Three years after the Great NFT Bubble of 2021, the industry is still grappling with its aftermath. To outsiders, NFTs are often seen as digital beanie babies—relics of the speculative frenzy fueled by ultra-low interest rates and excess liquidity in the wake of the global Covid-19 pandemic. While I don’t believe we’ll see another period like that in our lifetime, it’s important to note that NFTs weren’t the only asset class to experience a pump-and-dump cycle. However, they were the most visible, as their rapid rise into cultural consciousness overshadowed bubbles in luxury watches, short-term rental real estate, and other more tangible and established asset classes.
For crypto enthusiasts, NFTs also serve as a reminder of better, albeit distant, times. JPEGs brought the Class of '21 into the space, reshaped the broader crypto industry, and came closer to achieving "mass adoption" than any previous crypto product. Unfortunately, the subsequent price crash left behind a trail of losses, scams, and widespread disillusionment. Fast forward to today, and for everyone except the remaining 20,000 or so hardcore enthusiasts, NFTs are seen as useless memories at best.
We need to change the collective understanding of what NFTs can be
When considering NFTs in the context of platforms like Popset, it becomes essential to shift our understanding. Instead of viewing NFTs as static pieces of art or mere collectibles, we should begin to see them as dynamic markers of digital interactions, enriched with images as visual identifiers but defined by their metadata. The true value lies not in the image itself but in the timestamp—the immutable proof that a unique interaction occurred at a specific point in time.
This reframing fundamentally shifts the purpose and function of NFTs. In their initial phase, NFTs were primarily marketed as digital art, where the image seemed to hold all the value. But as we've moved past that speculative bubble, a deeper, more utility-driven function has emerged. Non-fungible tokens can serve as digital receipts for our interactions online—whether they represent a piece of content shared, a milestone achieved, or even a social moment captured. These tokens are tied to something far more significant than their visual appearance: they are tied to the proof of when and where these digital interactions happened.
Think of it like this: the image in an NFT is the skin, but the metadata is the backbone. In the same way that a physical receipt from a store signifies a completed transaction—an exchange that occurred at a specific date and time—NFTs can be thought of as digital receipts for our virtual exchanges. By turning social media followers into collectors, NFTs help us build more balanced relationships online while opening opportunities for better interactions.
How Popset helps creators better leverage NFTs
As a platform where creators can monetize their content, Popset posts act as proof of those interactions. For instance, an aspiring photographer could sell a behind-the-scenes NFT of their creative process, using the funds to finance a shoot while offering collectors exclusive perks, such as discounted access to the final product or a free high-definition file for personal use. The true value of the Popset post lies not in the image itself but in the patronage the collector offers to the artist and the memento of that support.
Similarly, collegiate athletes could leverage digital collectibles not just as tokens of fan support and vehicles for patronage but as time-stamped markers of significant career milestones—like a first goal, a record-breaking play, or a personal thank-you message to supporters—preserved forever through blockchain technology.
A new era for Non-Fungible Tokens
By flipping the traditional perception of NFTs on its head, the attached image becomes secondary. It serves as a reference point or visual cue, but the true essence is in the timestamp—the immutable proof of a unique moment in time. This shift unlocks new possibilities for creators, brands, and platforms alike. Rather than focusing on ownership of art, NFTs in this context revolve around owning moments, interactions, and the digital history of one's experiences.
This redefinition broadens the scope of NFTs beyond art and collectibles, offering meaningful applications in content creation, online communities, and even personal history. The focus moves from aesthetics to utility, from speculation to substance. On Popset, NFTs become the connective tissue of the platform—enabling users and creators to capture, share, and monetize moments of digital engagement to build a better social graph for a much better internet.