Non-Fungible Tokens (NFTs): The good, bad, ugly, ridiculous, and awesome :: with Jameeleh Shelo
In this episode of Ventures, my guest Jameeleh Shelo (https://www.linkedin.com/in/jameelehshelo/) and I discuss NFTs from the perspective of the traditional art community. In short, NFTs are shaking things up and freaking everyone out, even though the market has recently cooled off (relatively speaking). We talk about what NFTs are, why they have been so trendy the last year, how regulators should think about them, and how new markets and metaverses are going to open up many more opportunities for entrepreneurs - and use cases - than we can possibly imagine today.
1:48 - Tee-up and motivation for the episode
2:20 - Jameeleh intro, background, and experience in the mainstream art community
3:09 - What is an NFT?
4:20 - Why did NFTs become so popular?
8:26 - Different types of “Tastemakers” in different industries. Is it a good thing that “Tastemakers” are being challenged?
11:52 - Why are people spending 7-8 figures “buying JPEGs” ?
13:55 - A need for the “GeoCities for NFTs”, things to watch out for in NFT land, (“Line goes up” video → https://www.youtube.com/watch?v=YQ_xWvX1n9g)
15:33 - The good, bad, and the ugly of NFTs
18:28 - Always assume you are getting scammed. Buyer beware.
20:59 - Increasing or decreasing value as people copy/paste these around (and get NFTs up in, say, Times Square)
22:30 - Three things that caught Will’s eye/attention around NFTs: (1) Artists to sell their own art, (2) to pump social causes, (3) to pump business.
24:42 - Music and photography NFTs
28:55 - Call-to-action, make a multi-chain NFT gallery, build the protocols.
31:12 - NFTs as collective middle-fingers to the traditional art establishment
31:39 - NFT analogy to what the Suicide Girls were up to back in the day.
32:35 - New markets being created everywhere in the metaverse, games, etc…
33:44 - White house executive order addressing digital currencies https://www.whitehouse.gov/briefing-room/presidential-actions/2022/03/09/executive-order-on-ensuring-responsible-development-of-digital-assets/
34:20 - Value of cryptocurrencies for increasing income around the world, and how regulators should think about it.
36:39 - Final words from Jameeleh. 1. Be careful, 2. If you are creating anything right now, turn it into an NFT. :)
37:40 - Best way to get a hold of Jameeleh? Email: Jameeleh [at] protalabs.com.