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Kyle Samani, Managing Partner at Multicoin Capital, sees the development of NFTs in forming dynamic links between collectible tokens and changing their value over time.
Solana and FTX early investors Kyle Samani said that NFTs are evolving over time from static jpeg images to a more dynamic format, similar to how web pages have evolved since the early days of the Internet.
“So far, we don’t have many NFTs that are linked to each other. The 10,000 monkeys in the Bored Ape Yacht Club collection have nothing to do with each other, other than the fact that all the tokens feature primates. But they really have nothing to do with each other,” said Samani.
Using the example of the Beeple 5,000 Days collection, consisting of 5,000 small NFTs in a 2×2 grid, he explained his vision for the future of non-fungible tokens:
«[MetaKovan], who bought it, should offer some kind of game and say: “If you can collect 9 out of 5,000, you will unlock the bonus.” In this case, we can say that these NFTs are related to each other in some unique way.”
Samani proposed another direction for the development of the NFT market, based on the change in the level of NFT ownership over time.
“NFTs don’t change today. And this is not entirely correct when compared with traditional works of art, which have transportation costs and the risk of damage. So imagine NFTs that break down over time or when they are traded,” suggested the founder of Multicoin Capital.
While Samani sees great potential for innovation in the NFT design space, he considers it “unlikely” that Multicoin Capital can capture even 1% of the global NFT market. Instead of directly buying NFTs, Multicoin Capital is investing in the underlying technology.
“There are three main stack levels to think about and we are investing in two of them,” Samani explained.
According to him, the first is “a primitive level or infrastructure level”, the second is presented on exchanges or NFT trading floors, and the third is direct ownership of NFTs. Samani does not see the latter level as viable enough for Multicoin Capital to invest in NFTs on a large scale.
Recently, Blockstack CEO Muneeb Ali stated that NFT can be successfully implemented in various industries. At the same time, in February, the Hong Kong regulator named NFT and the metaverse as the main threats of 2022, and the founder of O’Reilly publishing house Tim O’Reilly compared the development of collectible tokens and Web 3.0 with the dot-com era and believes that these industries will collapse .
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