NFT

“I've been bullish on this for five years. I can tell you as an investor, I've actually allocated very little to it.”

“Whereas today, think about an image you see on Instagram. You could screenshot that, you know, crop it, and then paste it on another platform. So like, repaste it on Facebook. And as soon as you do that, you break its entire history, its entire provenance. You…”

“I don't necessarily think that social tokens themselves are NFTs because sometimes people are creating these tokens that they've minted like a million of them. But if the creator of this group is issuing individual badges or unique items within that, then that…”

“Now it's possible to send ownership value, whether an NFT or ownership of the Bitcoin network, which you can now send that anywhere in the world instantly. And as a result, you can make anyone an owner on the internet.”

“I think the hardest part actually is getting set up with a wallet and onboarding yourself into accepting cryptocurrency in that piece, but there are marketplaces now that make it accessible.”

“NFTs are a way to make digital files ownable. Instead of a financial asset, you can now own a digital media asset on the internet. And that's why the file metaphor is apt. You can now own a JPEG, own an MP three. And what you're essentially doing when you crea…”

“And the fact that somebody had owned this so early on, it's almost become the status symbol where people want to demonstrate that they can prove their ownership Really early on in this space. And so that ownership history also really matters. Being able to dis…”

“So I would say that the number of times a file has been reproduced on the internet is directly correlated to the value of that file's NFT. Meaning the more times a piece of media gets shared online, the more social value it has.”

“It's really powerful when you can plug these NFTs into all these different crypto protocols, because in a traditional system, these middlemen aren't plugging themselves into all these other companies and middlemen. You can kind of freely do whatever you want w…”

“One way to think about what's happening with NFTs is we're building this universal open media library on top of which any developer can build the next Spotify or build the next Instagram or build the next Facebook. And when there's a lot more competition, ther…”

“So you can see this idea going a lot further where new big ideas enter the world as blog posts and people crowdfund those big ideas that they want to see happen in the world and become part owners in the blog post that becomes the sort of canonical representat…”

“This can be a really broad set of assets from digital goods like virtual lands and artwork to a claim on physical assets like real estate or clothing items.”

“The secondary resale of an asset can be programmatically constructed such that any time the NFT changes hands, a portion of the resale value goes back to the original creator.”

“That's what I love about crypto. You can have these concepts that you never really would have thought about otherwise, about being to own moments and media and people's lives.”

“And if we even talk about the more traditional stuff like NFTs representing tickets or financial assets or real estate, these are just more efficient ways of transferring and without having as many paperwork and middlemen involved. And so this is a net benefit…”

“And I think that plus is really key because it's a very strong incentive to become a patron in the first place. So patronage plus may end up growing the market way bigger than patronage that we saw in web two.”

“I've also seen people Put up the artist collateral and then get out a loan for it.”

“What we've actually seen in this DAO is players within this DAO leasing out NFTs to other players.”

“And I think we're going to see a lot more of that.”

“And I think that applicability is not actually an art, but I think it's in gaming.”

“So if somebody is investing in NFTs and is not plugged into the discourse and communities, it's a big question mark. How do you have special insights here? What is it that you're basing your decisions on?”

“The big difference over the last 12 to 18 months, NFTs are the ones that caused this paradigm shift. The mentality went from trading to using. That's a really important shift that probably most people who are outside the industry haven't fully grasped. The rea…”

“Taking an item and wrapping it in an NFT does not inherently make it value. There's nothing valuable about the file format inherently, other than you now can prove provenance, but of course it has to be something that people want.”

“Out of all the things in crypto, NFTs are probably the most uncorrelated with things like the S&P, because they're really more like a consumer product.”

“1.5 million people total ever in the world have ever executed a transaction for an NFT on OpenSea.”

“NFTs are the purest form of e-commerce ever conceived. My friend Kai Sheffield used that phrase, who's the head of crypto at Visa. There's no supply chain. There's no logistics. It's literally straight from the creator to the consumer.”

“We think there's a very plausible scenario where 99% of all crypto assets are NFTs in the longer run, especially as minting costs come down into the few cents or perhaps fraction of a cent.”

“There's still lots of people working on bringing regulated assets on chain, but it's really been the fungible tokens, the network tokens, the NFTs, where we've actually seen most of the innovation and most of these features come to life.”

“Our fund historically has not taken a lot of direct NFT exposure in terms of the underlying, but we are perhaps the most active investor in the world in NFT related platforms.”

“The thing about NFTs that makes them interesting is that they are open and cross-platform. So you can't lock in your user to your proprietary system.”

“I think the programming is there today. NFTs are pretty simple programming standard that's relatively easy to bring from one game to another.”

“Those game developers, I would say the majority of them are now doing NFT web three gaming.”

“So there's a federally chartered bank custodying an NFT, the first digital asset, the first bank ever to have this type of custody of a digital asset, which is kind of cool.”

“The high level here is I've come to believe that NFTs are probably how crypto goes mainstream.”

“There were 8.6 billion in NFT sales last year.”