NFTs had the great year of 2021. From Pak’s ‘The Merge’ to Beeple’s ‘Everydays: the First 5000 Days’, many more creators and designers want to join the space to make a fortune. Can they do so?
I explained the 5 stages of the crypto life cycle and where NFT positions itself at.
Crypto Life Cycle Pattern
Similar to forming a country, cryptocurrency creates an opportunity to form a new type of organization or maybe even possibly a type of coalition or even a type of a country. How will a country form then? I started with a small group of people to trade with each other at first. Bunch people gather together to build a town. Each town can form a state and each state will form a country. Therefore, there are 5 phases of the crypto life cycle: Invention of Money, Invention of Creators, Invention of Entities, Invention of Coalition, and Invention of State.
Invention of Money
The first stage of the crypto cycle has almost been completed. With a valuation of cryptocurrencies to become more stable and their related financial products introduced, people can easily use crypto as a currency to trade and earn from.
Invention of Creators
The second stage of the crypto cycle is about recruiting people to work for crypto. The difference between working for crypto rather than working for crypto firms is that people voluntarily spend time contributing to crypto space and they do not necessarily seek monastery compensation. It is an opportunity to integrate side hustlers and gig workers into the workforce without forcing them to receive overpriced education with loan burdens while the job market has no place for everyone to take.
Invention of Entities
Crypto entities will form around the third stage of the crypto cycle. There will be many different styles of entities whether to include DAOs or not. Such entities will integrate crypto into their system and become part of their infrastructure or become their vital structure. Entities then evolve to become a specialization group that provides needs to expand the capability of the crypto space.
Invention of Coalition
In the fourth stage, entities will expand further. The large entity will become a coalition to lead small entities or spinoff their resources into different pieces of small entities while they are working toward the same goal. There will be competition but the coalition will not absorb entities like corporations, rather integrate and become part of the coalition naturally.
Invention of State
Each coalition will form a state eventually. Such a state has the resources to conquer complex issues like social issues or environmental issues. They will spend a long period of time working on the project together and form a state without influence politically. Or some states may have different political agendas that have nothing to do with power struggling but to influence the technology to use for public goods.
NFT is at the second stage of crypto. It is not so much about its valuation but how creators can invent NFTs and build a community that is more sustainable than just monetary rewards.
The next stage of NFT is to form entities. Whether through DAOs or partnerships with corporations, NFT hype will soon cool down.
This article is also published in Cryptologist as parnership publication.
Photo by Alp Ancel on Unsplash
Note: the post was shared on multiple platforms here.
You can refer my previous article lists here
Digital Commodities- the Unlimited Resources of Commodities Has Born
Universal Income in Crypto Way
DeFi 1.0 is Officially Dead - Welcome to DeFi 2.0
NFT Has a New Purpose
How Many Ads Are Too Much - Floki Inu Ads Got Backfire
Metaverse - Second Life Era
Bitcoin ATM Adoption and Its Potential Security Vulnerabilities
When Corporations Are Running By Everyone
The Fundamental Value Is Irrelevant
Coinbase At Huge Reputation Crisis
CBDCs' Flaw Design
Regulations Start Hitting Crypto Exchanges
From Bitcoin Standard To Zero-Knowledge Proofs - Decentralization 2.0
Shiba Hits 1 Million Users (Army) Milestone: What is Next?
How To Avoid Crypto Scammers
Shiba Game - When Meme Meets Metaverse
Twitter CEO Steps Down - A Full-Time Bitcoiner
Change of Macroeconomy Landscape
CBDC Is Losing The Game
Doge The Future
El Salvador's Bitcoin
Market Sentiment Has Changed
Brief History of Ethereum and How Ethereum 2.0 May Over Promise
Crypto Is Getting Real
Who Cares If Craig Wright Is The Real Satoshi
Institutional Investors vs. Whales
What Happened In BadgerDao
A Proposal To Move Bitcoin Mining PoW Away
IMF Keep Crying Out, Crypto Adoption Keep Accelerating
Dogecoin Is Back to Top 10 But The Moon Shot Is Looming
How to Avoid The New Wallet Scam
Defi Enters To Crypto Bond Phase
What Types of Metaverse You Want
Global Regulations Are Coming Or Can They
IMF Did Have A Plan to Run Global Regulations
Doge Starts Moving
A New Malware Will Steal From Telegram
Smart Money Is Out, Institutional Money Is In
Wait, Web3 or Web 3.0 or web3
Airdrop?! Not So Lucky Anymore!
2022 Prediction #1: L1 Scalability
2022 Prediction #2: L2 Bridges
2022 Prediction #3: Zero-Knowledge Proofs or ZKPs
2022 Prediction #4: Regulated Defi On-Chain KYC
2022 Prediction #5: Institutional Crypto Adoption
2022 Prediction #6: Defi Insurance
2022 Prediction #7: NFTs-Based Communities - DAO 1.5
2022 Prediction #8: Metaverse and NFTs
2022 Prediction #9: Web2 Companies’ FOMO
2022 Prediction #10: Time for DAO 2.0
Craig vs People
Polygon Enters ZKPs - Plonky2
Crypto.com Backfire - When Centralized Crypto Service Panic
Coinbase NFT Marketplace
Coinbase Customer Service Alive
When Meta Patented Metaverse
When You Want Someone Forget About What You Did, Just Change You Name
When YouTube Enters Into NFTs
Facebook Just Did the Rug Pull
Bridging Between Web2 to Web3 Through NFTs
DAO The Way Part 1
DAO The Way Part 2
Who Is The Winner of The Crypto Adoption
DAO The Way Part 3
Disclosure: The article was written by a delusional author who is possibly a nut job without any questions whatsoever about expertise in the subject matters. You should not believe any words this author wrote or you may experience similar symptoms or even possibly become a nut job.