Big brands are running scared from NFTs? Good riddance, I say. Let them. While Nike's facing lawsuits, Starbucks is shuttering programs, and PUMA’s gone radio silent, something beautiful is happening beneath the surface, especially here in Southeast Asia. That’s because they’re too busy staring at the spreadsheets and the quarterly earnings reports to see what the real potential is, the raw human connection. Where they see a poor, failing market, I see a rich, fertile ground.
Big Brands Chasing The Wrong Dragon
Let’s be honest, many of the large brand NFT drops were clearly a cash grab. Soulless jpegs attached to fleeting hype. Remember that Super PUMA NFT? Anyone? Exactly. They approached NFTs as a marketing gimmick as opposed to a real community building tool. They simply pursued the short game dollar, rather than the long game customer intimacy relationship. No wonder it backfired.
It would be similar to a Michelin-star chef creating a fast food franchise. They may be horticultural wizards, but they’ve totally lost the plot on what makes a great fast, cheap burger. NFTs are the same. They're not about slapping a logo on a digital collectible. They're about fostering authentic connections and empowering creators.
In reality, these legal battles are a symptom of this misunderstanding. Nike’s lawsuit over RTFKT NFTs is not just about unregistered securities. It serves to underscore the deepening divide between the brand and the very community it sought to engage with. They didn’t get the culture, the ethos of decentralization and ownership. As they attempted to monopolize it, the community of West Oak Lane fought back. The NFLPA suing DraftKings? Same story. A misunderstood and broken promise, driven by a lack of understanding about the true value proposition hidden in NFTs.
Forgotten Voices, Amplified By NFTs
Even as these giants stutter, something remarkable seems to be cooking with these mostly young and ascending artists, especially those hailing from Southeast Asia. Beyond all that, I’ve now experienced firsthand how NFTs are empowering creators that were historically locked out of traditional art markets. By doing so, they’re creating global communities, monetizing their work directly, and evading the gatekeepers that have long held sway over the art world.
I’ve had the chance to talk to Nandar, an illustrator and organizer of NFT-powered hackathons who’s at the forefront of NFT adoption in Southeast Asia. She believes NFTs can be an incredible vehicle for empowerment. They allow creators the opportunity to interact in a more personal way with their supporters on the ground to make a lasting impact and a living.
Think about it: an Indonesian artist selling their digital art to a collector in Canada, bypassing galleries and agents, receiving instant payment in cryptocurrency. That wasn't possible before NFTs.
- Direct Connection: Artists build relationships with collectors.
- Global Reach: No longer limited by geography.
- Fair Compensation: Artists receive a larger share of the profits.
It’s not only about the cash — it’s about independence, validation. And it’s about making sure artists who had no voice at all, now have one. But it’s not limited to the arts – this is all about democratizing access to the global economy.
Build, Create, Connect: Seize The Opportunity
It's simple: build, create, connect.
Don’t let the headlines on the collapse of the NFT market get you down. The speculative bubble in which we find ourselves is certainly bursting, but the tech that’s driving it all is still immensely, immensely powerful. It’s an opportunity now to go beyond shiny new toys, building real utility, creating meaningful experiences, and engaging with communities.
Cut through the hype, cut through the Lambos, cut through the celebrity endorsement. Set your sights on creating something tangible, something impactful, something that unleashes the talent of our creators, and awakens our communities.
- Explore Different Platforms: Don't just limit yourself to OpenSea. Explore platforms like Foundation, Zora, and Rarible.
- Engage with Communities: Join Discord servers, attend virtual events, and connect with other artists and collectors.
- Mint Your Own NFTs: Experiment with different platforms and formats. Don't be afraid to try new things.
- Focus on Utility: Think about how you can create NFTs that offer real value to your collectors.
The major brands had a great opportunity to make an impact, and they surely blew it, but there are plenty of fish in the sea. The future of the NFT space does not belong to corporations, but to creators like those developing with #PhlNFTs. It’s in your hands. So don’t let them cut the narrative short. It's just beginning. The current anxiety around NFTs is misplaced. It’s not a death knell, it’s a birth pang. A new world of creative expression, fair ownership, and rich community is beginning. Be a part of it.
The big brands may have missed the boat, but the ocean is still vast and full of opportunity. The future of NFTs isn't in the hands of corporations; it's in the hands of creators. It’s in your hands. Don't let them tell you the story is over. It's just beginning. The current anxiety around NFTs is misplaced. It's not a death knell, it's a birth pang. A new era of art, ownership, and community is dawning. Be a part of it.
