About the evolution of Web3 and how new NFT artists can bring more innovation

33-year-old Pakistani designer and entrepreneur Zain Naqvi has been associated with the Pakistan startup ecosystem since 2014. Currently co-founder and Head of Design at Alter, a local platform that helps creators and businesses from emerging economies connect with collectors (of digital collectibles and NFTs) around the world, the company made the headlines in 2021 after it released one of Pakistan’s most famous, viral memes, the 2015 ‘Friendship ended with Mudasir’, for 20 Ethereum tokens (a whopping $51,000).

Since Naqvi’s foray into the Web3 space, the designer has worked on Ape Harbour, the world’s first metaverse shipyard, and is currently involved in a project that is reimagining some of the Bored Ape Yacht Club’s (BAYC) ape parts , which includes curating one of the largest exhibitions of NFT and digital collectibles in the country, which will take place early next month. In addition, Naqvi’s work has been included in a number of international publications, including the Imago Mundi Project of the Venice Biennale.

Speaking to TBEN Life, Naqvi spoke about the rapid evolution of Web3, why younger creatives should stop playing it safe and instead keep pushing the boundaries of innovation, and much more…

SR: What inspired you to Web3?

ZN: Growing up in Pakistan in the 90s, the social scene was very limited and the internet was a new and exciting world. I remember talking to people on MSN and mIRC and participating in LAN parties where we brought our PCs to a central location to play games together. Many of the people I knew back then on these forums are now professionals who are transforming entire creative industries in Pakistan.

As the Internet evolved, I was part of the shift from Web1 to the social media-driven Web2 and now Web3, which I believe offers a more democratic and decentralized approach to the Internet. I was fortunate enough to have worked early on in the digital collectibles space on a project called Ape Harbor, which used the Bored Ape Yacht Club IP to create the world’s first Metaverse shipyard. Working on this project has been a great experience and led me to be a part of BAYC, the most important project in the Web3 ecosystem. This gave me a lot of freedom in terms of my own creativity and standing in space.

SR: How has Web3 evolved since you made your foray into space in 2020?

ZN: When I first entered the space there was a lack of focus on design and curation and more of an “anything goes” approach. Over time, however, space has developed its own aesthetic and transformed the relationship between the digital and physical worlds. The space has also become more international, with the Asia and MENA regions seeing an increase in Web3 startups. Back then, no one was there, even some of the biggest founders I spoke to in 2020 and 2021 were just not convinced of the power of Web3, even though these were visionaries in their own right.

Another important difference that I noticed was that there were very few people with my background. It then felt like a largely homogeneous environment. However, as the space has grown and become more international, I’ve seen a greater diversity of backgrounds and perspectives represented. This is a positive development as it allows for a wider range of ideas and experiences to be shared and included in the conversation. Although Web3 can still use more female leaders, makers and developers.

SR: What does the selection process look like as Head of Design at your company when it comes to selecting artwork (or agreeing to collaborate with creators) to present to interested collectors?

ZN: Two words. Relevance and provenance. Does the work or creator have something original to say, or are they just eager to jump on the hype train? Origin, because day in and day out people are contacting us to sell things that don’t belong to them and in a place like South Asia, trademarks and copyrights are a murky area. As a trustee, I have to make sure that what I buy or sell comes from the right source.

SR: Do you think the popularity of local memes (like the two sold through Alter) and NFTs by Pakistani artists is on the rise in crypto art markets? If so, why do you think it is gaining momentum? What are we doing on our own property that intrigues foreign buyers?

ZN: Memes are internet native and can have a worldwide following despite having very local origins. However, they are not necessarily tied to a specific location and can be shared and enjoyed worldwide.

The dynamics of a meme sale are different from a contemporary art or crypto art sale, as memes are from the internet and have their own unique characteristics and value in the history of the medium itself. Many artists in the space work on high fantasy, South Asian futurism or other innovative concepts that are difficult to fully grasp at first in the context of the preconceived notions of contemporary society in the country. It is also important to consider the cultural and historical perspective of Pakistani art, both within the contemporary art world and digital collectibles and NFTs. These artists create visual practices that are wholly their own, despite their numerous influences. I think what makes these works unique is the mix of influences and formal issues they represent.

SR: Many are still slowly beginning to understand Web3: What should artists and designers know about the space that would encourage them to enter the Web3 domain?

ZN: It’s important for creatives and artists entering the space to think about the roles they can play beyond simply creating and selling NFTs. These roles can include collecting, assembling, strategizing, and designing products. It’s important to be focused and clear about what one wants to bring to the table and work towards that goal, rather than trying to do everything at once. A particular problem I have with my colleagues and younger creatives is that they often put themselves in a corner when it comes to the type of work they want to do.

When entering a new realm, it is important to take a balanced approach and consider both the old and new systems. This may mean retaining certain elements of the old system while introducing new ideas and innovations.

SR: How would you like a good NFT artwork? Are there things you absolutely love?

ZN: To me, a good NFT artwork should do something that traditional painting, sculpture or new media cannot. This may involve using blockchain technology, data, machine learning or AI in innovative ways. It should also have a clear direction or movement beyond just an illustration or digital collectible. It needs to push boundaries both as a message and as a medium.

Recently I collected a piece from an AI artist called Memory Mod. I’m also a big fan of it Claire Silver who is one of the pioneers of the NFT space worldwide. From across the border, The work of Amrit Pal Singh is something I am proud to have in my collection. I also bid and negotiated like crazy to get a specific piece of the Turkish phenomenon, Refik Anadol.

SR: Do you think music NFTs could be lucrative in the long run for musicians minus major record labels?

ZN: As someone familiar with the technology and trends in the digital space, I believe that music NFTs could potentially be the next big thing in the coming months. There are already platforms and communities for decentralized music streaming and royalty services, such as Royal, Decent, and Opus. The relationship between physical and digital media is also an important factor to consider, as the success of the iPod was largely due to the rise of MP3s. As this relationship is better understood in the Web3 space, we may see even more growth and innovation in the music and NFT industries. I think labels would exist, but they will be of a newer kind. Like what Netflix is ​​to Blockbuster. Same domain but disruptive distribution.

SR: What advice would you give to those who want to sell their artwork as NFTs? Is there anything they should consider before flocking to NFT auction sites?

ZN: It is important to understand the differences between different genres and platforms. It can be confusing to someone trying to understand your work if it’s presented in the wrong context, and it’s important to know which NFT sites are best suited to your art style. In addition, I think it is important to focus on creating value instead of just pursuing profit. Money is the result of value, and focusing too much on creating a facade of success rather than actually creating value can lead to problems such as the current market situation and the financial crisis.