No Fun Team Founder John T. Meyer wants to help people better understand NFTs (also known as non-fungible tokens). We talked to him about some of the ways he foresees NFTs arriving in Sioux Falls and learned about something called a “Chromie Squiggle.”
Answers are direct quotes from Meyer.
How did you become ‘smart’ about NFTs – ie what in your background or in your own research/activities prepared you for your work today?
Unless you are an artist or a developer, very little would prepare you to understand NFTs.
- I’m neither of these, but the space felt like a tangent to the work we’ve done at Lemonly.
My introduction to NFTs came in January 2021 in the form of NBA TopShot, the NBA’s digital collectible card platform.
- It reminded me of trading baseball cards when I was a kid.
- Then that summer I bought and sold some NFTs, made some money which is always fun, and decided to take the plunge. From there it was podcasts, newsletters, and joining many NFT communities to ask questions and try to absorb as much information as possible.
We’re all about simplicity here. Can you describe what an NFT is in 10 words or less?
A database file that can assign ownership to digital assets.
What is something that people mostly misunderstand about your work or about NFTs/cryptocurrency? (And, if you could politely correct them, what would you say?)
It’s not just jpegs!
- Today NFTs are art, but so are memberships, tickets, share ownership and keys.
- Tomorrow NFTs will be the deed to your home, your college diploma or your electronic medical record.
What is your favorite NFT that 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 pop up in Sioux Falls?
The best use case we’ve seen so far is membership or access.
- So imagine A Fernson NFT that gets you early release beer or The Great Outdoor Store offers a VIP NFT to their best customers with discounts and specials. It’s still early days for the SMBs out there, but very soon (seems like September) you’ll see Starbucks roll out their 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 NFTs/cryptocurrency?
The best way to learn is to get your hands dirty.
- I recommend downloading a wallet (Coinbase or Metamask), buy some ethereum (the cryptocurrency for 90% of NFTs), then buy an NFT on OpenSea (the marketplace for NFTs, think of it like eBay).
If all this seemed 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 today and in the future.
How do you spend your time when you’re not thinking about or working with NFTs?
I always am think of new business ideas and companies I want to start, but my time is best spent with my two daughters, Margot (6) and Liv (3), and my lovely wife Paige. I love running outdoors and am a fantasy baseball nerd.
Anything else you want the people of Sioux Falls to know about you, your work, or NFTs?
If anyone wants to better understand NFTs, crypto or blockchain, email me at [email protected]