As an FGCU student, who is in the School of Entrepreneurship I get to be in this special bubble of information and education. Due to the NFT and meta verse class taught by Kelly Werder AKA Professornouns. I feel miles ahead of not only some friends and family, but I feel like I was able to get a grasp of this space, before the rest of the world will realize how revolutionary it can be. In January of 2024 the only thing I knew about the crypto world was Doge coin, bitcoin and some popular NFTs. I got into it during COVID, one because there was nothing to do but be on your phone. People were making so much money, and the whole world outside of the Web 3 space thought that whoever was in the space was crazy and that it was only a little bull market, and that it would crash at any time. Just like every other new innovation, the people that were a part of it were called crazy and stupid, but it's by people that haven't put in the effort to learn just how amazing this new technology is and how helpful it can be to become successful. First, possibly the biggest upside to the crypto and NFT world are the communities that are created and what they all do with them. A team will create a NFT project, they will make possibly thousands of different NFTs with different traits and rarities. Why buy one of these NFTs? Well not only will it most likely look cool; it also can have perches that come with the purchase of it. For example, Pudgy Penguins, which is now in 5000 Walmart’s, is a product that you can buy, scan the QR code and then play the web 3 game. You can also buy the NFT itself and get gifts and perks in and outside of the game. Another example: Vee Friends, a NFT project created by Gary Vanderchuck has lots of perks that come with the purchase of his NFT collection. You’ll be allowed to attend Veecon which is a huge three-day event with all the NFT holders, at the event your NFT has the chance to also win a dinner with Gary Vee, play basketball against him and many other opportunities anyone who doesn't buy the NFT wouldn't get. The project also has a kid's show and toys, there are so many different pathways that he will be able to go down in this space, which is such a huge opportunity for entrepreneurs to attack the virtual space. Second, one way to make sure that your NFT project is gonna be successful is to do the same research you would have to do if you were starting a business outside of the web 3 space. When doing business in web 3 spaces it is a lot easier to do market research because everything is on the blockchain and is recorded. This can help you with market research because you can look at similar projects to yours, since all purchases are recorded for everyone to see who is buying them. You can take all the wallet numbers and add them to a allow list which will let those people have an opportunity to pre order an option or just exclusively them. This is a great and really easy way to do market research in that field, instead of doing all the marketing and spending all that money to see if your product will do well outside the web 3 space. Lastly, the new web 3 crypto space another important aspect is the fact that it gives the little guy a chance. The big organizations like Instagram and YouTube don’t have the leverage of deleting your account or taking your money because in the web 3 you own your stuff and if the platform you use doesn't like your styler what you do, you can take your stuff and customers with you to a different platform you can even change currencies if that will help you be more successful.
SPOOKY
In January of 2024 the only thing I knew about the crypto world was Doge coin, bitcoin and some popular NFTs. I got into it during COVID, one because there was nothing to do but be on your phone. People were making so much money, and the whole world outside of the Web 3 space thought that whoever was in the space was crazy and that it was only a little bull market, and that it would crash at any time. Just like every other new innovation, the people that were a part of it were called crazy and stupid, but it's by people that haven't put in the effort to learn just how amazing this new technology is and how helpful it can be to become successful.
First, possibly the biggest upside to the crypto and NFT world are the communities that are created and what they all do with them. A team will create a NFT project, they will make possibly thousands of different NFTs with different traits and rarities. Why buy one of these NFTs? Well not only will it most likely look cool; it also can have perches that come with the purchase of it. For example, Pudgy Penguins, which is now in 5000 Walmart’s, is a product that you can buy, scan the QR code and then play the web 3 game. You can also buy the NFT itself and get gifts and perks in and outside of the game. Another example: Vee Friends, a NFT project created by Gary Vanderchuck has lots of perks that come with the purchase of his NFT collection. You’ll be allowed to attend Veecon which is a huge three-day event with all the NFT holders, at the event your NFT has the chance to also win a dinner with Gary Vee, play basketball against him and many other opportunities anyone who doesn't buy the NFT wouldn't get. The project also has a kid's show and toys, there are so many different pathways that he will be able to go down in this space, which is such a huge opportunity for entrepreneurs to attack the virtual space.
Second, one way to make sure that your NFT project is gonna be successful is to do the same research you would have to do if you were starting a business outside of the web 3 space. When doing business in web 3 spaces it is a lot easier to do market research because everything is on the blockchain and is recorded. This can help you with market research because you can look at similar projects to yours, since all purchases are recorded for everyone to see who is buying them. You can take all the wallet numbers and add them to a allow list which will let those people have an opportunity to pre order an option or just exclusively them. This is a great and really easy way to do market research in that field, instead of doing all the marketing and spending all that money to see if your product will do well outside the web 3 space.
Lastly, the new web 3 crypto space another important aspect is the fact that it gives the little guy a chance. The big organizations like Instagram and YouTube don’t have the leverage of deleting your account or taking your money because in the web 3 you own your stuff and if the platform you use doesn't like your styler what you do, you can take your stuff and customers with you to a different platform you can even change currencies if that will help you be more successful.
Reference
“Pudgy Penguins.” Pudgy Penguins, Pudgy Penguins, pudgypenguins.com/. Accessed 16 Apr. 2024. pudgypenguins.com
Srinivasan, Balaji. “Chris Dixon on Read Write Own.” YouTubeChris Dixon on Read Write Own, YouTube, 27 Jan. 2024, www.youtube.com/watch?v=_nIQztk5KWY.
“Welcome to VeeFriends!: Veefriends.” Veefriends.Com, veefriends.com/. Accessed 16 Apr. 2024. veefriends.com