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Auctioning a Matterport NFT (for $187,000 or more)15263

Worldof3D private msg quote post Address this user

NFT Offered for this Matterport digital twin

Dan encouraged me to share with the group an experiment I have been running with a small team here in Silicon Valley with targeting properties to scan for NFTs or non-fungible tokens.

We worked with a very special restaurant in Woodside, CA called Buck's to document its extensive and colorful history and place in the Valley. I have attached the NFT brochure which tells of the incredible stories of the place - where Tesla, Hotmail, Netscape, Paypal, and so many other companies were formed or funded over morning breakfasts there with VCs. Without recounting the whole of the brochure here, needless to say, the history runs very deep in this 30 table restaurant.

Our business thesis was that targeted and marketed the right way, 3D models, which help retain and retell these powerful stories, would trade more as a valuable collectible than for its utility as Matterport traditionally is.

I scanned the establishment with a Pro2. It was painful to build 117 Mattertags including photos, videos, weblinks, etc. but this was key. A lot of historical research went into the project. The result is, some say, a fairly magical museum-like walk-thru. We learned a ton, found some Matterport bugs along the way, but were overall pleased. There are a number of things that I wish I did differently in the model, but in the end, I must remind myself that this was a prototype project and that learning was precisely the point. We worked with Alchemy.io to wrap and issue the actual NFT and then OpenSea.io for the auction.

The NFT dropped this afternoon [Monday, 19 July 2021] and has already picked up a bid of about 103 ETH or $187,000 at the time of bid. So the original thesis is holding out as the model is trading as an art form now and not for its utility. We are running the auction for 31 more days.
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yrashk private msg quote post Address this user
Great stuff! Just wondering how does the ownership of the digital twin work in relation to the fact that Matterport scans are hosted by Matterport and are effectively inseparable from their cloud product?
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Melbourne, Australia
AlexHitchcock private msg quote post Address this user
Hi @Worldof3D this is awesome, thank you for sharing! I understand this is an early days experiment to get a feel for how Matterport models can exist within the NFT realm, but is this on any Blockchain at all? Would there be any issues with the fact that Matterport technically still has ultimate ownership? Thanks again, and it's great to see movements now being made like this within this space.
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Worldof3D private msg quote post Address this user
Thank you. I struggle with the separability issue at times myself and fretted over how it could affect sales. But I thought about it this way. Matterport owns the canvas and we own the paint, but the fact is, the paint and canvas are inseparable. I mean to say, we simply would not have the responsiveness, the fluidity and "Fischer-Price Simplicity" without the unified model that Matteport has. Costs more, and feels claustrophobic but it does seem to work better than the rest.

Now we have a risk section at the end of the brochure which covers the fact that the model is fused to Matterport with the exception of Showcase. This seemed to be enough.
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Worldof3D private msg quote post Address this user
@AlexHitchcock Thank you. Yes, this is on the Ethereum Blockchain. The address details are on the auction site below. I am not sure what you mean by Matterport having ultimate ownership? True that if they cease to exist in theory, there would be no more model. But this "decimation" scenario is hard to imagine at this point as the company is now gaining critical mass.

But over my artwork, Matterport does not hold worrisome ownership rights IMHO. Copyright is squarely with me.

clickable text
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GarySnyder private msg quote post Address this user
@Worldof3D I do not understand why you decided to go with MP when you could have done this and more with several other solutions on the market and your bidder would have own the code and could host the tour on the platform of their choice.

I would seriously considering migrating this brilliant virtual tour over to a platform you solely own. If you wish to discuss this PM me.

Congratulation on a brilliant piece of living art.
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CharlesHH private msg quote post Address this user
This is awesome and I love the idea.

I would worry about the whole thing being under the control of Matterport. If their servers go down, or if they are sold, or major changes in 5 years to the platform hosting.
Or what happens if something happens to you. God forbid but these things happen. I had a client and his previous MSP closed without warning due to bankruptcy so they stopped paying the subscription and their tours disappeared. MP would not release any details allowing us to contact the MSP and there was no way they would hand anything over to us or to the client who had paid for the tour.
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Worldof3D private msg quote post Address this user
@GarySnyder Thank you for your kind words.
Your points are definitely well understood and something considered. For the first experimental NFT, we were betting that the simplicity of the unified platform that Matterport provides would provide benefits that outweigh the potential downsides of platform lock-in.

Truth be known however, for the next project which has up to 25 sites in it, we are considering alternative platforms for many reasons - platform flexibility being one. I would love to share some notes with you on this topic.
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Worldof3D private msg quote post Address this user
@CharlesHH Thank you for the words of encouragement.
We took a calculated bet that the value of Matterport is actually based upon the accessibility of their 5+M scans in their database. As such, we figured that under all potential future scenarios we could imagine as plausible, the scans would never be simply shut down. But this is technology and a lot can happen in 5-10 years no matter what tech we went with. This is why we put heavy disclaimers on the NFT.

My existence should not affect the future of the NFT. The new owner will have total control in their own account once the auction is finalized.
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