Navigating the NFT Sphere
Two and a half months into our journey to Pluto and it has already been one incredible ride. We’ve orbited the moon while raising funds, investing and incubating only the most enterprising projects. As we make our way onwards and upwards, we are proud to announce that NFTs (Non-Fungible Tokens) are on board!
In the last four months, it has become clear that NFTs are a significant part of the crypto economy. This has been made especially apparent with the landmark $69 million Christie’s sale of Beeple’s crypto art piece, “Everydays: The First 5000 Days” (the third highest sale by a living artist) and with Jack Dorsey tokenizing his first ever tweet (selling for $2.9 million). With higher price records continually being set and such visible champions, NFTs have entered mainstream consciousness.
There is not just one type of NFT, in fact, it is more of a technological framework in which a diverse range of ideas and applications fit in to. In other words, NFTs act as containers that you can program and attach to any digital asset. This is one of the reasons we are so enthusiastic about them, their functionality is multifaceted.
It is clear that NFTs have ushered in a paradigmatic shift in how value is created, transferred, earned and expressed. Monetisation of publicly accessible digital content never established a solid foundation online because of the public goods problem and NFTs have provided innovative tools to solve this issue. These one-of-a-kind tokens verify official ownership of digital items, formerly infinitely reproducible assets can now be represented by tokens that are scarce and tradable. Basically, NFTs verify ever important property rights in the digital world, unlocking economic opportunity in ways not previously possible.
Of course, we acknowledge that with such parabolic growth as of late, there may be ebbs and flows in terms of short-term price fluctuations, but this rapid expansion brings more capital, talent and interest, which will only benefit the NFT sector in the long run. This also paves the way for expanding business models and investment opportunities in several different layers of the NFT stack.
Pluto’s approach is extensive and includes not only investing in a meticulously selected group of non-fungible assets but funding NFT infrastructure and application layers, including tools and platforms to mint, trade, store, fractionalize, lend and farm them.
We are actively curating a private collection of NFTs, with the first acquisitions to be unveiled shortly. It will consist of seminal pieces from crypto art OGs alongside emerging, cutting edge creatives, as well as notable collectible, gaming and virtual world assets.
NFTs allow you to invest and own a piece of culture, to directly support your favourite creators and brands, while capturing their upside. Previously, these experiences would have been impossible to scale but are viable through the scarcity and verifiable ownership that NFTs provide.
NFTs can be utilised in a wide variety of ways, with a particular impact in industries revolving around: art, collectibles, sports, virtual worlds, social/fan networks, the influencer ecosystem, music, gaming, event ticketing, royalties, IP rights and any intersection of these verticals.
We, ourselves, are crypto enthusiasts and are committed to directly serving this community, while also driving crypto-adoption for the masses. We consider NFTs to be the secret to converting crypto-curious bystanders into passionate users. Upgrades in user experience, ease of access, community building and high-profile collaborations will be central in the growth of the NFT space and the onboarding of new users, which is why projects that address these four areas will take priority.
Pluto’s expertise in the DeFi space is also crucial to our NFT strategy. DeFi protocols have played a key role in the financialisation of NFTs, unlocking further use cases and capital generating opportunities, creating the possibility to fractionalise and earn yields on NFT assets.
NFTs have expanded the reward mechanism for providing liquidity and collateral on decentralized platforms. For example, you are able to use $YOP (which is the native token of our flagship incubation project) for NFT farming on the MEME Platform, until April 30th. You can even earn limited edition NFTs by famed crypto artist Fvckrender!
We believe this kind of NFT integration will only accelerate user adoption, as it allows for the further gamification of DeFi, which presents a more approachable and incentivised onramp to what many consider to be an especially intimidating area of the crypto sphere.
Even considering all of the current growth in the sector, the most exciting part is that all the use cases for NFTs have yet to be unlocked. Thus, our strategy is agile and ever evolving to adjust to growing trends and developments, as well as current market conditions. Pluto is connected to the pulse of the NFT community as it grows, shifts and evolves.
We also know that with new innovations come new objections and complications, which are crucial to take into consideration, as this allows us to make the best investment decisions and continually adapt and refine our strategy.
We will focus on value generating projects that have a compelling product offering, address gaps in the market, facilitate ease of use and gamification, prioritize community engagement, and have a strong leadership and development team. We value creative thinking and pushing the limits of what is possible…show us something we haven’t seen before!
Reflective of Pluto’s overall capital deployment strategy, some projects will be arm’s length investments, while others will be actively incubated by our highly skilled team, leveraging our blend of traditional market and crypto expertise to bring ideas to life. We are founders as well as investors, so we understand the importance of receiving adequate funding and on-going project support.
We are excited to be funding, guiding and creating shape-shifting technology. It is clear that the NFT constellation is ever expanding and we’re here to help it flourish. We welcome you onboard the Pluto spaceship and hope you enjoy the ride as we navigate the multi-layered landscape of NFTs!