting ventures that fit his brand and personality.

Pall remarked that the duo’s Web3 endeavors would come in handy if his stage appeal wanes. But, he joked, “I’m not going to look amazing in leather pants forever.”

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ART & COLLECTABLES

Madonna’s Nude NFT Debut Elicits a Range of Reactions from the Community

The community reacted to Madonna and Beeple’s latest NFT release in a variety of ways, from being inspired to criticizing the artwork’s “flaws.”

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#nft #nfthours #madonna #beeple #mothernature

Mother of Creation is a series of nonfungible tokens created by the queen of pop and record-breaking performer Beeple. It includes three NFTs titled Mother of Technology, Mother of Nature, and Mother of Evolution. The NFTs depict Madonna in 3D, giving birth to robot centipedes, butterflies, and plants.

While the markets were going crazy over stablecoins displaying instability, Madonna and Beeple thought it was time to show the community something even crazier: NFTs depicting a 3D model of the 63-year-old singer’s vagina. 

Following the release, the community reacted in various ways, with some being inspired and others criticizing the artwork. Emiko Inoue, a Twitter user, stated that the artwork is “the most motivating” and would “gladly buy one without thinking” if she could afford it.

Twitter user artbyjstelco, on the other hand, stated that he “totally despises” the artwork. Many aspects of the NFT were attacked, including how nature should “not wear make-up” and have “artificial tits and hair.” According to the Twitter user, giving birth is a painful process, and the artwork does not reflect this.

The NFTs are presently valued 28 Ether (ETH), which is around $56,000 at writing. The auction will conclude in 35 hours. The money raised from the drop will go to three separate charities that help women and children worldwide, according to the collection’s description on the NFT marketplace SuperRare.

Three-dimensional NFTs are becoming more popular. Sony announced a partnership with Theta Labs to launch 3D NFTs last week. This, according to the electronics company, illustrates the capabilities of its new product, the Spatial Reality Display. Users can examine objects in 3D on the monitor without having to wear standard 3D equipment.

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ART & COLLECTABLES

Lina Valentina’s NFT Collection “No More” was released to raise awareness about domestic violence

Since the outbreak of the war between Russia and Ukraine, the full usefulness of NFTs has been recognized as a revolutionary tool.

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NFTs have evolved from hype-driven collectibles to become a means of expression, making them more than merely an investment tool. With these NFTs, Lina Valentina’s latest collection wants to make a much more profound change.

People from all across the world who supported Ukraine did everything they could to help the country. The Ukraine NFT flag, for example, was broken down into 3,271 individual components and was able to raise $6.75 million for the country.

Today, the No More collection uses a similar method to raise awareness to a critical issue affecting women. The collection attempts to transmit the message of rejecting domestic violence around the world by using the power of web3 and NFTs.

Lina Valentina, one of the most notable feminist artists, discussed her NFT collection with Cointribune, which was developed to bring courage to those women who are still silent while enduring this awful violence.

Each of the collection’s 7,777 individual NFTs will reflect a feminine face – the aesthetic touch that made Lina Valentina renowned (primarily the mouth and the open zipper).

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