What's Next for NFTs - Alexander Salnikov

hello everyone um before i start i actually want to to say thank you thank you everyone uh my my screen time combined on my iphone and macbook is like maybe 10 hours a day so i literally spend more time in the virtual reality than than in the real life and uh it is built by by you by developers designers copywriters product people so thank you for making my life easier and uh today i wanted to talk about like nfts obviously they everybody's hyped about them and uh i've been in a space for quite a while time i joined the blockchain space in 2012 and back then you could only like trade bitcoin mostly and i read the bitcoin white paper and i as a developer myself i was amazed that this system allows me to be self sovereign about my money so like i come from the country where sometimes private property rights are not so respected and luckily we all are here in another country but um the the mere thought that i can i cannot ask anyone's permission and i can control my money i can control my wallet is really comforting so nfts bring the same to basically the private property rights in the metaverse um the same as in our physical world so um in 2020 we had 90 million dollars worth of volume nft is traded across the whole blockchain in 2021 we had 24 billion here the last two bars it's january and february projected of 2022 so this two months projected to the whole year give us like 72 billion dollar worth of volume um that's a 72 billion market in just like three years i am confident that by 2030 and probably actually even earlier we are going to hit a trillion dollar market and uh why why is that because nfts are cool in short so somebody tweeted today on twitter that the architecture of our digital world is the most important topic of this decade and i actually agree with that statement because um the way the internet was designed uh before all this like web 2 companies it's designed in in another way it's not that you are owner of your own stuff unmediated that's why uh designing the open metaverse is the one of the very important goals and basically why why is the nft market that big because we see them everywhere now like wizard spoon is doing the tv show with nfts um people are building games with nfts people putting nfts on avatars nfg is just like rapidly becoming the e-commerce of the world that doesn't exist in the digital in in the physical like reality uh if you buy a star wars toy you're buying it not because it has some physical uh properties but because it's a character yeah it's it's cute it it invokes some emotions into you so um it doesn't necessarily need to be physical at all so ecommerce in the digital world that doesn't have any presence will be built on nfts and today i wanted to talk about like five trends is it five yeah it's five uh five trends that they see on the market with nfts so first one will be like utilitization nfte started in 2020 uh well started earlier but in 2020 was the first like outbreak um and the nft was like the crypto art what is the crypt art it's just a picture that is uploaded on the blockchain so it has nft it's a shell it can be tied to anything and when we tie it to crypto art it has no not at all a lot a lot like um utility so i see the trend now uni swap made nfts for their pools people are using nfts to put on avatar so this layer that gets behind the nft it gets like bigger and bigger and bigger so and if these become the keys to new airdrops you can vote with nfts and the dow so that's like what's what the utility of the property that is behind nft it gets bigger and that's that's a major trend in the space and soon like the lesson of t uh utility has well probably it will be it will be more rare case to meet them the next big trend is financialization so nftes rapidly approach the intersection with defy world and um the the examples like arcade nft5 that allows you to land nft take nft collateralized loan price nft there we see them everywhere so the my dream here would be imagine you have like a house uh represented as nfte there will be all sorts of regulatory stuff to get there but nevertheless and you can get on the open market and you can get a loan against this nft in the g5 that like has a lot of capital so in 20 seconds not in like five weeks like you we do right now for the bank um that's that's the financialization trade then multi-chain and that's an error on the slides where an ethereum conference it will be only serum and nothing else ethereum-based evm genes ethereum-based l2s no solana and variable protocol supports like ethereum tesla's flow but i don't know why is that so the next trend is socialization um nfts become and they were actually from the start very very social uh and the fact that like one of the biggest social networks twitter implemented nfte on the avatar feature tells us a lot um so i know many of you may know the platform nansen that allows you to like to track analytics for nfts and this platform actually allows you to track like who are the other people who bought this nfts so this is how the market like why board apes are cool it's not because they have some some brilliant tech behind them it's mostly because of the art and the community who is behind them so um like half of the initial board apes holders were like pranks of friends uh and because they are the coolest people in the nft space board apes now the coolest collection in ft space and the most uh the most expensive collection in sd space so the why do we have for example random random trades generated when we buy an nft so everybody's familiar with that concept you get uh to the drop page you click mint you don't know which nft are you getting uh you pay flat fee like 0.2 or one or two is and then uh two days later everybody's wait for a reveal and people reveal their nfts okay some of them are super ultra rare some of them are common this is actually the way to bootstrap the community like people play the game we all get into the same room and then 10 percent of that room become the core members of the community and 90 percent of that room becomes like okay just ordinary members of the community so that's the mechanism from community bootstrap so i expect the marketplaces and various nft projects to adopt all sorts of uh community mechanics such as like okay here's the following feed of people who are my friends who i follow and who bought some nfts and i'm buying that because they bought it so as a developer you can think about the platform that would do that and that would make like that would allow you a curate almost like retweet the nfts in the field in in defeat that people can buy um that's and that's putting aside like community treasury a lot of nfts are now also allow you to vote in the dow and they also have royalties that are like put in the community treasury and you vote how should we spend that treasury we can go on the wall street uh and buy a big banner for our board apes because we voted that again that's all like socialization and the last one the protocolization uh everybody launches nft marketplace now like uh everybody talks about it and um this is the again major trend um what i expect to happen is uh the same that happened with exchanges so we had in 2017 everybody launched the tier c20 exchange uh that that was the same and then only some of the exchanges uh got live uh and and survived this this turmoil while the market is now captured by protocols like uni swap sushi swap and that have a lot of front ends when you get to metamask you exchange one token to another it happens with the protocol so there will be a thousand marketplaces powered by protocols that cons that like represent the liquidity layer for nfts and we're building one of those protocols it's like wearable protocol uh if you ever wanted to buy uh to build an nft marketplace and you should talk to us just yesterday the like virtual reality platform cyber integrated protocol so you can buy nfts directly from the metaverse experience and this is all great and the sweet spot here would be so there is a lot of brand affinity to collections now in the nfc space so if i'm a board a plower i would go to the board website and i would love to trade on their own marketplace there's no fakes only boardings no community moderation because there is nothing to moderate all the items are legit there is nothing to verify it's only board apes so this is like where we're moving the collections are creating their own marketplaces and if you know any good collection send them our way we will build the marketplace for them thank you all guys here's my contacts here's the variable protocol page follow it