About a week ago I made public my interest in NFTs and the intention to release a series next year. Since then I have begun grinding networks in search of a developer, which I had thought was the most challenging aspect of this project. I no longer think so.
Here’s what I learnt about NFTs in Singapore - it already exists!
(1) Blockchain developers
While I was looking for a developer who is interested in a long term core team partnership, I realised finding a developer isn’t hard, but finding one who is interested in long term partnership is. In my search, I came across Nguyen whose team developed CryptoTRex and Kenneth who developed FormosArt, a primary sales marketplace. He also shared Absurd Arboretum with me, which is by far the most innovative local project I’ve come across to bridge the physical and digital worlds. Each NFT is not just a piece of animated audiovisual art, but also a representation of planting a seed in the physical world. I found Chanel, who together with her genius full-stack developer brother, created the Tasty Toastys collection and hopes to grow it into a company like Sanrio’s for the next generation. There’s also Patrick Bezalel, who’s created a Meh-taverse for those inclined to being sheep in His kingdom - religiosity aside, his art does have some appeal. And my favourite discovery from randomly PM-ing the dev of a project I have bought into, is an Aussie with a Singaporean wife! He was friendly and easy to talk with. We were also on the same chat platforms, which made it easy to converse. He shared that if he were to work on a long term project, he needs to be really interested in building it out. The ideas must be interesting and innovative. Our conversation gave me some ideas on what I should be focusing on. All that said, my husband and I are also considering doing the dev work on our own. Especially if it isn’t going to be a really big project at the beginning.
Adam Fisch wrote a comprehensive review and opinion piece on utility in NFTs. Read it here on Packrip Media’s Medium. In my own participation within the NFT space, my favourite utilities are actually participation on Discord community spaces (some designated for holders only), as well as special art curation rights when the community is picking which art to buy, and of course, royalties on the total secondary sales of a collection. I absolutely love that there are derivative competitions I can participate in because of the NFT I own, but this may be peculiar to me and not the majority sentiment, and perhaps not in Asia where people tend to be shy, and often want to get benefits for doing nothing. Maybe airdrops might work better, but even then, I do feel airdrops would make most sense if there is a healthy secondary market for them. Gaming communities may have a disproportionate use for NFT utility, which won’t be on my radar, since I don’t game. Instead, Sandbox and Decentraland developments are rather more interesting as they seem to propose an immersive online world that is non-gamified. But I don’t know. They’re still getting started, as Adam wrote, and a lot is still speculation. Utility is definitely something to think about, and strategize, before I launch my NFT series.
PFP stands for profile picture communities. Cole, co-founder of Pudgy Penguins and Metaverse HQ has this to say about a great NFT profile picture: It has to have very easily identifiable traits, it’s not meant to be very detailed, and they should be simple and distinguishable. Furthermore, he adds that generative NFT avatars need:
#1. Personality - Does each generation have a personality?
#2. Diversity - Are the NFTs distinguishable from each other?
#3. Unique Aesthetic - Is it easily replicable?
#4. Identity - Do the traits stand out?
#5. Authenticity - Does it have a story?
These will be pointers I consider as I art out my series.
Gary Vaynerchuk, better known as GaryVee in the NFT space, has an engaging Youtube video that shares his perspective on what would make an NFT valuable in the long run, when the space gets to be overcrowded. If you have some time, watch and listen.
In the meantime do enjoy my personal favourite PFP NFTs.
Slumdoge Billionaire on top right, World of Women on top left, and Encryptas on the bottom row.