There’s a new trend gaining momentum, and some NFTs are now reaching millions of people.
The problem is most collector’s don’t seem to care, but in this video I explain why it’s a much bigger deal than people realize.
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0:00 START HERE
1:20 a million in 5 days
2:29 ngmi
3:27 a billion fans
4:20 mimetic value (IMPORTANT)
5:55 a rare sword
6:56 FREE NFTs for everyone
Hey guys welcome back so one little Hobby that I have is researching Trends And memes and how they went from zero to A hundred right from being completely Unknown to being completely mainstream And one tool that I like to use is a Site called Know Your Meme which tells You exactly this uh it'll give you the Lineage of memes from its origin so for Example you can type in Rick Roll which Is you know one of the most famous memes Ever created on the internet and it'll Give you the first instance of a Rick Roll you know here you have someone Who's claiming they did the first Rick Roll uh it'll give you variations of it And just the slow growth of this meme Throughout different forums until Eventually it tipped over and went Completely viral and you see this a lot With memes right they tend to Bubble Up Slowly over time and if you're just like An outside spectator it might seem like An overnight sensation but really there Were all these signs along the way and With that in mind today I want to talk About a wave that I see coming in nfts Okay it's a trend that is is currently Boiling I think flying under the radar But which I think is going to explode in 2023 and it's a trend that 90 of nft Collectors don't seem to understand and I'm talking about nft collectors right Not people on the outside not Skeptics
Who think that nfts are a scam I mean Full-time jpeg collectors aren't seeing That this is coming so I'm gonna quickly Show you two examples from Justice last Week that really symbolizes Trend and Then at the end we'll connect the dots The first one I want to talk about is an Nft collection that came from Reddit About a week ago that already has over a Million owners okay and we've spoken About Reddit before on this channel but Essentially they've been going really Hard on all kinds of blockchain assets It's a big platform about the same size As Twitter and over the past year They've been giving out these free you Know they call them digital Collectibles But they're really nfts and they've Picked up over 4 million wallets that Have claimed one of these nfts and in This past week they release an nft Collection code Reddit recap 2022 now if You've used a platform like Spotify Before then you know what Recaps are They tend to give you just a summary of Your activity over the past year and in This case they're telling you how many Subreddits you participated in how many Comments you made how much Karma you Received uh the difference is that if You have a crypto wallet through Reddit You can mint this Reddit recap Avatar Into Your Vault and it's an actual nft That you can then trade or just hold if
You want to now I actually tweeted about This because you know this type of thing Amazes me the fact that they can get Over a million people to Mint a Collection a million is a lot okay you Have to keep in mind that the nft space Is incredibly tiny and already with Reddit you know they have four million Wallets that's more than all wallets That have minted nfts on ethereum since The beginning of this whole wave right So there's already more people involved With Reddit avatars and so I tweeted This and some of the replies were Completely missing the point and it Actually gave me motivation to do this Video in the first place now I don't say This often but if you're an nft Collector and you're not at all curious When you see this kind of traction then You're probably not going to make it but You know who is gonna make it you are You're gonna make it more than anyone's Ever made it before maybe maybe not I Think you're gonna have to watch to find Out but first i'm gonna give you one More example which is the Manchester United drop on tezos which also happened Last week so Manchester United is one of If not the most popular football clubs In the world they have a billion fans And they announced that they were Releasing a free digital collectible Collection on tezos and tezos is an L1
Blockchain similar to ethereum and since They've released this just a few days Ago they already have almost 900 000 Owners and it's become the largest Collection ever on tezos yet if we head Over to nft Twitter you're not really Going to hear Too Many people talking About this okay because it doesn't have That much volume and they'd rather talk About you know the latest derivative Profile pic collection that has pumped To 0.1 eth or something like that by the Way full disclosure I have bought into Both the Reddit and menu collections I'm Not showing these two specifically I'm Just using them as examples to make a Point and illustrate this trend that I Think we're going to be seeing a lot More in the coming months and years and To understand why this trend matters and Why I'm making a video about a bunch of Free nfts that barely get any volume in The first place we have to understand One major principle or concept which is Mimetic value and I think at this point I'll put on some glasses as I explain The memetic desire and intersubjective Value of jpeg Collectibles and to do This let's quickly look at a great Explanation by Luke Burgess okay so what Is memetic desire nearly everyone Unconsciously assumes there's a straight Line between them and the things they Want so a couple examples here I wake up
One day and suddenly decide that I want To run a marathon amazingly all of my Friends had a similar realization when They hit their mid-30s too And I get the brilliant idea that sub Stack is objectively the best publishing Platform for my long-form essay writing Based on all the data right around the Time that everyone else and their mother Seems to be arriving at the same Conclusion In each of these cases I've convinced Myself that my desire is independent and Autonomous I want to pursue something Because it quote just makes sense or It's the right thing to do or it's what I authentically want or need to be happy And this ladies and gentlemen according To Luke is a Lie the value of objects is Not objective it is subjective and that Subjective value is determined Mimetically based on our relationships With others we could say that value is Intersubjective we assign value to Things and therefore desire them According to what other people want in Other words the more Impressions that a Cultural item gets the more valuable it Becomes and this has been something That's been known in the Art Market for A long time and it's also why if you Look at the most expensive digital Assets in gaming most of them tend to Come from multiplayer games okay and
They tend to come from games that have Millions of users and how these Ecosystems work is usually you'll have a Large base of free users or people who Bought in for very cheap at the bottom Right and and these are people who have Bought into and believe in that Ecosystem and then at the very top you Have these expensive aspirational items And the more people you have at the Bottom the more value flows up to the Top and the more desire those items get Put it this way if you owned a rare One-of-one sword in a game that only had 10 players How valuable is that really but now if You own that sword in World of Warcraft During its prime would add millions of People who were obsessed with every Single item and everyone could see that You had that rare sword now the value Goes through the roof because that's Just how humans are this is what's gonna Happen with projects like Reddit like Manchester United like a million other Ones that start with a large free tier And then expand into more premium items Right at CEO for example has claimed That they want to get to at least 10 Million wallets okay so if you have 10 Million people who have learned how to Claim these Collectibles and how to Mint Them and have a wallet and have started To kind of like showing these unique
Collectibles off and kind of feel like They own them for the first time and Then when Reddit inevitably announces a Collab with Disney for a hundred Thousand baby Yoda avatars at a price of 20 bucks or something then you really Only need one percent of that 10 million Base to care for that to sell out ladies And gentlemen this is the next big wave Okay it'll be these ecosystems that go Grow quietly with free nfts under the Radar maybe without volume so they're Not showing up on all these charts that Track sales and then seemingly overnight You'll start to see them care and start Buying these limited Collectibles and if You haven't been paying attention it Will look like it came out of nowhere This is still not understood I think by The majority of the nft space okay and So what I'm gonna do is make a list of Any projects that do hit hundreds of Thousands or millions of wallets and I Won't care and I'm going to ignore Whether they don't have volume or any Sales whatsoever I'm just going to pay Attention to what they're doing and Eventually they will introduce premium And limited Collectibles and that might At some point be an opportunity that Just seems to be a better use of my time Than just continuing to look for these Random scare Supply derivatives okay but Maybe that's just me alright guys that's
All I have to say on this topic thanks Again for watching and I'll catch you The next video
