”Tech vs Media“ podcast: Will Weinraub says companies based around non-fungible tokens must prove their everyday value
Will Weinraub, CEO of OnChain Studios, believes that the NFT industry needs to transform its hype into real-world benefits if it is to succeed.
“We need to keep it as underlying technology, and really talk more about the benefits and the use cases and the avenues that these things open up versus just shouting into the echo chamber about how great NFTs are,”Weinraub claimed that ’s “Tech vs Media” podcastRichard Wolpert (host) explains that NFTs now have a negative connotation following initial hype. “Consumers aren’t going to care unless you translate technology into real-world use cases that solve their problems or delight them in a number of ways.”
Weinraub, whose interest in digital collectables was ignited by CryptoKitties (2008), has made this goal a reality through his companies OnChain Studios (a futuristic toy company) and Cryptoys (a futuristic toy business that integrates digital collectables within the world of toys). Cryptoys, unlike other toys companies, has the infrastructure to develop original digital content via apps and games that go beyond the limitations of a physical item.
The CEO has developed his company to meet long-standing needs. However, he has seen a few companies in the NFT/web3 space fail to solve real problems. “throwing the word ‘NFT’ and ‘blockchain’ at these companies and hoping that’s enough to get this done.”
“Some deals were able to get done by just the sheer momentum of the hype,”Weinraub, Weinraub. “But now it’s what is the use case? What is the application? What is the value?”
Weinraub predicts that 95% NFT projects will not be completed due to a lack of follow up. “fade away over time,”This is an additional feature “we’re already starting to see a lack of liquidity and activity around those projects.”
Weinraub says that the next round of NFTs leaders is expected to emerge in their place. Weinraub also noted that entrepreneurs will continue to build several-year projects.
“Now for a while you’ve seen these cycles come and go, you see what happened in the late 90s, and the whole mobile boom, and the app boom, and then all this different stuff,”According to the CEO. “We see these markets, and we see them as opportunities to build and get ready for the next wave of innovation and consumer adoption.”
Click the link below to listen to the complete episode.
Episode highlights:
- Will Weinraub recounts his 2014 first Bitcoin purchase. “homework”Live Ninja, his company at the time was called Live Ninja
- Will Weinraub explains the reasons CryptoKitties got him interested in NFTs and digital collectables back in 2008.
- Will Weinraub lauds NBA Top Shot, which was the first major licensing partner to bring them into the digital collectables space.
- Will Weinraub provides a straightforward explanation of NFTs to newcomers. He states that they are “non-financial transactions.” “make the internet ownable”
- Will Weinraub compares NFTs with trading cards and points out the possibility of reopening famous trade companies in digital sphere
About “Tech vs Media”
Each episode of“Tech vs Media,”host Richard Wolpert — who has decades of technology and media experience as an executive, founder of tech companies, venture capitalist and philanthropist — and one his esteemed guests will divulge enlightening lessons and give their insightful perspective on the movers, creators, disruptors and innovations that are shaping the future of media and technology and how these industries will intertwine with one another.
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