On NFTs, Ukraine, Sports, and Music
Last week, Mykhailo Fedorov, Ukraine Minister of Digital Transformation, tweeted:
“NFT-museum of @Meta_History_UA has already sold 1051 artworks in 24h. The project earned more than $600K to help @Ukraine in the struggle for independence.
“We use future-oriented technologies to document history as well as rebuild the country's economy after the war is over.”
Also, comments from the report “NFTs: The future of digital assets in sports” (PWC) include:
“Non-fungible tokens (NFTs) and digital assets have the potential to fundamentally alter fan experience, providing a significant revenue opportunity for sports and entertainment organizations.
“There will be more ways to meaningfully connect with teams and athletes than ever before. If executed effectively to help enhance the customer experience, fans can form closer bonds with their teams.
“The challenge will likely come from organizations’ ability to build the infrastructure that allows digital assets to thrive. To make this a success, teams and leagues will need a sophisticated tech stack that connects their new digital sales data with existing customer databases."
Separately, Jonathan Dworkin, Universal Music senior vice-president of digital strategy, said,
“There’s been a lot of waxing and waning of irrational exuberance around this [NFT] space ...
“As the smoke now starts to clear, there’s some really interesting opportunities … there’s a real revenue opportunity.”
OUR TAKE
Regarding Ukraine: In addition to NFT sales, the government has raised over $71 million in contributions via Bitcoin, Ethereum, Tether, Terra, Solana, Polkadot, Cardano, Dogecoin, Algorand, Hedera, Monero, ICON, and Caper. They also accept donations in USD, EUR, GBP, AUD, and CAD. Contributions here
Regarding sports and music: There will be many NFT efforts leveraging sports and music rights. Engaging fans/users with compelling experiences will be a critical component of successful NFT efforts.
NFTs and blockchains are still at an early stage of development. Their use will expand in many industries including gaming, art, real estate, records management, education, research and more.