‘Every major brand will have an NFT strategy’: Palm NFT Studio sees bright, non-fungible future
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Across the board, non-fungible token projects dipped dramatically in 2022, and yet there’s plenty to be positive about in terms of the technology’s future, believes Palm NFT Studio.
About the time Donald Trump was spruiking his NFT collection late last year, Stockhead grabbed some perspectives on the buzziest of all crypto sub-sectors from key members of the Delaware studio’s team.
Things looked okay for the broader crypto market and NFT collection prices at one stage early in 2022. And then things tanked due to, well, a host of largely unforseen reasons. What positives did you take from the year, though?
Daniel Heyman, Co-founder and CEO of Palm NFT Studio: “NFTs are a technology. And, as a technology, they can be applied to almost infinite use cases. In 2022, we saw NFT utility further expand into physical-digital merchandise, ticketing, music royalties, in-game rewards, and clubs; into access tokens for digital content, and dynamic assets based on real-world behaviours.
“On our own platform, built with DC [Comics], we’ve delivered NFT utility for collectors that spans custom AR lenses, in-world game experiences, real-world events and screenings, and the chance to create canon, with access to vote and shape the first DC NFT comic.
“NFTs are clearly more than just an asset. What they can provide through features; as connective experiences, is nearly limitless.”
What broad, and/or specific predictions do you have regarding the NFT sector in 2023?
Straith Schreder, Executive Creative Director: “What we’ve seen over the past year is the power of NFT-based experiences; their role in building deep, durable fan communities.
“Projects like DC’s NFT platform continue to grow in these market conditions, because they empower users with agency. They allow you to become a protagonist in stories that unfold online and in real life.
“You can collect a generative artwork that’s one of one, that you can see yourself in. You can step behind the superhero’s mask in AR. You can solve mysteries in Gotham City. You can collect comics. And you can shape canon.”
“Identity is a key feature of NFTs. Within that context, their application becomes something that’s nearly limitless, as expansive as our imagination.”
What do you think will keep the innovation rolling in the NFT space in 2023?
Matt Mason, Chief Content Officer: “Major brands and IP are entering, and mainstreaming, the space. From AMC to DC, Nike to Starbucks: over 100 brands have now launched Web3 projects.
“As brands begin to both adapt and expand their Web3 footprint, we’ll continue to see new audiences enter the space. That will foster feature innovation.
“We’ll see NFTs begin to unlock new experiences for fans. And critically, it will foster innovation around compliance and brand safety. Purchasing an NFT should be as simple, and safe, as any Web2 ecommerce purchase.”
Any further thoughts on NFT adoption in coming years?
Daniel Heyman: “I think the last year opened up a lot of people’s minds to the possibilities that Web3 technologies can enable. The future of NFTs is connective. NFTs allow us to bridge online and offline experiences; to build and centre communities. This will fundamentally alter the media landscape, as brands and large IP increasingly adopt the technology.
“Brands like DC and Warner Bros. are really the standard bearers here: NFTs will be adopted as a technology standard, where users don’t need to see or care about the underlying infrastructure to understand the value they receive.
“Just as every brand today has a social strategy, every major brand tomorrow will have an NFT strategy designed to engage and reward their fans. NFT-based gameplay and communities will have a broad-reaching impact.”
The responses in this article were edited lightly for clarity. None of the views expressed should be taken as financial advice.