5 Key Takeaways From NFT | LA

As we are planning out our next NFT conference visits, we’re looking back on some of the awesome events we’ve already attended this year. NFT LA was one of them.

Thanks to the guys at Edge of NFT podcast for putting it on and getting so many great people and ideas together.

There were booths, tons of cool events, and new opportunities to learn a lot about what people are doing in the space and how they’re creating in Web3.

We walked away with a ton of new connections, creative ideas and even a few new friendships.

Here are 5 industry takeaways from the experience:

  1. Utility is overused – One of the biggest buzzwords at the conference was “Utility”. The idea being that beyond simply selling JPEGS, we’re creating ways for people to engage in different ways so they have more incentive to stay involved in the community. But, we think the word is overused and so did everyone at the conference. Projects need to be cool, have great art, and build a great community. These things are more important than simply slapping utility onto a JPEG which is what people seem to be trying to do.
  2. More than money – The truth is that crypto is largely about money. There’s no doubt that money plays a big role in how people utilize the tech. BUT we spoke to many collectors who didn’t actually think they were going to get rich. They just wanted to be involved in the space, check out the creativity, meet new people and be entertained… which brings us to the next point…
  3. NFTs as a form of entertainment – In many ways, NFTs and the digital worlds we are building are about entertainment. It’s about watching the digital landscape unfold in new and creative ways. Many of the new projects coming out are about more than simply art, they are about creating ways for people to spend time, engage, collaborate and escape reality. Movies, TV Shows, Music, Live events and now a digital world where you can spend time, meet new people and engage in new ways.
  4. Dynamic NFTs – Dynamic NFTs, when ready will be amazing… Dynamic NFTs are small programs that can change and act over time. They can follow days, weather, seasons, and even speak to other NFTs. They can have items added and removed. Mutable art that lives on the blockchain as both ownable and interactive has a bright future. Lots of work is being done in this space and it’s still very new, but it’s coming!
  5. Room for everyone – One of the things that really stood out was the variety of projects represented. Some were heading toward “blue chip” status with high floor prices and a growing ecosystem. Others felt very independent – run by a small team of creatives in very niche markets. One such project was called “word wizards”. They are not only building a network of comedians, they’re also selling out drops. The digital space is infinite but to stand out you need to be creative and understand who you’re speaking to.