Welcome to the Summarin - your weekly dose of commentary and summaries of the most interesting topics from the world of culture, media and commerce. If you are new around here and like what you read, hit the subscribe button below.
In today’s edition (06.06.22):
The evolution of NFTs through storytelling
Read and listen:
The Story So Far
If you have been paying attention to the news cycle recently, you may have noticed a significant lack of excitement and buzz around NFTs. Until just a couple of months ago, almost all the talk was about tokens and projects rolling out new ideas to their communities. No doubt, the tide has changed due to the recent volatility shaking the crypto world. Not uncommon for those used to the markets but new for a lot of people who had just dipped their toes over the past a year or so.
That said, it is times like these when the attention of most people is on other places, where the most interesting developments occur. In what is already quite a fringe space of culture, the recent downturn could leave the uninitiated with a feeling that it is all over. The reality, however, is far from this assumption.
The evolution of NFTs as valuable IP is in its very early stages and there are huge investments of capital and human intelligence that are bound to set the whole industry in a new direction. The technology set the foundation. Storytelling will unleash it upon the world.
In today’s letter, we have two stories that will help you grasp the incoming opportunity. A shift in how we consume and create entertainment is coming. Our favorite and established genres are going to be disrupted and a new generation of fans that are invested in the storytelling behind the JPEGs is going to become the most coveted target for brands and operators.
The Age Of Tokies (The Defiant)
“Suddenly, you are a Punk, or an Ape, or a Doodle. By default you are the protagonist even though you don’t know what the story is.”
Exploring NFTs through the prism of storytelling as a fluid medium where ownership is distributed and the collective drives forward the narrative. A few flagship projects in the space are paving the way to what could become the next awe-inspiring IP that captivates the world’s attention. In this article, the author breaks down the phases through which these projects emerge and become cultural icons. Read story
Bored Ape Is Going Hollywood (GQ)
“How would you describe Spider-Man to somebody?[…]He’s just an illustrated character with, like, a red-and-blue outfit. What makes Spider-Man live in people’s imagination is the storytelling around it.”
The extension of IP through NFTs is easiest to observe through the Bored Ape Yacht Club (BAYC) - owners of Apes and a collective of stars from all sorts of art areas (movies, music, books) which are proud owners of the highly-coveted monkey pictures. To grasp the possibilities that this new medium presents is not easy for the casual onlooker - you need to dive deep into the communities and projects that are doing the hard work of laying the foundations of a new art form. Read story
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That’s all for this week. Have a good week!
Marin