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  • #25: Collectibles So Good

#25: Collectibles So Good

Also: Physical NFT Galleries So Strong

Author

Kuba Szewczyk
July 27, 2023

Happy Thursday! Welcome to Ownable, a weekly newsletter on the ownership economy and onchain creators of the new internet. Human-curated & opinionated.

Last week, I was on an editorial break, attending EthCC in Paris, so this week we’re catching up with an extended issue!

Today's write-up is 904 words, a 3½-minute read.

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Ice Cream So Good Gang Gang girl is making over $4,000 an hour off TikTok digital collectibles. How does it work? When a TikTok creator has a live stream, users can purchase one of many icons and tip with them. The symbol appears on-screen as visual acknowledgment, and the creator reacts to the image. Some creators discovered they can earn a LOT of tips by acting robotically (akin to a ‘Non Playing Character’ in games) because it is a fetish to many viewers. OK, so what? Replacing subscriptions with digital asset-based micro transactions is nearing the mainstream.

Twitter is now paying creators for a share of the ad revenue earned from ads served in the replies to their posts, and soon - those posted on their profile pages. Users who subscribe to Twitter Blue and have earned more than 5 million tweet impressions each month for the last 3 months are eligible to join

Despite the NFT market taking some 90% since peaking in January 2022, physical NFT galleries and exhibition spaces like 0x.17 continue to operate and showcase work, including the Seattle NFT Museum, The NFT Gallery in London, and EXPANDED.ART in Berlin. “There’s definitely a need and desire for the general public and people outside of this small space to be aware of it.”

Onchain, artists retain ownership of the copyright itself — all they give up is a share of the royalties. “We think that the creators are the ones that have made the track, and they should be able to decide where their music is and how their music is being listened to.” Collectors can earn a share of royalties, sell tokens on secondary markets, and probably be willing to pay more because of the ownership effect.

The author interviewed some of the wisest and most creative people in the digital art space. Recommended vibes read for any emerging creator or builder. My favorite lesson: “Keep your narrative. Keep your story. Just know why you're doing things. Just know yourself.”

  • Jackson Pollock NFTs make $525K in sales within three days.

  • Mastercard's web3 music accelerator releases AI-driven NFT singles.

  • Warner Bros. released The Flash as an NFT movie experience.

  • Christie’s and Gucci ran a collaborative auction of art and fashion NFTs.

  • Gucci is rewarding NFT holders with physical products.

  • Lacoste's new virtual store has perks for the brand’s NFT holders.

  • Spanish National Museum will mint Van Gogh NFTs.

  • McDonald’s launched a metaverse game in ‘The Sandbox’.

  • Super Bowl MVP Patrick Mahomes launched another NFT collection.

  • Melania Trump's Apollo 11 NFT defies NASA photo use policy.

  • Crédit Agricole launched a loyalty program for high-end clientele.

  • Pudgy Penguins CEO advice: Create ‘real products’ that ‘transcend’ NFTs.

  • Reddit updated its terms to permit trading community points as tokens.

65% of all NFT royalties were earned in 2022, compared to 9% in the first half of 2023.

The effective fee rate for royalties have trended downwards significantly, from an average of 2.5% in 2022 to 0.6% in July 2023.

Lifetime creator royalties are fairly unconcentrated - top 9 collections have amassed 22%, witht the largest one - 9%.

Collectibles market size was estimated at $458.2 billion in 2022 and is expected to cross $1 Tillion by 2033, growing at a CAGR of 6.2% on avergae of all collectible products.

@travellight21 (this is a true story)

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Author Bio

Kuba Szewczyk is an NFT Product Strategy Lead at ConsenSys, helping build NFT tools for creators and brands. He previously worked at Bain & Co. Digital Assets and earned Harvard MBA.

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