Thread by JackGK.eth III 🦉🥃
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- May 9, 2023
- #CreatorEconomy
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All hype or projects leaning into one of the key drivers of the NFT space?
The Attention Economy a 🧵
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The Attention Economy a 🧵
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In the bustling digital age, where information is abundant and time is scarce.
Projects find themselves navigating the Attention Economy - a concept that redefines the value of holder focus.
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Projects find themselves navigating the Attention Economy - a concept that redefines the value of holder focus.
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The Attention Economy is not just about the creation of information, but its consumption.
In this digital landscape, human attention, not information, becomes the scarce and valuable resource.
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In this digital landscape, human attention, not information, becomes the scarce and valuable resource.
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During a bear with low liquidity & little to no growth between active wallets/ participants.
The ability to capture attention is all that stands between a projects survival or death.
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The ability to capture attention is all that stands between a projects survival or death.
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Not a competition between NFT projects but also meme coins & the larger crypto space.
All vying for a share of this limited resource: our attention.
The fight is not just for who can provide the most information, but who can hold our gaze.
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All vying for a share of this limited resource: our attention.
The fight is not just for who can provide the most information, but who can hold our gaze.
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In web 2 from Twitter to TikTok, the platforms that have become integral to our daily lives are all players in the Attention Economy.
The goal? To engage and captivate an audience's attention, and keep them coming back.
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The goal? To engage and captivate an audience's attention, and keep them coming back.
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Attention is now more than just a cognitive function; it has become a significant currency.
Businesses that can hook and sustain consumer attention have the potential to convert that into real-world profits.
The NFT space is in part, an evolution of this.
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Businesses that can hook and sustain consumer attention have the potential to convert that into real-world profits.
The NFT space is in part, an evolution of this.
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Within web 2 this conversion can occur through various means –
advertising revenue, data collection for targeted marketing, or direct sales.
The longer a platform can keep a user engaged, the higher the potential for profit.
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advertising revenue, data collection for targeted marketing, or direct sales.
The longer a platform can keep a user engaged, the higher the potential for profit.
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In web 3 these implications can shape our culture, influence our sense of community, and affect our collective sense of what is valuable.
Current meta being events, connection & content surrounding this, see @Azuki + @DeGodsNFT
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Current meta being events, connection & content surrounding this, see @Azuki + @DeGodsNFT
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Understanding the Attention Economy allows NFT projects to leverage these platforms more effectively.
With conscious decisions, they can take control of where we direct our attention and how we engage with their content as a community.
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With conscious decisions, they can take control of where we direct our attention and how we engage with their content as a community.
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However, it's also vital to consider the ethical implications.
The strategies used to capture and hold attention can lead to questions about manipulation & pumping a project through hype with no underlying deliverable product.
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The strategies used to capture and hold attention can lead to questions about manipulation & pumping a project through hype with no underlying deliverable product.
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The Attention Economy underscores the power and value of our attention.
As NFT projects grasp this, their strategies evolve, leading to more innovative, engaging, and, at times, none tanjable, hype driven methods to hold our focus.
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As NFT projects grasp this, their strategies evolve, leading to more innovative, engaging, and, at times, none tanjable, hype driven methods to hold our focus.
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Understanding the Attention Economy's intricacies becomes essential.
It's a potent reminder that our attention is more than just a cognitive function – it's a valuable asset.
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It's a potent reminder that our attention is more than just a cognitive function – it's a valuable asset.
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As both holders & a space we need to understand the impact we have in driving value back to a project but also ourselves.
If generating hype alone adds value back to a project, substance becomes worthless.
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If generating hype alone adds value back to a project, substance becomes worthless.
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If hype is all we care about, we incentivise projects to ignore adding tangible experiences, products, utility to our communities.
However, if projects are ignoring this clearly pivotal tie between garnering the spaces attention & floor price they are destined to fail.
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However, if projects are ignoring this clearly pivotal tie between garnering the spaces attention & floor price they are destined to fail.
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Thank you so much for reading, please share your own thoughts below & throw me a like if you enjoyed this thread 🙏
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