Harmony Harmony Insights, 6 Dec 2019

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From YouTube: Harmony Insights 5: Digital Collectibles

Description

Episode notes: Digital Collectibles are a hot topic once more as Gods Unchained proved just how much volume we can expect from this emerging sector when their NFTs dominated the transaction charts on Ethereum. And this is just the beginning. Headquartered in New York, Quidd is a digital collectibles platform with a centralised offering now looking to open up the power of blockchain and digital scarcity to collectors.

Featuring: Michael Bramlage, CEO and Ross Blum, COO
Narrated by: Robin Schmidt

Introducing Harmony Insights. Forget everything you know about how a blockchain project is supposed to do video. This is the start of a brand new recurring series for Harmony, one of a cluster of strands we will be producing as part of our ongoing film strategy. Harmony Insights shines a light on what we're up to and brings you closer to the team's thinking, strategy and culture. If you have suggestions as to what you'd like to see post them in the comments below and we'll try and include them in a future episode.

Don't be a zero. Be the One.

Our official Telegram community harmony.one/telegram. 🐦Follow Stephen on Twitter: https://twitter.com/stse 🐦Follow Robin on Twitter: https://twitter.com/DirSchmidt Instagram: https://www.instagram.com/sprmsv1/ Join the Harmony community Discord https://discordapp.com/invite/rdCmBpe Twitter https://twitter.com/harmonyprotocol Telegram http://harmony.one/telegram GitHub https://github.com/harmony-one

All music from: artlist.io

Additional credits:
Stefano Giacomuzzi: https://vimeo.com/104696940
Coin Telegraph: https://www.youtube.com/watch?v=1xOM1NreoeE
Lee Philipson: https://vimeo.com/219237410
Silver Prod: https://vimeo.com/262392052
Joan Costa: https://vimeo.com/357585243

Footage used under creative commons attribution license

A

We've always taken an antagonistic approach to how people view digital snapchat and that dog filter everyone in the world can access it. What makes it special that you own it fewer people having access to something, creates more value in exclusivity and that really sort of promotes the both intrinsic and extrinsic values of ownership.

B

Last week, non fungible tokens hit the news once again as digital card game gods, Unchained single-handedly ensured NF TS surpass transactions from all other token types on the etherion blockchain, the game uses ERC 72/1 tokens to represent its cards and etherion posted a record 3.7 million transactions in just one day.

B

Crypto kitty should already be very familiar to crypto natives and in May this year and a mocha brand successfully auctioned, a high performance, f1 virtual car for four hundred and fifteen point nine, eight four hundred and six thousand dollars as part of their f1 Delta time, blockchain game, tilde, NF tees, are still hot property and one New York company is making giant strides in this rapidly growing sector. Quidd.

C

Is the leading market place for buying and selling digital collectables? We've got over seven million mainstream fans who we've converted into collectors of digital stickers, digital trading cards, digital figures, we've issued now over two point: 1 billion individually serialized digital collectables that now sit and are stored in these collectors, digital collections, we.

A

Run a free-to-play mobile application since 2016, without this notion of actually either owning an object or you know, being able to provide any sort of liquidity or cash out mechanism. You know for your investment in these objects. People are doing this because they love what they. What they're doing on QuIDD one.

B

Of the secrets acquit success has been their ability to strike deals with major mainstream brands. We work.

C

With over 300 brands, we are trusted partners of Disney, of Marvel of various media companies, even sports.

A

Leagues, by working with licensed content owners, we were able to attract users who had then monetize in our app. And then we could reinvest further into more license intellectual property, which would then attract more users and create a nice big like flywheel of being able to bring as many brands to the platform as possible and attract as many users as possible. But.

B

There's one key challenge which the team has aimed to tackle: how do you create.

C

An experience where an object at the heart of it is viewed as valuable and where millions of people can look at that object and say, there's a consensus on this that we all think this is valuable. We think there's real specialness to scarcity, and we think that when you remove scarcity, relationships and business models fundamentally change in some cases they don't change for the better.

A

There's value that's created in terms of like monetary value that and extrinsic value. That's you know based on demand that exists for this item, but there's a lot of people that gain value. Just out of you know how beautiful a piece of art is to date.

C

There currently is no way for somebody to liquidate their assets and either recoup their investment or to gain a profit from it. So, quite literally, any economic incentive to collect our digital collectibles doesn't exist today, which I think makes what we've accomplished today. Even more special. So first step is to unlock that value for our seven million collectors that can only be provided.

A

By the blockchain, digital scarcity can now become like provable in the past that you've had a lot of instances where your things are sort of portrayed as rare or common or uncommon. But you never really know how many items are really out there. But it's really interesting notion to be able to prove just how many of these items exist and have that you know transparency be real driver for value in the future. As the.

C

Value creeps up an owner or a prospective owner of that item is going to need certain insurance policies. They're gonna need a certain level of security as to where it's stored and how its transmitted they're gonna need a certain level of privacy. You know owners of high value value items, don't necessarily want to be outed for who they are. They're gonna need a certain throughput if they want to transact it at high volume.

C

They're gonna need a certain cost to hit and all think they're gonna do a certain amount of trust that that digital ID is safe. We can provide that trust and we've done it today as a centralized system.

C

That's one of the miracles we pulled off is not a single one of our collectors questions when we say there's 500 of these that exist, there's truly 500, but I think when the value of an item goes up, which they inevitably will, as these items become more and more scarce and gain more and more mythology, and they aftermarket that better technical requirements are needed earlier.

B

This year, Lock chain, gaming, specialist and omocha announced their intention to acquire quit with the goal of creating a powerful ecosystem to expand the sale of crypto collectibles. It's the logical next step for the ambitious young company. We.

C

Are not a blockchain company like period full, stop the end and that's why it's so clever, because you can take what we're doing, which works without the blockchain and then enhance that experience by bringing the blockchain to the back end. This is a universal human activity that everybody at some point in their lives, engages in there's no reason this should be a narrow experience. It's only available to the technological elites or the early adopters. This really has to hit every single person.

C

So for us, as it relates to harmony, we simply need to work with a blockchain that has a high throughput. It is full stop a disqualifier if you can't handle the current transaction volume that we have today and that we'll have in six months, 12 months, 18.

A

Months currently, we do about six to seven transactions per second in the after market, where harmony is just so important is being able to create that seamless user experience that no other network can really handle that throughput that transactions per second you know through, but that harmony can power. Our ecosystem with, is going to be invaluable and create the best the single best consumer experience we could hope for for our consumers with.

B

Gods unchained already proving the appeal of collectables in the digital space, there's seemingly no limits to what could be possible in this fast-growing market. Everything.

A

As a hormone quit, people are fans of different things and it's not my place to tell people what to collect and what not everything should have a home on quid. No matter what brand you are, no matter what industry and no matter, if you're a celebrity a fashion brand. Whatever you are, there's fans of your property out there, and we want to be that central source that allows you to connect with those consumers. The notion of provenance is something that will become more and more important and really become sort of part of the lore.

A

A narrative around each item that exists. There is some.

C

Value in making things difficult to get, there is some value in making things almost impossible to get, because not enough of them exist in the world for you to have access to and free to eventually own, when everyone has access to everything and everything is effectively rented I think there'll be a contrarian viewpoint where actually owning something where you know that you're one of like 500 people on the planet that have an item like this will have immense immense value. So.

B

If you enjoy these harmony, insights, videos, please be sure, neither comment, and if you don't like them, you can also leave a comment. That's also fine subscribe, like do the usual things and share them on your social channels, we'll be doing them every week and if you'd like to know what we're gonna be doing next week. Well, we'll leave the choice up to you, we'll post it on Twitter, and you can decide for yourselves see you next time.

B