Source: news.google.com
Once upon a time, there were only crypto companies. In the pre-NFT era, when cryptocurrencies were still quite a niche, developers and merchants ruled the blockchain. But now, cryptocurrency traders have given way to wealthy DAO collectors, and individual crypto artists to a new paradigm of full-spectrum NFT project management teams.
Where, though, does the line lie between the lovably motley NFT brands eking out a living through primary PFP sales and the literal empires being built by established (and duly licensed) Web3 companies? One obviously precedes the other, but in functionality, do they differ that much? Well yes and no. As showcased during nft now x Mana Common’s The Gateway, both brands and labels have continued to make their presence known during the bear market while illustrating just how fine the line is between “NFT-native” and “Web3- centric”.
NFT native vs. Web3 centric
The main distinction between NFT brands and Web3 companies is similar to the differentiation between bourbon and whiskey. Which means that while all of the native NFT brands are Web3-centric, the reverse is not true. This is due to the simple nature of NFTs as a native blockchain technology. If Web3 is going to grow using decentralized means, then NFTs are undoubtedly a predecessor to Web3. And as Web3 develops and more players come in, they don’t need to get involved with NFTs, but they will certainly benefit from the historical achievements of blockchain-based non-fungibility.
take a entity as Rug Radio as an example, to better illustrate this separation. The project was founded as a decentralized media platform, designed by and for the NFT community. In this case, it’s clear that branching out into the PFP market is on the mark without fungibility. This expansion of the ecosystem also speaks to Web3’s burgeoning funding and building models, as Rug Radio can make a sizeable profit from the sale of a large-scale collection that can then be used to benefit its community.
However, for a company like Ledger – the global platform for the security of digital assets – as noted above, Web3 centrism need not come at the expense of NFT nativity. For example, Ledger has been around for almost a decade, has enduring power in the blockchain industry, and continues to set the pace for asset security on Web3 and NFTs. But even though the company has announced new NFT initiatives, it hasn’t become more of an NFT brand than it ever was.
You may be wondering, “Do these distinctions really matter?” Honestly yes. Because when you consider the adversity that NFTs have continued to face from both the entertainment industries and consumers, it makes perfect sense why brands refuse to mention the term “NFT” during their literal NFT pitches. “Web3,” on the other hand, is still widely seen in rose-colored glasses as the next legendary iteration of the Internet. But whether or not this will hold as NFT use cases expand and more are implemented in our daily lives is anyone’s guess.
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