Factors that Make NFTs Successful: Matt Medvedev Explains

Matt Medvedev, the co-founder of NFT Now, is one of the distinguished speakers at the Consensus Festival taking place in June 2022. Although many people find keeping a finger on non-fungible tokens (NFTs) tough, Medvedev is a master in the game and had already co-founded NFT Now, which focuses on everything NFTs.

This post is a series of articles where top-ranked speakers discuss the big ideas they will bring forth during the Consensus 2022, which is taking place in Austin, Texas. 

Medvedev majored in journalism at Northwestern University, and he has a deep interest in music. He served as the editor-in-chief of Spin, a music and culture magazine. However, he was very disappointed after venturing into NFTs. There was very little information, and developing trust in the nascent industry was never easy, explained Medvedev. 

How did Medvedev manage to overturn the tables and simplify the understanding, process, and realization of NFTs? Here is his response to some of the main questions: 

Your family has a rich history in medicine. How did you end up in the world of NFTS? Tell us what happened. 

I sincerely feel fortunate. My dad is a neurologist, and mom a nurse and genetic counselor, but they never insisted I pursue medicine. All along, they have been very supportive, and my upbringing was always about music and writing. You know – poetry camps, creative writing, and stuff like that. 

I discovered Bitcoin in 2013 in Madrid and got into it, but it crashed a few weeks after making the initial purchase. I held on and all along have been looking at what empowers artists, and NFTs appeared to tick right. 

3LAU, the founder of Royal, a music NFT platform, was very helpful in my journey. He helped me to understand the concept, and that is how I narrowed it down to the NFT space. In January 2021, everything was ready, and we launched NFT Now

Given your background and experience, would you say the NFTs future is bullish?

It’s funny. I am very bullish about music NFTs, but I surprised many when I joined this space. Many are those who expected me to be focused on music NFTs and only that. I must be honest here, I fancy music, but I do not think it will disrupt the industry. 

From your viewpoint, what is a good NFT project?

I weigh projects based on four important factors: artistry, community, utility, and history. Artistry is its own right, and artists are always creating visions. The community comprises people and entities that want to see you succeed. Utility means the use cases for the NFTs, such as immutable record keeping and membership.

How do you feel about NFT project founders who prefer to stay anonymous?

Being able to see a project founder provides a great deal of assurance. Although NFTs are anonymous-friendly, we do not hide from people. However, we do not expose people and always work on protecting their identity to make them feel comfortable.

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