The intersection of NFTs and XP: Part 1

Guests view an NFT art piece by German artist Mario Klingemann at Art Basel Miami 2021. (Photo by Cindy Ord / Getty Images)

NFTs and XP go together like pizza and ranch— the combination sounds wacky, until you experience it for the first time.  Non-fungible tokens, or NFTs, are digital assets or collector’s items (like rare baseball cards or Beanie Babies) that gain value over time due to scarcity. However, NFTs only exist digitally, on proof-of-work blockchains like Ethereum. When you buy an NFT, you don't purchase the image itself, but the token that points to the image or video. Embedded in this token is a pledge, “We swear, this is the only one that exists.” Step 1: Buy authentic Banksy art for $100K.Step 2: Light it on fire.Step 3: Mint the artwork as an NFT.Step 4: Sell the NFT for ~ $380K.https://t.co/X2kCpgcBBu— Nick Grous (@GrousARK) March 8, 2021 When we first thought about the intersection of NFTs and experiential, we pictured a bunch of tech bros yelling about their Bored Ape avatars over bottle service in the club. And while we’re sure that scene is in fact playing out somewhere (probably at LIV Miami), the XP world has undeniably embraced NFTs in interesting ways across a variety of channels.  According to Rolling Stone, Kings of Leon recently became the first band to release...

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