Latest / Success Story with Scott Clary / Lessons - Exploring the Future of NFTs and the Web3 Economy | Edul Patel - Co-Founder & CEO Of Mudrex

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Lessons - Exploring the Future of NFTs and the Web3 Economy | Edul Patel - Co-Founder & CEO Of Mudrex · Success Story with Scott Clary

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  In this lessons episode, we explore the evolving landscape of asset classes within Web3,
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  covering sectors like crypto, NFTs, DeFi, and the Metaverse.
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  Learn about the unique potential and future of NFTs beyond art.
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  The transition from companies to communities and why Web3 SaaS might be the next big wave.
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  Dive in for insights on how these sectors are set to shape the digital economy of tomorrow.
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  And I'm curious because you're living it and you're in it so much.
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  When you look at all these new, I guess, asset classes, but also like,
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  if I, if I, what I mean by asset classes, maybe not be the right term, but you have like,
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  you have crypto, and then you have like Web3 projects, you have DeFi projects,
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  you have Metaverse projects, you have NFT projects.
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  Do you feel like, and this is probably something like, you know, this is like a more
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  repersonal question, do you feel like these will all maintain the same momentum?
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  Like, do you feel like Metaverse is going to maintain the same Metaverse investment and
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  projects are going to maintain the same momentum as NFTs and they're going to maintain the same
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  momentum as crypto and like, there's so many different things like that, even you've captured
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  on, on, on Madrex, but that people can now put their money into it's, it's becoming a different
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  set of confusing, right? Because if you think about it, it's almost like when you are investing in
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  stock buckets and you invest in different groupings of stocks, right? Like, and you can invest in
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  tech stocks, you can invest in like, you know, global stocks or, or, or North American, and you can
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  say your risk tolerance, but there's so many different things now. So do you see them all being
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  around in the next 10 years, like not even just profitable, but do you see like Metaverse always
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  being a thing, NFTs always being a thing that are people are going to invest in, or do you see this
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  to be more of like a, it's relevant now, it's, it's, it's, it's something that's hot now, but
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  in five years from now, we're just going to be really focused back on crypto again. Is it
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  something that's short-term or long-term? As I get my question. So, so I think the theme will stay,
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  but the players will change. So NFTs will be there, but, but the current projects doing NFTs might
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  change, right? Metaverse will be there, but the current popular projects and Metaverse will change.
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  And in fact, I, I shouldn't say might, they will most likely change because such is life, right?
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  Like 90% of, of, of, of companies that were in the S&P 520 years ago on that course, and,
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  and, and that's a reality. Having said that, the S&P 500 is there, and which is, which again,
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  goes back to our argument of why thematic baskets are important, because like a basket has
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  you bet in an idea and not a particular project, right? So the constituent of that, of that basket
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  might continue to change over time, but the idea still remains. So Metaverse as a sector will
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  continue to grow. NFT as a sector will continue to grow, but whether the individual constituents of
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  NFT and Metaverse will grow or not, that that's of course dependent on what those individual projects
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  end up doing was that life cycle, how is competition and, and so on. So you would always mess with me,
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  is I understand the utility of crypto. I understand the utility of Web 3 projects and even some D5
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  projects that can be like actual utility. When I look at Metaverse, I can see utility as well.
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  Actually, NFTs in particular, I find it it's hard to tie utility to NFTs. Like it's like even more of
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  and maybe you can speak to some projects that you've seen that are counter to what I'm saying,
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  because I'm sure there are some. And I know that for example, like, okay, we're just going to
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  use like cliche is like like Gary Vee is very big on NFTs and he speaks a lot about how you tie,
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  like NFTs to like actual tangible like events that you, you know, I think if he sells an NFT,
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  he gets at people who buy that NFT get access to his conference, for example. So there's like an
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  actual tangible thing tied to it, but I see a lot of NFTs are more like an art market, right.
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  So there isn't a lot of tangible items tied to it. Do you feel like that could be a detriment to
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  to the growth of NFTs in particular, or do you feel like more NFT projects are starting to try
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  and find ways to actually tie a tangible valuable item to the purchase of artwork.
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  So, so I generally think we haven't even scratched the surface of what NFTs are.
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  And let's try and for the second, just talk about what what what NFTs, like as a name suggests,
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  non-fungible tokens means that it's a token that's unique. And if you look at our real world,
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  there are actually more things that are unique than there are generic, right. Like for example,
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  the books that you have behind you are fairly unique, like the property that you own is fairly unique,
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  the phone that you own is fairly unique. And for that matter, your resume is fairly unique,
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  like your identity and your status hierarchy in your let's say organization is fairly unique.
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  And all of these things are fairly unique. And today, the only unique things that we've
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  quite sort of set up and got ready in the NFT world is essentially art. So we just return
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  to look at one small part that actually doesn't affect a vast majority of me.
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  So let me let me give you an example of how people are thinking about NFTs. So there is a friend
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  of mine who's building a project out in the Dow tooling space. Well, by that, what I mean is that
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  they're helping Dow's figure out how should they get their contributors to work together.
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  And one interesting idea that they are working on is that how can they create an NFT resume of
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  everyone, which means that it's a it's a it's an on-chain resume that has these 15 different
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  properties. And let's say for the sake of simplicity, simplicity, let's say that on that resume,
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  there is a property that says tech. And in that tech part, you have some skills for Python,
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  some skills for Java, some skills for front end and so on and so forth. So they're trying to figure
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  out a way as how can they meet this resume using NFT rewards that individual dolls can give
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  to their to their contributors and scale up from there. So effectively, how do you
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  kinds of attribute unique properties unique contributions that you give get that on-chain
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  and make sure that's cemented and stays there. So from the NFT specific perspective,
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  I think we are literally just catching the service. And as time progresses, all the things that
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  we felt about unique goods or services in the real world will probably continue to move towards
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  the internet and the digital world via this. Now, of course, a lot of these might
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  become complete users. For example, a ticket to a conference can be made in an NFT,
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  but also conferences done that NFTs basically use less. What do you want to do with the ticket
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  stuff? And that's perfectly fine, right? So as a result, what how does that NFT have long-term
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  value with a separate problem and things like art do have long-term value? Things like a particular
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  project that you did for a particular company on your resume does have long-term value,
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  but a ticket stop to a conference does not and we should be okay with that. That different
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  purposes. But I think what's interesting was I always found the tokenization of things to make
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  sense tokenization of unique IP to make sense, but then it seemed like NFT became synonymous with art
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  for some strange reason. Just because you're saying it was like the first iteration of NFT,
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  it's just scratching the surface, but there's so many other ways that tokenizing something so that
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  it can be transferred and not duplicated and tracked can be a very useful mechanism.
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  Absolutely. If you 100%, but I just I thought it was strange that there was blockchain companies
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  that were trying to tokenize different things, records, like all these different items,
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  like fixing supply chain issues and whatnot, like through tokenization of data points,
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  almost, and then it just turned into like a bunch of artwork, which is just strange.
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  The thing with this rate, pets.com went bust in 2019, but there is an entire gamut of
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  online pet companies now that are thriving and growing rapidly. It's not necessarily the
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  first iteration should work out, right? It's the attempts that people are trying to do and that's
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  why this space is so so hot, right? Like the smartest minds of our generation today are saying that
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  the world and how are essentially coming back and saying that how the world is involved over the
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  last three hundred four hundred five hundred years fundamentally needs to change if you want to move
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  more and more and more towards the internet and Web 3 is all about capturing, attributing and
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  transferring value for the value that individuals are trying to create, whether that be the value
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  created via a service, whether that be the value created via a good or whatever. And crypto
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  blockchain truly opens that space up, right? That's why it's very unique and that's why it's
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  like inherently attractive to so many smart people and I just continue from there.
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  And last question on this, as you see all these different categories in sections,
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  like we see like NFT and DeFi and crypto and Web 3 and then Metaverse, are there any sectors that
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  are not popular yet that you found like what is the future evolution of some of these
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  some of these sectors that may not be categorized yet that like you in particular are excited
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  about because they're so new, is there something that we haven't heard of?
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  Correct, so like and again, this is another conversation that I was just having last week with
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  the friend of mine. See, one very interesting sector that I really like is that is how are you
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  getting people together and getting them to work? Like all of crypto is essentially communities
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  coming together working on a small problem, solving that problem, moving ahead to the next problem,
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  right? Like that's basically all of crypto is which means that in the traditional world we
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  had companies, now we had communities. Now if this analogy is true, in the traditional world,
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  we had tech agencies help out companies with their tech, we had marketing agencies help out
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  companies with their marketing, we had HR agencies help out company with their HR, we had peer
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  agencies help out companies with their payroll, right? And if all of these kinds of SaaS services
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  were built out around companies to help them either serve their employees or their customers better,
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  I expect all of this to get recreated in the in the community side as well, right? Because at the
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  end of the day, the problems remain the same, there's the nature in which they are executed,
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  change. So communities today need help with how should they get their contributors to contribute,
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  communities need help in terms of keeping their users sticky, communities need help in terms of
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  outreaching to their users in kind of sort of an on-chain way without having an email address
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  attached other associated with them, right? And I think this web trees SaaS effective
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  kinds of industries now just going to get kicked started off because I think we now reach like a
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  critical mass of communities and nows where it starts to make sense for we to build businesses
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  and pools that help contribute and improve the kind of set of dows and communities that are
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  the next couple of years will actually be actually enough seeing a lot of companies come out in
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  in this space. Thanks for tuning in. If you found this valuable, don't forget to hit that
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  subscribe button so you never miss an episode and if you want to dive deeper into this conversation,
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  check out the links in the description to watch the full episode. See you in the next one.