Did CryptoKitties lead the NFT movement astray?
CryptoKitties is the reason I’m working on BlockCities. When I realized what new businesses could be built with art and now blockchain, I had to join the fun.
But now, I’m wondering if CryptoKitties got us thinking about the wrong thing.
CryptoKitties proved the industry — some say merely capitalizing on early projects. Regardless, they’ve made the most money doing it, despite dismal daily active users, and have inspired a lot of thought on the subject.
“NFT’s” (Non-Fungible Tokens) became the hot subject, many beaming with ideas of a new digital future.
But, if you start with the NFT and try to add value, you won’t get very far. You’ll be doomed to the fate of Beanie Babies, or worse.
Rather, NFTs should be seen as small tools in the bigger picture. We should be spending more time developing the experiences that use NFTs rather than worrying about the NFTs.
No matter how hard you shake an NFT, more value won’t appear.
I remember spending months thinking about NFTs — how to add utility and maximize their value.
In the end, it’s building the context that matters: the game, the marketplace, the identity system.
On their own, NFTs aren't worth a thing.