‘Every big brand wants an NFT strategy’: US NFT studio Palm sees bright, non-fungible future
Across the board, non-fungible token projects fell dramatically in 2022, and yet there is much to be positive about for the future of the technology, believes Palm NFT Studio.
About the time Donald Trump used his NFT collection late last year, Stockhead captured some perspectives on the busiest of all crypto subsectors from key members of the Delaware studio’s team.
“NFTs are clearly more than just a resource”
Things were looking good for the broader crypto market and NFT fundraising prices at one point in early 2022. And then it fell apart for, well, a variety of largely unforeseen reasons. What positive things did you take away from the year?
Daniel Heyman, co-founder and CEO of Palm NFT Studio: “NFTs are a technology. And as a technology, they can be applied to almost infinite uses. In 2022, we saw the NFT utility expand further into physical-digital goods, ticket sales, music royalties, in-game rewards and clubs; to access tokens for digital content and dynamic assets based on real-world behavior.
“On our own platform, built with DC [Comics]we’ve delivered NFT tools for collectors spanning custom AR lenses, in-world gaming experiences, real-world events and screenings, and the chance to create canon, with access to vote and shape the first DC NFT comic.
“NFTs are clearly more than just a resource. What they can provide through features; like connecting experiences, is almost limitless.”
“Identity is a key function of NFTs”
What broad and/or specific predictions do you have regarding the NFT sector in 2023?
Straith Schreder, Executive Creative Director: “What we’ve seen over the past year is the power of NFT-based experiences; their role in building deep, durable fan community.
“Projects like DC’s NFT platform continue to grow in these market conditions, because they empower users with agency. They allow you to become a protagonist in stories that unfold online and in real life.
“You can collect a one-of-a-kind generative artwork that you can see yourself in. You can step behind the superhero’s mask in AR. You can solve mysteries in Gotham City. You can collect comics. And you can shape cannon.”
“Identity is a key feature of NFTs. Within that context, their application becomes something that is almost limitless, as vast as our imaginations.”
“We will continue to see new audiences enter the space”
What do you think will keep innovation going in the NFT space in 2023?
Matt Mason, Chief Content Officer: “Major brands and IP are entering, and mainstreaming, the space. From AMC to DC, Nike to Starbucks: over 100 brands have now launched Web3 projects.
“As brands begin to both adapt and expand their Web3 footprint, we will continue to see new audiences enter the space. It will promote functional innovation.
“We will see NFTs begin to unlock new experiences for fans. And critically, it will drive innovation around compliance and brand safety. Buying an NFT should be as easy and secure as any Web2 e-commerce purchase.”
“The future of NFTs is connecting”
Any further thoughts on NFT adoption in the coming years?
Daniel Heyman: “I think the last year opened up a lot of people’s minds to the possibilities that Web3 technologies can enable. The future of NFTs is binding. NFTs allow us to bridge online and offline experiences; to build and center communities. This will fundamentally changing the media landscape, as brands and big IP increasingly adopt the technology.
“Brands like DC and Warner Bros. are really the standard bearers here: NFTs will be adopted as a technology standard, where users don’t need to see or care about the underlying infrastructure to understand the value they receive.
“Just as every brand today has a social strategy, every major brand tomorrow will have an NFT strategy designed to engage and reward their fans. NFT-based gaming and community will have a far-reaching impact.”
The answers in this article have been edited lightly for clarity. None of the views expressed should be taken as financial advice.
