Some NFTs have a rich history.
Others have a story that has been freshly created to support the launch of the project.
A good example of an NFT with a history is CryptoPunks.
When we talk about CryptoPunks we do so within the context of their history, going all the way back to June of 2017.
We don’t have to create a story to add value to CryptoPunks. There’s no need for a made-up story when you have an interesting history.
Of course, being around for so long gives them a huge advantage. There’s lots to talk about.
That said, ArtBlocks has done pretty well in the history department too, and they’ve been around for less than a year.
The three pieces featured above are all in my collection, and they have a special place in the history of ArtBlocks and generative art online.
How come? Because the minting of all three of them began on November 27, 2020. These were the first three projects to come out of ArtBlocks. The first day of minting. History in the making.
Does that history add value to these projects? I think it does.
But what about new projects that have no history?
If a project was launched just a few weeks ago, we can’t expect it to have a particularly rich history.
Which is why we now see new projects being launched complete with an accompanying backstory or lore.
In fact, I’ve noticed there are now people who offer this as a service to NFT developers and founders… “We’ll create a lore for your project”.
I suspect many of them have a background in gaming, where backstory is often a key part of the experience.
As with all things, some project stories will be really compelling, and will add a ton of value. Others, not so much.
I think the best use of stories will be when they are deeply embedded into the creation and evolution of the project. The story will come first, and the NFT characters will follow.
Better still will be when the individual NFT owners truly feel they are part of an evolving story.
The less interesting outcome will be when founders develop the NFT characters, and then add a storyline as an afterthought.
Like, “Oh crap, this is totally a me-too cat project. What can we do to differentiate it? I know, we’ll say it’s about cats from the Undersea Empire of Splog!”
For myself, I’m more drawn by a deep history.
If I’m collecting a project just for fun and entertainment, I’ll likely enjoy the accompanying story, if it’s a good one.
I think NFTs can be a lot of fun.
But when I’m collecting NFT art, I’m more interested in history.
In the case of ArtBlocks, that history is layered.
First, there is the history of ArtBlocks itself. And then there are the histories of the artists and their work.
The piece on the left that group of three above is Construction Token #322 by Jeff Davis.
You might imagine the theme of this project hit Jeff in a moment of inspiration some time last fall.
Not really. If you look at his body of work, going back many years, you can see the seeds for this series were planted a good decade ago.
His work has history.
Many of the artists on ArtBlocks have been creating digital art for decades.
Over the next few years, I think the NFT projects that endure will be those that have an interesting history. That history will make them more resilient to market shocks.
Stories, while a lot more fun, will likely prove to be more fragile.
My opinion only. As always.