What is NFT 2.0? The Next Generation of NFTs is All About Access, According to MintNFT CEO James Sun
NFT 1.0 is the singular perception that Web2 audiences have when they think of NFTs: buying a digital collectible and flipping it to make money. But in Web3, we have entered the next generation of NFTs, which according to MintNFT CEO and Founder James Sun, consists of a new relationship model between the brand and the user.
MintNFT is a premium minting platform and marketplace for NFTs that provides an opportunity for fans to engage directly with artists and brands through NFT and the metaverse experiences. Founder James Sun is also the owner of DramaBeans, the largest Korean drama online recap and community site.
It is there where he grew the platform from 100 users to 147 million worldwide users and saw user trends shift from consumption to ownership, which led him into blockchain technology.
“In Web3, it’s this idea that the consumer no longer wants to be consumed only — they want to be an owner. It’s this ownership economy.”James Sun, CEO of MintNFT
As brands are thinking about how to engage a consumer in a deeper way, in a respectful way, in a way that empowers the user, I think web3 is perfect for the blockchain to be a ledger of ownership records. It provides a way for everyone to understand what that transaction or that relationship is. I think it empowers a user.”
Analyzing consumer trends of how users want their data handled and how they want to consume content is what led Sun to start MintNFT.
Unlike a traditional marketplace, MintNFT works with brands, IP owners and creators directly to come up with an “access strategy,” which is what he describes as NFT 2.0. “If you think about it from a brand’s perspective, they care more about engaging the consumer in a deeper way,” says the entrepreneur. “So we believe that the next generation NFTs will be products that consist of building a new relationship model with the user.”
For MintNFT’s brand experiences, it’s all about access. They help brands and content creators launch collaborations, drops and experiences by focusing on the non-crypto, non-NFT experience in the traditional sense, and giving consumers new access to their favorite brands.
A recent experience put on by mintNFT was for the partnership between the Barbie brand and French luxury fashion label, Balmain earlier this year. Together, both iconic brands launched a global ready-to-wear fashion and accessories collection along with three one-of-one NFTs.
The Barbie and Ken avatars were styled in complete looks from Balmain’s designs and were accompanied by a one-of-a-kind bespoke set of Barbie-sized Balmain pieces, which created both a physical and digital experience.
Full Interview With James Sun
Watch the full interview with MintNFT Founder and CEO James Sun on The Blockchain Hustler, as he talks about the full experience behind the Barbie x Balmain collaboration.