A Primer on NFTs - Jesse Walden - [Invest Like the Best, Replay]

Today we are re-sharing my Invest Like the Best conversation with Jesse Walden from March 2021.  Jesse is the founder of Variant, an early-stage venture firm investing in crypto networks and platforms building the ownership economy. With all the hype surrounding NFTs, I wanted to talk to Jesse about them, given his background in the music industry and his focus on the creator and ownership economy. The conversation did not disappoint. We discuss the basics of what an NFT is, what new creative paradigms they might unlock, and where we are in the NFT hype cycle. I hope you enjoy this discussion with Jesse Walden. For the full show notes, transcript, and links to mentioned content, check out the episode page here.   ------ This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.   With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 20,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more.   ------ This episode is brought to you by NordVPN. NordVPN is the best VPN to keep your internet experience private.   It has over 5,500 servers in 60 countries to ensure super-fast internet while protecting your information no matter where you are. As working from home and remote work become more prevalent, now is the time to protect your personal and business information without any data logging.   NordVPN works on all popular platforms, including Windows, macOS, Android, and iOS, and supports up to 6 simultaneous connections across your devices.   To get started, go to nordvpn.com/patrick or use code PATRICK to get a 2-year plan plus 1 additional month with a huge discount and a 30-day money-back guarantee.   ------ Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @patrick_oshag | @JoinColossus     Show Notes [00:04:19] - [First question] - Simple definition of an NFT [00:05:22] - What distinguishes NFTs from each other [00:06:24] - The value chain of a song, and who owns it [00:12:07] - Monetization and royalties on traded tokens [00:15:02] - Consumer incentives for purchasing NFTs [00:19:19] - Long-term passive income and media legos [00:22:23] - Technical breakdown of minting, hosting, and storing tokens [00:24:28] - Verification of token ownership on the blockchain [00:25:58] - NFT marketplaces and aggregators [00:27:06] - Opensea.io  [00:27:21] - Foundation.app  [00:29:46] - Innovations inspired by the NFT explosion [00:31:01] - Mirror.xyz  [00:32:26] - NBA Topshot [00:32:57] - Crypto Punks [00:23:24] - Nifty Gateway [00:34:30] - Physical cultural assets in the digital landscape [00:36:02] - Legacy brands exploring digital goods and tokenized ownership [00:38:37] - NFTs becoming the port of entry of all media [00:39:39] - An ownership economy in second generation internet platforms [00:41:02] - Uniswap [00:42:41] - The “hype cycle” of NFTs and incoming market correction [00:44:18] - Lessons for investors in the NFT space [00:45:15] - Lessons for buildings in the NFT space [00:45:54] - Resources to continue learning about NFTs [00:45:54] - NFTs make the internet ownable by Jesse Walden [00:46:20] - NFTs and a thousand true fans by Chris Dixon [00:46:13] - A beginner’s guide to NFTs by Linda Xie Learn more about your ad choices. Visit megaphone.fm/adchoices