This NFT Expert Explains How Digital Products May Have More Use Cases Than Luxury Watches
Episode 51 from season 3 of The Scoop was recorded remotely with Frank Chaparro of The Block and Franklin Fitch, Head of Growth at Blockparty.
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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 decisive opportunity for historic brands as well as for brands of the future:
“When you start to connect physical events, digital signals, memes and collectibles into one, I think you create this kind of really overpowering wave of commodification of culture and commodification of status and commodification of. belonging. And also combine that with all the native benefits of global payment rate cryptography, an easy ability to trade and send peer-to-peer to get it really liquid and move fast.
As big 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 their community. He has linked the growth of NFTs to luxury watches and their collectors, both of whom depend on a community of buyers to maintain their value. With NFTs, he argues, the market is integrated into the NFT ecosystem and he believes its ease of access will help maintain a product’s liquidity.
In this episode of The Scoop podcast, Fitch also discussed how NFTs can be guaranteed in the same way that products like Yeezy sneakers can be guaranteed through the fractional art market with companies like StockX.
“It’s easier to have that liquidity. It’s easier to have this peer-to-peer price discovery. Fitch told Chaparro.
Much like the way watches are collected to indicate social status, NFTs can actually be designed to have additional use cases to unlock VIP access in the Metaverse. Fitch observed how NFTs are used as a way to unlock experiences in online communities and in the metaverse:
“Now we have ways to codify, to financialize, to commodify cultural artifacts, and we have ways to communicate them among peers, socially, to report with them, to unlock experiences with them.”
© 2021 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.