In this Twitter Spaces Summary (#TSS) of Totally Uninformed Opinions on NFTs, Web3, Gaming, Tech, Startups & VC, hosts @EvilPlanInc, @SaylessLarry, and @jservesworld discuss NFT marketing tactics across brands, drawing comparisons to multi-level marketing (MLM) schemes.
n.b. Summaries are edited for brevity and inconsistencies may occur due to crosstalk or audio quality. The content presented is not financial advice. Do your own research and review the disclaimer below.
Totally Uninformed Opinions on NFT Marketing, Web3, and VC
Evil Plan Inc. hosted the daily show, Totally Uninformed Opinions on NFTs, Web3, Gaming, Tech, Startups & VC on Aug. 17, 2022, with a runtime of 41 hours and 6.3K people tuning in.
Note, the show was so long and covered various topics unrelated to NFTs. Here is a summary of that Twitter Spaces with respect to NFT and crypto.
NFT Marketing is like MLM Schemes
- Bombay highlights how he used NFT communities to build his network. Now he can help projects with NFT marketing.
- Noah Patterson mentions that Azuki spent $400,000 to build and market its NFT project. The key to successful NFT marketing is getting people to buy your project via psychology.
- SoldierSilent says that MLM schemes have seven principles of influence. The important element is that one person influences another. It’s all about social proof where people are selling Tupperware from house to house. SoldierSilent says he would pitch to a person, and then use that person to get introductions to the rest of their network. Using MLM strategy is all about creating an obligation to buy from a person you know.
- Noah Patterson compares MLMs to crypto: if you buy-in at the top (e.g., first), then you can sell to the rest and capture the most value. Most projects are cookie cutter, and it all comes down to the NFT marketing. Like MLM, crypto is all about having getting your friends to see the project.
- CryptoBella says she watched friends spin up NFT marketing companies in the last year. Noah Patterson chides that anyone who’s been in the NFT space for more than six months is a guru NFT marketer 😂
Blockbuster Making Moves into NFTs
- Noah Patterson mentions that web3 is a new space that people want to become relevant in. In fact, there’s rumors that Blockbuster is getting into the NFT space. Their advantage: people will trust the Blockbuster brand regardless of what they release.
- Jak believes Blockbuster will have an unlimited budget, and as a web3 project, they’ll be seeking an NFT influencer. Noah Patterson says he’d recommend someone from the gaming community (esp. fighting games) because of how many followers they have. Again, it’s all about NFT marketing.
PlayNFT Launches NFT Marketplace For Twitch & YouTube Streamers
- CryptoBella talks about a new NFT utility platform called PlayNFT. It’s like Twitch or YouTube but gamers can have an NFT attached to their account so that they can sell and market their NFTs. Some 260 streamers signed up already. Users also get their own storefront for NFT marketing purposes, allowing them to offer their own branded tokens.
- Speaking about video streamers, Noah Patterson mentions that OnlyFans couldn’t get VC backing because the content was too explicit. This is an opportunity for crypto. In fact, there’s one company that offers Porn Coin that compensates sex workers via an OnlyFans like clone site.
- CryptoBella likes the notion of a streaming platform that allows creators to control what NFTs they hold and offer.
- Jak mentions that OpenSea would be better off without NSFW content. At least it’s not on OpenSea’s servers because the content is technically hosted on-chain.
- Speaking of NFSW, MetaRuth_Eth says she’s excited for the evolution of technology and its safety features for OnlyFans’ creators. Crypto is building a safer bridge from web2 to web2.5 and eventually to web3 for women. Similarly, new platforms can track how many people come into a metaverse space for sex workers, how long patrons stood in an area, and sell the virtual space as an NFT. MetaRuth_Eth says that she sits on the Immersive Emerging Technologies committee for the Indian Women’s Chamber of Commerce, and she has been showing that organization these features, leading to new perspectives.
Post-Merge Consequences: Higher APR Yields and Multi-Generation NFTs
- SoldierSilent says they sat in a presentation from a Coinbase product manager on staking. Prediction: APR yields will increase 50% post merge. As a result, the industry might go from 3% – 4% APR right now to 4% – 5% after the merge.
- SoldierSilent talks about how the difference between POW and POS is that the staking period is undetermined. He’s getting more ETH for staking compared to now, because POW is limited by capital.
- Dr. Nope says the ecosystem is where it is, and at the end of the day, the Merge is going to happen. Noah Patterson asks if NFTs should take on generation-1 and generation-2 designation for NFT marketing purposes. Dr. Nope says that’s a community choice. Noah Patterson talks about how it’s like when a country reissues currency, and it’s not recognized. It’s disruptive to the market.
- Dr. Nope the Merge will be a slow process. It’s a mission critical item for the Ethereum Foundation, and they’re running parallel chains to check errors, among other things. The switchover will be much more anti-climatic than people seem to believe.
- Dr. Nope believes this is an opportunity to in on the ground floor – again. He predicts Ethereum will reach $4k USD per ETH. But if people want it to be a common medium of exchange, crypto needs to achieve price stability.
More People into Crypto Requires Stability and Lower Risk Perception
- Dr. Nope says that most people’s risk tolerance is not high, so high risk assets are not attractive. Crypto has to smooth out the volatility to get pension funds involved.
- SoldierSilent notes that they have been trying to bring some of their friends into NFTs. The challenge is changing the public perception of crypto; until then it’ll be a high risk asset. The industry needs to self-police and work on its public image in order to bring mass adoption. Positive, non-spammy NFT marketing plays an important role in that capacity.
- Noah Patterson says people are content to put money in the bank with 1% – 2% percent returns. If projects can show 5% returns reliably, that’s going to be huge. But Dr. Nope emphasizes slow, sustained growth with minimal price action is the ideal path. Separately, retailers don’t accept crypto because they’re dealing with vendors who want fiat. It’s not feasible or realistic to force high risk tolerance down the supply chain.
Liked this summary? You may also enjoy these:
In this AMA summary, learn about AlphaBack (paid to surf extension for NFT projects), its cofounders’ history, and what’s next for the team.
Various CryptoPunks join Twitter Spaces to discuss Entrepreneurship in Web3, highlighting BARRELX, ForeverPunks, and the PunksClub.
Disclaimer & Risks: This summary is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. The host and guest may hold NFTs mentioned on the show, but that is not an endorsement or recommendation to buy any tokens or NFTs mentioned. Please do not follow any opinion as a specific strategy. Using crypto applications, wallets, protocols, and tools may expose users to risks including, but not limited to, smart contract bugs, systemic risk, flashloan attacks, economic incentive failures, liquidity crises, admin key exploits, governance exploits, and pegged assets such as stablecoins or tokenized BTC de-pegging.