The possibilities are endless, says Solana co-founder and Solana Labs CEO Anatoly Yakovenko who believes that the next Marvel or Disney entertainment franchise will emerge out of the NFT sets. He believes NFTs are the dominant, breakout use case right now for Web3 technology.
Yakovenko said tokenized assets can be used as the backbone for all sorts of creations. He thinks this is the best place to zero-to-one a brand, or a new story, or new lore for whatever games, movies, IP, franchises – whatever one wants. He acknowledged that it’s early days, but really exciting.
It should be noted that popular NFT projects like CryptoPunks, Bored Ape Yacht Club, and Axie Infinity have yielded billions of dollars worth of NFT trading volume to date. And some of the most desirable collectibles have sold for millions of dollars per token. NFT projects span hundreds and even thousands of unique profile pictures. They may appear to be similar on the surface, but in fact, offer different kinds of commercial rights grants that could impact how holders can utilize their owned imagery. Collections, for example, the BAYC, allow each NFT holder to create and sell derivative artwork and projects based on their owned images. Some holders have used the rights to create Ape-branded apparel, alcohol and cannabis packaging, themed restaurants and virtual bands, etc.
However, other projects such as Doodles keep their commercial rights with the original creators. This means they are building a brand in a more traditional manner. Another noted project Nouns, uses a no-rights reserved or open-source approach in which anyone can use, modify, and sell any of its imagery.
Yakovenko has a major role to play as Solana is the second-largest platform for non-fungible tokens after Ethereum. This has given rise to valuable projects like DeGods, Okay Bears, and Solana Monkey Business.