Digital Oak Part I outlines how NFTs will underpin the new digital economies we dub Passionware. The magic of NFTs as ownership legos allows anyone to create digital goods and services from an idea, easily accessed by fans who want to be part of it in some form and who spread the word on their own, enabling a market-network to take form. The ascendancy of capital over labor and mind over brute force.
Digital Oak Part II details how the digital convergence of Passionware in the Web3 era extends from “me-commerce” to shared ownership where anyone and everyone is a consumer, designer, builder, promoter, investor, financier - each owning a piece of the ecosystem. A new society of self-employed entrepreneurs.
This Part III will outline how we see the market opportunity, in terms of both its overall size and likely evolution, with brief conclusion on ow VCs can navigate the new world.
<aside> 🗣 Bottom line -- there is a $60 trillion market opportunity across an entirely new playing field where ownership is shared among its participants.
As Chris Dixon brilliantly outlined in his post NFTs and a 1000 True Fans and in his tweetstorm of August 12, 2021. its all about the take-rate.
We are all conditioned to a world where people ‘pay to play’. We work to get paid. We use our money to fund our leisure. We use our money to ‘get ahead’.
The revolution that Web3 drives is the exact opposite to this: the economy is peer to peer: players fund other players, not just the game developers. As Chris Dixon explains, the new revolution gives power, cash and margin to the creators. That’s the revolution encapsulated.
The Economist called it correctly a few years ago when it applied the metaphor of the ‘Cambrian explosion’ – when life forms on planet earth began to multiply 500 million years ago – to the “cheap and ubiquitous building blocks for digital products and services that have caused an explosion in startups”.
The new Cambrian explosion is the entrepreneurial explosion creating opportunity in “an astonishing variety of products that are reshaping entire industries and even changing the very notion of the firm”.
That was written in June 2014.
With Blockchain, NFTs and 5G soon-to-be ubiquitous, that crystal ball gazing is here today. We see Passionware as an entire new category "reshaping" industries and "changing the notion of firm" by empowering anyone to start, grow and scale a business.
What does that all mean in terms of dollars and cents - the TAM?