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NFTs. What we think.

Updated: Mar 7

Our thoughts on NFTs.

Very bullish. This is just the beginning etc etc.


We are looking for NFT-related startups to invest in. While we are very lucky to have invested in Origin Protocol’s seed round 4 years ago - an awesome project by the way with a super team, responsible for powering the largest ever NFT sale of $11.6 million for 3LAU, also the first music album NFT - we do wish we had acted stronger in our long-standing belief in NFTs and invested in even more NFT platforms at earlier stages. Well, there’s always the secondary market for tokens, especially if you are inclined to do some basic chart/psychology/momentum reading.


We do get asked if the space is already saturated, with many marketplaces etc. We think the space will mature and be vastly different from what it looks like today. Players will certainly come and go, each filling different areas, niches, geographies – just like “internet companies” over the past decades. In time, attaching NFTs could also become a standard feature for e-commerce merchants, brands and creators, for both physical and digital goods. New use cases beyond collectibles, art, in-game items will also see adoption.


Recommendations for the skeptics or those who don’t know what an NFT is. Ignore the prices being paid, it is easy to be distracted by that and say "bubble!". Look up and try to grab your hands on some NBA Top Shots packs or other interesting projects. It is human nature to be initially skeptical, because then you don't have to spend any time or effort to learn about it.


I have no idea if the crazy prices paid for some of these NFTs will hold, it could be in overexuberance territory, especially among the crypto whales/OGs whose wealth have surged multiple times, but it is clear to me that NFTs, in VC parlance, is not just a must-have, but more than that. Which will become clear as day with the benefit of hindsight in the months and years ahead.


Alvin

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