The web3 space, and the NFT space within it, is in flux. Markets aside, the people who are in it are changing, and the mentality of the space is changing with it.
The best way that I've come to think of what's happening web3 and NFTs is comparing it to... road cycling?
Bear with me...
As a road cycling fan, I've been enamoured for the last three weeks by the Vuelta la Espana (The Tour of Spain). Team Jumbo Visma put on what was probably their most dominant display of any recent cycling team, taking out the whole podium, but interestingly it wasn't Tour de France winner Jonas Vingegaard or Giro de Italia winner Primoz Roglic who was on the top step. Instead, it was American super domestique (read: wingman supreme), Sepp Kuss, who came out as overall winner, a first time Grand Tour winner.
Don't worry, it's coming...
Kuss wore the red jersey of the overall leader for most of the three weeks, which was surprising as he was not expected to be a leader, especially with riders of Vingegaard and Roglic's calibre in the team. The team management shied away from being explicit about who lead the team, which became extremely interesting towards the end of the race, and weirdly relevant when considering what's happening in NFTs.
Because of the team management's position, Vingegaard and Roglic were free to attack Kuss, ignoring tradition where the rider who is highest ranked would normally be protected. The net result for Jumbo Visma would remain the same - their three riders would be 1st, 2nd, and 3rd regardless - but the social psychology of the situation started to draw the media's attention, particular as Kuss was instrumental to Vingegaard and Roglic's victories earlier this year.
And here it is:
I felt this intra-team conflict of Jumbo Visma's reflected the situation in NFTs quite well. In particular that for the longest time, NFTs has seemed like the Wild West where everyone is only looking out for themselves, even though supposedly we're supposed to be on the same side - or as we periodically like to espouse: WAGMI, or 'we're all gonna make it'. The result is that the media regularly covers the impact of scams, and NFTs are barely seen as a hobby, let alone an investment class.
More recently though, as bad actors and opportunistic people have left the space, we've started to see the elevating of people, projects and collections who are the best of the space; those who have been building and supporting, but without much fanfare, until now - much like Vingegaard and Roglic eventually supported Kuss to the overall win of the Vuelta.
I don't think we're out of the woods yet, and some people might feel like they are getting the short end of the stick (e.g. Roglic), but it really highlights the actual essence of WAGMI that we need to double down on if NFTs as a space is going to make it: we need to support those who support us, and we need to elevate those that have the best chance of showing the world our true potential.
If we don't, we'll probably still trade our jpegs and make money, but it'll remain only that, and the media will keep having a field day calling us a scam till the next bull market - if that ever comes.
And that's the end of my random NFTs X road cycling crossover - if you liked this random post, please like/repost/reply so I know I'm not slowly going crazy.
Growing with @ChubbyJiras and working with @SentinelDAO has taught me to value the simpler things in web3.
The process of building and developing honest relationships are 🔑
Build those bridges & success will follow. Whatever your goal is those relationships will bring value.
Gm everyone 🙌🏼
Rebranding or not, don’t forget the goal at the end of the day.
Provide value (any shape or form).
Your brand is as big as the value you provide.
Keep trying new stuff.
F*ck it, we experiment : )