Building something no one else can measure: The future of digital collectibles

Building something no one else can measure: The future of digital collectibles

In a world where everything seems to be quantifiable and measurable, there is a certain allure in building something that defies these constraints. Something that captures the essence of human behavior and emotion, without the need for a concrete metric. This is especially true in the realm of digital collectibles, where the value lies not in the physicality of the object, but in the intangible experiences and emotions it evokes.

The global collectibles market is estimated to be worth a staggering $370 billion. Traditionally, this market has revolved around physical items such as stamps, coins, and baseball cards. However, as technology continues to advance, the future of collectibles is undoubtedly digital. With the rise of blockchain technology, we now have the means to create and trade digital assets in a secure and transparent manner.

But how do we measure the value of these digital collectibles? How do we determine their worth in a way that goes beyond simple monetary value? This is where the challenge lies. When it comes to digital collectibles, it is near impossible to rely on traditional metrics to capture their true essence. We can't simply measure their popularity or the number of transactions they generate. Instead, we must delve deeper into the underlying behavior and emotions that these collectibles elicit.

Large teams and products often resort to using proxy metrics to measure these intangible qualities. They settle for metrics that are easy to measure, optimize, and monetize in the short term. However, these metrics rarely capture the true essence of the collectible or the experience it provides. In fact, they often give rise to unintended behaviors that skew the metric in ways that were not anticipated by the system designers.

This is where the opportunity lies for those who can navigate this blind spot. By understanding the limitations of traditional metrics and delving into the realm of human behavior and emotion, one can build something that captures a space that existing incumbents cannot easily go after. By focusing on the intangible qualities that make digital collectibles unique, we can create experiences that resonate with users on a deeper level.

So how do we go about building something no one else can measure? Here are three actionable pieces of advice:

• 1. Embrace the intangible: Instead of relying solely on metrics and numbers, embrace the intangible qualities that make digital collectibles special. Focus on creating experiences that evoke emotions, tell stories, and foster a sense of community. By tapping into these intangible qualities, you can create something that stands out from the crowd.

• 2. Listen to your users: Understand the needs and desires of your users. What do they value in a digital collectible? What emotions do they want to experience? By listening to your users and incorporating their feedback, you can create a product that resonates with them on a deeper level. This will not only help you build something unique but also foster a loyal and engaged user base.

• 3. Experiment and iterate: Building something no one else can measure requires a willingness to experiment and iterate. Don't be afraid to try new things, even if they don't fit into traditional metrics or paradigms. By constantly refining and improving your product based on user feedback and insights, you can stay ahead of the curve and create something truly innovative.

In conclusion, the future of collectibles is undeniably digital. As we embrace this new frontier, we must also embrace the challenge of building something that defies traditional metrics. By focusing on the intangible qualities that make digital collectibles unique, listening to our users, and constantly iterating, we can create experiences that capture a space that existing incumbents cannot easily go after. So let us thread the needle and build something no one else can measure.