About the development of Web3 and how new NFT artists can bring more innovation to the table

33-year-old Pakistani designer and entrepreneur Zain Naqvi has been associated with the Pakistani startup ecosystem since 2014. Currently working as Co-Founder and Head of Design at Alter, a local platform that helps creators and businesses from emerging economies connect with collectors (of digital collectibles and NFTs) worldwide, the company made headlines in 2021 after it auctioned off one of Pakistan’s most famous viral memes, the 2015 ‘Friendship ended with Mudasir’, for 20 Ethereum tokens (a staggering $51,000) .

Ever since Naqvi’s foray into the Web3 space, the designer has worked at Ape Harbour, the world’s first metaverse shipyard, and is currently involved in a project reimagining some of the apes of the Bored Ape Yacht Club (BAYC), including curing one. of the largest exhibitions of NFT and digital collectibles in the country, which will take place early next month. In addition, Naqvi’s work has been featured in a number of international publications, including the Venice Biennale’s Imago Mundi project.

In conversation with Forbes Life, Naqvi talked about Web3’s rapid evolution, why younger advertisers need to stop playing it safe and instead continue to push the envelope when it comes to innovation, and much more…

SR: What inspired you to Web3?

ZN: Growing up in Pakistan in the 90s, the social scene was very limited and the internet was a new and exciting world. I remember talking to people on MSN and mIRC and attending LAN parties, where we would haul our PCs to a central location to play games together. Many of the people I knew back then on these forums are now professionals transforming entire creative industries in Pakistan.

As the internet evolved, I have been part of the shift from Web1, to the social media-driven Web2 and now Web3, which I believe offers a more democratic and decentralized approach to the Internet. I was very fortunate to have worked in the digital collectibles early on in a project called Ape Harbor that used the Bored Ape Yacht Club IP to create the world’s first Metaverse shipyard. Working on this project was a great experience and led me to become part of BAYC, the premier project in the Web3 ecosystem. This gave me a lot of freedom in terms of my own creativity and standing in the room.

SR: How has Web3 evolved since you made your foray into space in 2020?

ZN: When I first entered the space, there was a lack of focus on design and curation, and more of an “anything goes” approach. Over time, however, the space has developed its own aesthetic and has transformed the relationship between the digital and physical worlds. The space has also become more international, with the Asia and MENA regions seeing an increase in Web3 startups. Back then, no one there, even some of the biggest founders I spoke to in 2020 and 2021 were just not convinced of the power of Web3, even though these were visionaries in their own right.

Another important difference that I noticed was that there were very few people from my background. It felt like a largely homogenous environment at the time. But as the space has grown and become more international, I’ve seen a greater diversity of backgrounds and perspectives represented. This is a positive development, as it opens the way for a wider range of ideas and experiences to be shared and included in the conversation. Although Web3 could still use more female leaders, creators and developers.

SR: As the head of design in your company, what is the selection process like when it comes to selecting artwork (or agreeing to collaborate with creators) to present to interested collectors?

ZN: Two words. Relevance and provenance. Does the work or creator have something original to say, or are they just happy to jump on the hype train? Provenance, because people come to us day in and day out to sell things that don’t belong to them, and in a place like South Asia, trademarks and copyrights are murky territory. As a curator, I have to be sure that what I buy or sell comes from the right source.

SR: Do you think the popularity of local memes (like the two sold through Alter) and NFTs by Pakistani artists is on the rise in the crypto art markets? If so, why do you think it’s taking off? What do we do at home that fascinates foreign buyers?

ZN: Memes are native to the Internet and can have a global following despite having a very local origin. However, they are not necessarily tied to a specific location and can be shared and enjoyed globally.

The dynamics of a meme sale are different from a sale of contemporary art or crypto-art, as memes are of the internet and have their own unique characteristics and value in the history of the medium itself. Many artists in the space work with high fantasy, South Asian futurism or other innovative concepts that may be difficult to fully understand at first in the context of the preconceived notions of today’s society in the country. It is also important to consider the cultural and historical perspective of Pakistani art, both within the contemporary art world and in the realm of digital collectibles and NFTs. These artists create visual practices that are entirely their own, despite having many influences. I think what makes these works unique is the mix of influences and formal concerns they represent.

SR: Many people are still slow to understand Web3: what should artists and designers know about the space that will encourage them to enter the Web3 domain?

ZN: It is important for creatives and artists entering the space to consider the roles they can play beyond just making and selling NFTs. These roles may include gathering, curating, strategizing and designing products. It is important to be focused and clear on what you want to bring to the table and work towards that goal, rather than trying to do everything at once. A particular criticism I have of my peers and younger creatives is that they often put themselves in a corner when it comes to the kind of work they want to do.

When entering a new realm, it is important to have a balanced approach and consider both the old and the new system. This may involve retaining certain elements of the old system while introducing new ideas and innovations.

SR: How would you define one good NFT artwork? Is there someone you absolutely love?

ZN: For me, a good NFT artwork should do something that traditional painting, sculpture or new media cannot. This may involve using blockchain technology, data, machine learning or AI in innovative ways. It should also have a clear direction or movement beyond just being an illustration or digital collectible. It has to push the envelope as a message as well as a medium.

Recently I collected a piece from an AI artist called Memory Mod. I’m also a big fan of Claire Silver which is one of the pioneers in the NFT space globally. From across the border, Amrit Pal Singh’s work is something I am proud to have in my collection. I’ve also been bidding and negotiating like crazy to get a specific piece from the Turkish phenomenon, Refik Anadol.

SR: Do you think music NFTs can be lucrative for musicians minus major labels in the long run?

ZN: As someone familiar with the technology and trends in the digital space, I believe that music NFTs could potentially be the next big thing in the coming months. There are already platforms and communities in place for decentralized music streaming and royalty services, such as Royal, Decent and Opus. The relationship between physical and digital media is also an important factor to consider, as the success of the iPod was largely due to the rise of mp3s. As this relationship is better understood in the Web3 space, we can see even more growth and innovation in the music and NFT industries. I think labels will exist, but they will be of a newer type. Like what Netflix is ​​to Blockbuster. Same domain, but disruptive distribution.

SR: What advice would you give to those hoping to sell their artwork as NFTs? Is there anything they should keep in mind before flocking to NFT auction sites?

ZN: It is important to understand the differences between different genres and platforms. It can be confusing for someone trying to understand your work if it’s presented in the wrong context, and it’s important to know which NFT pages work best for your art style. In addition, I think it is important to focus on creating value instead of just seeking profit. Money is a result of value, and if we focus too much on creating a facade of success instead of actually creating value, it can lead to problems like the current market situation and economic crisis.