No Fun Team founder John T. Meyer wants to help people better understand NFTs (or non-fungible tokens). We chatted with him about some of the ways he foresees NFTs appearing in Sioux Falls and learned about something called “Chromie Squiggle”.
The answers are direct quotes from Meyer.
How “smart” are you about NFTs – i.e. what in your background or your own research/activities prepared you for your job today?
Unless you are an artist or developer, very little would prepare you to understand NFTs.
- I’m neither, but the space felt like a tangent to the work we were doing at Lemonly.
My introduction to NFTs came in January 2021 in the form of NBA TopShot, the NBA’s digital trading card platform.
- It reminded me of trading baseball cards when I was a kid.
- Then I bought and sold a few NFTs that summer, made some money, which is always fun, and decided to take the plunge. possible.
We’re all about simplicity here. Can you describe an NFT in 10 words or less?
A database file that can assign ownership to digital assets.
What do people most often understand about your work or NFT/cryptocurrency? (And, if you could politely correct them, what would you say?)
It’s not just jpegs!
- Today NFTs are art, but also memberships, tickets, shares and keys.
- tomorrow NFTs will be the deed to your home, your college degree, or your electronic medical record.
What’s your favorite NFT you have in your wallet right now?
Definitely my Chromie Squiggle. This project is one of the first generative works of art. I know it looks like my 6 year old drew it, but it was made by a computer. I think it will be worth $1 million one day.
How do you predict we’ll start to see more NFTs popping up in Sioux Falls?
The best use case we’ve seen so far is membership or access.
- So imagine a Fernson NFT that offers you beers in preview or The Great Outdoor Store offers a NFT VIP to its best customers with discounts and special products. It’s still early days for SMBs, but very soon (looks like September) you’ll see Starbucks rolling out its NFT strategy. This will likely be the first NFT for millions of Americans.
What is your advice for someone who wants to learn more about NFT/cryptocurrency?
The best way to learn is to get your hands dirty.
- I recommend download wallet (Coinbase or Metamask), buy ethereum (the cryptocurrency for 90% of NFTs), then buy an NFT on OpenSea (the marketplace for NFTs, think of it like eBay).
If it all sounded like a foreign language, follow me on Instagram for my series called The ABCs of NFTs and subscribe to our weekly newsletter called The Mint which explores what NFTs are and how they will be used now and in the future.
How do you spend your time when you’re not thinking/working with NFTs?
I’m always thinking about new business ideas and the businesses I want to start, but I spend my time best with my two daughters, Margot (6) and Liv (3), and my lovely wife Paige. I love running outdoors and am a baseball fanatic.
Is there anything else you would like the people of Sioux Falls to know about you, your work, or NFTs?
If anyone wants to understand more about NFTs, crypto or blockchain, just email me at firstname.lastname@example.org.