nft

Jack Settleman's Thoughts on the Current NFT x Celebrity Landscape

The wave of being first in NFTs is over, according to Jack Settleman.

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Michael Caloca / ONE37pm

If you wanted to make a quick cash grab with NFTs, that ship has sailed.

Being first in NFTs is over. 

If you’re an athlete or celebrity who wants to cash in on the NFT craze... I’m here to tell you, you missed the boat on being first. 

Over the last few weeks, we have seen a ton of athletes and celebrities jumping into NFTs. They want to create their own and snag a quick buck. They normally collaborate with someone, but it is owned by them.

I don’t blame people for hopping in. If I could release an NFT for a million dollars today, I would. But I truly don’t believe the short term mentality will win. 

If you want to separate yourself from the others, you will need to do more.

Those who are thoughtful about community, access, and technology will win in the long term. 

If a celebrity wants to release a digital sports card, at least make it cool. You need to make it a cool piece of art. Just making one for the sake of making one won't cut it anymore.

AGAIN - I WANT TO CLARIFY - I GET IT. 

If I could make a quick buck right now, it would be awfully tempting. 

But those going for the quick cash grab are very obvious.

However, I think there is a way to enhance the art. 

The next step would be to create value by offering access and adding to your community. If you own 1/50 NFTs that I release, I will follow you on IG. Or I will give you a signed jersey. 

Let’s continue to go to the next level.

If you grab one of Post Malone’s digital cards, he could offer you backstage access to his concerts. That way, it comes with a community engagement dynamic.

One thing I feel passionate about is that consumers are too good at seeing through the bullshit. The hype of your favorite athlete coming in is starting to settle. It has become clear that people can tell if you are trying to build community or if you are trying to cash out. 

That is why these cash-outs are coming to a halt.

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