What's the main reason to get into NFTs? (2-min read)

At the moment, this is a question everyone inside is asking about the NFT space.

No doubt there are a few people outside of NFTs who are also asking the same question.

Valuations have dropped considerably across virtually every project. New trading platforms that incentivize trading instead of owning or holding NFTs have largely gutted many projects. The ever-present scams are, well, ever-present.

And yet… as I alluded to in the previous post, NFTs do represent something more than a chance to make money or a jpeg of a cartoon monkey. We’ll talk about community and money in future posts, but here’s why you need to be learning about NFTs now. (And learning is safer than investing, at the moment):

It’s about being on top of things. Staying aligned with or ahead of the curve. Identifying the next Amazon, or even the early Yahoo! (just sell a little more quickly if that’s the case…)

As venture capitalist Chris Dixon said in a famed blog post (and again more recently on Tim Ferriss’ podcast):

That quote is from 2013. I’d suggest it holds true today, but the 10-year aspect was probably too long. What the smartest people do on the weekend in 2023 is what many of us will be doing in 1-2 years.

In 1995 or so, it was the Internet hobbyists. I remember seeing my first Yahoo! page at a client’s house as a student window washer. He was a very smart, pretty eccentric, (and a little unwashed) university professor. He was exploring it on weekends, he said. He tried to impress upon me and my business partner how revolutionary this was going to be.

We were largely unmoved - the real money was in window-washing of course, and we had other houses to get to. (Insert joke about the irony of window cleaners not being able to see clearly…)

With NFTs, the first ones of note came out in 2017/2018, and it was exclusively the domain of the smart people playing on weekends with blockchain technology and art/graphic design.

Fast forward to today, Starbucks, Nike, and former normies like me are all in the NFT game. Some even say NFTs in their current state are kinda done (not true, but there is a notable lull). Dixon and Naval Ravikant mention in that same podcast episode that all the Silicon Valley talent has been moving towards NFTs and the broader Web3 space.

So while the market is currently highly volatile and the macro markets are pointing towards a recession, it’s still a very good time to invest time rather than money into learning about NFTs. Stay tuned for some great recommendations soon…