I was thinking. JPEG NFT’s within communities are more of symbols of identity more than anything else, a symbol of identity that signifies participation in a shared ideal. As a holder of an NFT within a community, more than the prestige to be gained, there should be perks/incentives.
For example, holders of a particular NFT can be entitled to an all expense paid weekend trip to Bahamas in a private jet. In fact you can liken buying and holding an NFT to buying a position in a club. It is logical to think that those who presently hold those popular super expensive ROCK NFT’s must be entitled to something other than bragging rights.
I once read about an NFT project that uses funds from the NFT sales to invest in mining equipments and shares the mining revenue to the NFT holders in proportion to the amount of NFT’ they own or based on the rarity of the NFT. That’s an interesting way to keep the ball rolling....if it works.
Incentives make the world go round.
Which begs the question, what are the long term plans for the JPEG NFT projects on Hive? So I took a deeper look into the Hive people NFT project to see what was up because when I bought the NFT, I did totally based on excitement and speculation.
And I’m happy to say I’m not totally disappointed. The perks for being an Hive People NFT holder may not be as badass as getting a yearly all expense paid trip to Bahamas but there some plans that could help sustain the floor value for the NFT’s and generate some excitement that could attract more hive/non Hive investors. Will they suffice though?
According to the announcement in this post, 50% of the unminted supply have been burnt to preserve the value of the minted ones. The only way to get in on the action is through the internal market. That’s a first right step forward in my opinion.
I also came across some info about the 1000Hive raffle giveaway to one holder of the NFT who haven’t listed their NFT’s in the market and will happen in the next few days. It could be me, it could be you, it’ll be awesome to be me though lol!
So I was thinking, how about tapping into Hive’s upvote economy to incentivize holding the NFT’s. For example, every NFT holder is entitled to an amount of upvote maybe monthly or weekly, the upvote weight could also be based on the rarity of the NFT, the upvote could be from a curation trail or a sole account, I don’t know, I’m just thinking out loud, I’m not exactly sure how feasible it’ll be.
Hive folks NFT project also has other plans down the line that can be seen in this post. There are also weekly giveaways,....much better than a lot of NFT projects out there. I just think that using Hives reward economy the right way with these NFT’s can make these NFT’s something people want to push and shove for thereby improving its existing value.
Ultimately, more than anything else, most of these projects are more or less a foot through the door, in that they are mostly only showing us what is possible, only a handful of projects out there can withstand what Hive has in its arsenal when properly utilized and we’ve not even seen half of what these projects are capable of.
When it comes to JPEG and Pixelated NFT’s, a huge part of what we presently have is very much based on hype and sheer excitement. NFT’s in the future will require much more than that to stay afloat, does anyone remember the ICO era? Heh, need I say more? Share your thoughts.
Thanks for reading.
