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NFTs Will Spawn the Next Marvel or Disney, Says Solana Founder

NFTs Will Spawn the Next Marvel or Disney, Says Solana Founder

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In brief

  • Solana co-founder Anatoli Yakovenko tells Decrypt that he believes the current NFT space could become a major, long-lasting franchise IP.
  • He sees a development similar to the online bulletin boards of the 1990s that eventually led to the rise of social media.

Could the next big entertainment franchise come out NFT market? That’s what Solana Anatoli Jakovenko, one of the founders and CEO of Solana Labs, believes that it will tell Decrypt at this week’s Mainnet conference that NFT projects could lead to significant IPRs for decades to come.

“I think if you’re dreaming of creating the next Marvel or Disney in the next 20 years,” Yakovenko said, “it’s probably happening right now with these NFT series.”

He described NFTs as the “dominant, fractious use case” at the moment Web3 technology and said that tokenized assets can be used as the backbone of all kinds of creations.

“The possibilities are endless,” he added, “and I think this is the best place from zero to one to find a brand or a new story or a new story in anything – games, movies, IPs, franchises, whatever you want. It’s early days, but really, really exciting.

Popular NFT projects like Bored Ape Yacht Club, CryptoPunksand Axie Infinity have each generated billions of dollars worth of NFT trading to date – and some of the most sought-after collectibles from the first two collections have sold for millions of dollars apiece.

NFT is a blockchain make which represents ownership of a unique item, including, for example, profile pictures, sports and entertainment items, and video game merchandise. The market generated $25 billion in trading volume in 2021 and continued to accelerate through 2022, although in May crypto market crash has affected NFT sales and values ​​in recent months.

While NFT projects, spanning hundreds or even thousands of unique profile pictures, may appear similar on the surface, some offer different commercial rights grants which may affect how holders can use the images they own.

For example, the Bored Ape Yacht Club allows every NFT holder to create and sell derivative works of art and projects based on the images they own. These rights have been used to create Ape branded clothing, alcohol and cannabis packaging, themed restaurantsand even virtual bands.

At the same time, the project, such as Doodles retain their commercial rights with the original content creators, so they build the brand in a more traditional way. On the other hand, like a project Nouns uses a “no rights reserved” or open source approach where anyone – even people who don’t own expensive NFTs – can use, modify and sell any of its images.

If Yakovenko’s prediction turns out to be correct, it will be interesting to see which approach wins: one where holders (or the general public) can do whatever they want to spread IPR, or one where the original authors remain. in charge of the project.

As a founding member of Solana, Yakovenko has a front row seat in the expanding NFT market: Solana is the second largest NFT platform after Ethereumin terms of trading volume and has spawned valuable projects such as DeGods, Okay Bearsand Solana Monkey Business.

He compared the rise of NFT networks to the online forum communities of the 1990s that spawned many of today’s giant social media platforms. Could an early NFT project become a massive franchise in the next couple of decades? Yakovenko believes so.

“I don’t know where it’s going to go, but it really feels like you’re looking at bulletin boards in the ’90s,” he said. “Like, OK — some of these are Friendster, MySpace, or Facebook, but it’s really, really hard to predict.”

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