The Future of NFTs is L2

Transcript

foreign [Music] hey everybody my name is Jordan Lyle I am the founder and CEO of a company called Venture Punk we are here to talk about nfts specifically my point of view is that the future of nfts is L2 I am a long time Builder and tinkerer and product guy startup entrepreneur in this space I've been building in the ethereum ecosystem since 2017 a couple years at consensus building D5 products

I launched my first nft project in 2020 called don't buy meme launch nifties.com and more recently my company Venture Punk released prohibition.art we literally just just flipped this live yesterday and it's a on-chain generative art platform on arbitrum using the art blocks engine and this first drop project Zero monospatial by Emily Edelman uh sold 100 sold out 100 Editions sold out in 1.5 seconds um we'll talk a little bit more about

that but uh so I I think I'm you know this is a subject that I'm really interested in and passionate about and the idea is that for us to really grow as a nft ecosystem it needs to be on a layer too so if if we accept the fact that the future of nfts is Layer Two that means that there is a future for nfts in general right so we won't spend too much time here but I just wanted to just mention a couple things and and there are plenty of reasons why I feel there is a future for nfts including that nfts I feel are you know the driving force in maintaining value specifically decentralized value in the

growing crypto economy really bootstrapping communities via nfts when it comes to nft art I believe tokens increase the quantity of art that is ownable and it really enhances the user experience enhances the quality of the of ownership I also believe that we are entering a new era of cultural ownership memes are now authenticated and traded as digital assets I think that will really continue to proliferate uh in the next wave okay so we accept that let's buy that premise you may not agree but for the rest of the presentation let's let's

assume that in that case I think it's safe to say that layer two is really unlock the potential of nfts as we move forward why do Layer Two Solutions unlock nfts I think it's it's it's obvious if you've played within a layer or two in the last few years two big reasons drastically it drastically reduces gas fees and of course faster transaction speeds those are the kind of the two main reasons why anybody uses a layer two right um you get those two benefits of reduced gas costs faster transaction speeds but with the Safety and Security and composability of ethereum layer one

when it's inexpensive and easy to Mint it's it becomes a playground for experimentation we're able to create a bunch of mints we're able to pack our on-chain algorithm with a bunch of lines of code where on mainnet maybe it would be cost prohibitive but on layer twos it's it's relatively inexpensive to Mint on chain a complex algorithm if you've been following along you know of some of the options most of the time these these you know these default layer twos breakdown and optimistic Roll-Ups and ZK roll-ups I'm here to talk specifically and they

all have their pros and cons they all have their benefits uh I'm really partial to arbitrum that's where we just released prohibition.art prohibition.art is an open on chain generative art platform we decided to launch on arbitrum as mentioned we just released yesterday the pro the value prop for prohibition our goal is to be open a lot of other generative art platforms on ethereum are very closed and curated and exclusive we feel really the only way to grow and bring on new users bring on new artists is to be an open self-serve platform it's accessible we

put a lot of time into the Creator tools um when it's open and accessible it allows for a vibrant and diverse batch of artists no matter where in the world you come from no matter what your background is no matter how you got here you're able to show the world your art and we find that's really important and we're also building on Best in Class technology as mentioned we're on arbitrum under the hood we've got art blocks engine we're the first art blocks engine partner to launch on a layer two we're the first art blocks engine partner to launch in an open format where everything else is is curated and centralized we're also the first art blocks engine partner to redesign the artist

experience that's my background as my team's background of creating tools that's that are really elegant and easy to use and for our secondary Market we use Reservoir so by kind of leveraging best-in-class tech we're able to focus on what we do best which is user experience artist tools bringing in amazing artists Community brand Communications Etc so we when we were setting out to build prohibition the goal was to find a layer two that we we felt kind of gave us the best chance of success um and as they say go where the users are so even though we shopped around we

talked to a bunch of different Layer Two Solutions we talked about to several we decided to to go with arbitrum for a couple reasons arbitrum has carved out a huge market share in terms of layer twos even if you look at blockchains in general they have the fourth fourth biggest blockchain by total value locked and um arbitrim has has The Vibes going for it you know when we when we set out to launch prohibition.art we went you know this branding is pretty strong it's called prohibition for a reason it's a little bit underground it's a little bit Counter Culture it's a little bit Punk it just didn't feel right launching on a chain you know that start box is on or

that a public corporation has launched uh arbitrim is is full of crypto native people and it just felt like a great match to launch project called prohibition on arbitrim their Community has been amazing to work with their their Foundation their Dev team I also wanted to introduce A New Concept that I helped uh well I guess I I came up with the name and then um another amazing Builder and an artist kind of came up with the concept but it's the idea of inclusive Edition I don't know if anyone follows snow fro or Eric Calderon on Twitter but um yesterday he posted a Twitter Thread about his this concept of inclusive

Edition it is a take on open Edition with a few tweaks the whole idea is that it's a generative open-ended nft series promoting inclusivity with Unlimited Supply and low prices the whole idea is that participation is open to everyone and closure is at the Creator's discretion so inclusive Edition the word didn't exist I've been chatting with snow Pro for the past several months in the last few weeks we've been talking a lot about this you know this method of of Distributing nfts that uh is is you know goes against the fomo culture of nfts goes against the the pump and dump goes

against this scarcity idea right many nfts are value are valuable because they're scarce we're never going to grow that way if that's the only option right so by making the platform or the collection Itself by taking on this exclusive Edition concept it allows for open-endedness it allows for flexibility the whole idea is low price points large quantities I'm excited to say uh that we're we're currently working on an inclusive Edition that will launch on prohibition uh here in the next month or so that's a little bit of alpha for those in attendance and it's really because of the need for

these inclusive editions as we're calling them uh it really only makes sense on a layer two imagine a high supply low price point but you had to pay as much or or equal value in gas costs that wouldn't work that wouldn't scale so that's where L2 Solutions come in arbitrum and other Layer Two Solutions make inclusive editions possible and practical that's it you can check out prohibition.art my name is Jordan Lyle follow me at Jordan Mile and we just launched prohibition yesterday we've got a few drops a few few exclusive drops coming today with Ed balloon and uh

Andrew Mitchell some amazing generative artists it's on arbitrum so you'll have to bridge eth from mainnet to arbitrum but check it out and I hope you enjoy thank you [Applause] [Music]