If you’ve been on web3 for a while, you’ve come across some trends. You may have even heard people say the word “goal.” For those of you who haven’t, let me explain: the web3 space has grown into its own niches, or targets, over time. While some become movements, others rejoin the mainstream or disappear. The question is: How do you know if the ultimate meta will stand the test of time?
Well, not really.
The history of NFT trends
NFT trends come and go, just like in the physical world. But only sometimes does a trend have the power to spark an entire movement. Even rarer still, some moves lay the groundwork for mass adoption.
But before we get there, let’s go back to the beginning. You can’t mention web3 trends without mentioning the big ones: CryptoPunks inspired a wave of pixel art like fast food punks, CryptoPhunks and many more.
Bored Ape Yacht Club is probably responsible for triggering half the trends we see in NFTs today. Don’t tell me you don’t have some kind of cartoon animal sitting in your hidden folder that stole something from BAYC.
While the cartoon animal trend was never going to spark mass adoption, ‘Roadmaps’ reached far beyond anyone could have imagined. For more context, read NFT 101, but basically the Roadmap Meta was an important step in the evolution of web3. It was the first time the projects started making future plans for token holders.
Truth be told, most roadmaps in this period were loose schedules full of benefits you had to pay for and (what would become) broken promises. But these were the good old days when everything was on the moon, so no one paid much attention.
From the Pokémon economic blockchain attack to the showdown of anime projects, the bull market era laid the foundation for what remains popular today. There were so many types of people on the scene back then that every trend also spawned an anti-trend, much like the “meta without a roadmap” championed by Sartoshi’s mfers.
But before I lead you down the dark lane of memory, I’m sure you’ve realized that this is just the tip of the iceberg. There are many more web3 story arcs and each one leaves a lasting mark on the industry.
Even if the brand is a disappointing pixel mess named Kevin.
Today’s NFT Trends Shape Tomorrow’s Web3 Industry
But in all seriousness, every NFT trend, no matter how stupid, shapes the future of the industry. So it’s up to us to support the trends by putting the average user first.
A good example of this is the more recent trend of Open Edition art. Creator-focused minting platforms like Manifold and Zora offered artists new opportunities to share their art with a broader audience. These platforms do not charge exorbitant fees, unlike OpenSea, and allow creators to set their own royalties and use recording features.
I personally loved this particular trend. Being a struggling millennial, I found this the perfect opportunity to pick up some amazing artwork from some underrated artists. Even some of the most popular living digital artists released open editions as well, which was a huge win for artists and collectors alike. If you haven’t seen it yet, just check out how Kevin Abosch’s “This Is Not Normal” is faring. Spoiler alert: He’s still breaking it down.
Another example of a project that used this traction in a positive way is Jack Butcher’s ‘Checks’. Whether you like the art style or not, the collection inspired a slew of offshoots and blew up his name in the art world. Even major web3 projects like Rug Radio released their own Checks-inspired mints.
It’s not just that Jack Butcher’s art is interesting; it’s the way he uses blockchain technology to keep collectors interested. His choice to involve developers helps him create more active minting and ownership experiences. If you don’t know what I mean, be sure to review your original check collection and your open edition. They are really making some waves.
The waves are great… but is the whole movement sustainable? If something is in style, it’s going to last forever, right? ….good?
Will the current trend lead to mass adoption of NFTs?
It is the big question that everyone asks with each trend. So I’ll go ahead and answer that for you:
You’re absolutely damn right! Of course he will!
It’s a joke. Life is not that easy, and neither is the answer to the question. It’s not all sunshine and roses in the meta-verse (sorry).
While people want to hear that their cartoon jpeg will be worth hundreds of millions by 2050, none of that is guaranteed. Even betting on Yuga Labs is still speculation. Blindly following trends can only get you so far, and it will almost it will definitely get you in trouble.
For newbies reading, there are two easy ways to lose money trading NFTs; acting in FOMO or being tricked. Even beyond the more obvious rug pulls, many highly respected projects have made some questionable moves. We all know how Zagabond washed his hands of 3 failed projects before Azuki’s success. So what about Frank DeGods admits to stealing, hack and start a cal scooter rental business. And, well… I’m not allowed to mention Beanie anymore.
But the point is: it’s the wild west here. Not everything is going to “achieve” and it is your job to decide what will.
The Web3 manual of being inaccessible
While the founders still have the audacity to fake their death twice in the space of hours, we’re still pretty far from mass adoption. Just look at the Doo-key Dash ad really objectively for a second. Even better, take a look at this little brother (almost) doing the worm at the DeGods NFT Paris party.
Whether you see the funny side of it or not (and I hope you do), it’s not hard to see how cryptocurrency and NFT enthusiasts like us don’t have the best image in the outside world.
Also, web3 interfaces are still very complicated. Our tools are confusing, our jargon doesn’t make sense, and does anyone else feel like they’re in a cult?
I asked a group of speakers on a Twitter space, “How many of your real life friends know you like NFTs?” The room fell silent before each speaker sheepishly explained why they keep their web3 lives a secret. The only consensus in the space is that web3 has gotten a bit of a shame.
So what do we do about it?
In order for our ecosystem to catch on, we need to assess whether certain trends may even appeal to people before we worry about the onboarding process. An exclusive club is only great if people know about it and want to be in it.
For most of us, the onboarding journey involved a lot of trial and error. Even today we are all still learning. How can you blame us when some of the industry’s founders are still struggling to manage their assets properly?
But Web3 can alter the way we live our lives. We know how this technology is already making its mark in various industries; like art, cinema and even science. In the future, it will also impact much more than just those sectors.
A blockchain has characteristics like no other type of network: it is permissionless, which means that anyone can use it. This just opens up a world of possibilities for those limited by location or social status. It is immutable, which means it can help us document and record more accurately and securely. The most exciting thing is that it is decentralized. Eliminates the need for intermediaries and centralized governance. It allows people to vote, post, create and own without centralized interference. Combining these features, its power is truly limitless.
Since I’ve descended to sound like every other NFT column you’ve read this week, let me give you another tired cliché to top it all off: The future of web3 is in our hands.
Yes, I know how embarrassing that sounds, but there is an element of truth to it. The progress of the industry depends entirely on us.
Accessibility + Innovation = Mass Adoption
So let’s discuss what drives the adoption of new technology: It must offer something that people don’t already have, and it must be available for everyone to use. That’s why I’ll focus on innovative and accessible trends and projects in this series.
Take a moment to consider whether roadmaps would be as popular today if they were exclusive. Also, consider how popular open editions would be without platforms innovating with new functionality.
These are the types of projects that will define this digital age, and that is why they will be the main focus of this column. While I promise to focus on more positive trends like this, in characteristically pessimistic fashion, I’ll also focus on some trends that are best left as fads.
In general, the plan is to highlight the trend, assess its value in the grand scheme of things, and then cruelly decide whether or not to French-kiss it.
Because it is inevitable: Mass Adoption will arrive. The question is; What will that look like?
Do you have something you want to share with me? Contact me on Twitter via @babybeatdegen
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, do your own research before making any type of investment.
