Ishan Pandey: Hi Patrick Gajda, welcome to our series “Behind the Startup.” Please tell us about yourself and the story behind Superbid?
Patrick Gajda: I’ve been an entrepreneur for almost a decade now. In addition to several of my startups, I have also invested in several exciting projects from Europe and Canada in fintech, IT, cybersecurity, and space. I specialize in selling and modernizing businesses by implementing modern technologies. I have been involved with the cryptocurrency market for several years now, but SuperBid is my first project in this field. SuperBid was founded together with Wojciech Sobczuk. The idea was the result of our interests and unconventional solutions that we have always been proud of. Very quickly, we found a team that fully understood the idea and helped us implement it all.
Ishan Pandey: Since you have been in the industry for a while, kindly tell us a little bit about the history and development behind the sudden NFT-boom and what kind of projects you have been a part of before Superbid came into existence?
Patrick Gajda: The discussion of the NFT boom is definitely a topic so broad that we could do a separate interview on it. As an investor and art collector, I am fascinated by the growth of the NFT market. I understand where this boom is coming from, and I also see the long-term effects it has on our future even though we could see the NFT market bubble. But why is NFT growing so much? First, we are moving online with basically every aspect of our lives. We are less and less focused on tangible things, and more and more, we are locating our “wealth” in digital assets. From a collector’s point of view, NFT art has recently shown rapid development, and artists have a chance to express themselves and reach audiences on a much larger scale than in real life. Additionally, the question of identification and authenticity of such works is much easier than with traditional art. Secondly, NFT is a great investment tool, especially if it comes from celebrities. These always go up in value.
Just like memorabilia from celebrities used to be, today there are NFTs released and signed by them. They are already reaching unimaginable amounts when sold.
Ishan Pandey: A lot of celebrities such as Snoop Dog, A7X, and Marshmallow are entering the NFT industry. How can these celebrities change the scene for NFTs? Let us take Music based NFTs, for example?
Patrick Gajda: Many artists who did not have the opportunity to perform in front of an audience during the pandemic appreciated the possibilities the digital world brings to the art world. Every aspect in which a fan has the opportunity to interact in real-time with an artist or art has been affected. As we all well know, copyright in music is taboo. Most of us have had a direct or indirect part in copying and listening to streaming music without paying a fee to the artist.
NFT solves this problem by providing the artist with a 100% return on album/track/presale sales, and fans can be unique owners of unique items released by the star.
Ishan Pandey: The NFT Crypto Art-Craze has witnessed a huge boom, especially now that renowned celebrities embrace and promote it. Currently, what is the Celebrity NFT Market size prevailing in the industry, and what does the future hold for similar projects?
Patrick Gajda: The market for Celebrity NFTs is huge, but it is too early, in my opinion, to properly evaluate it. Certainly, celebrity NFTs are reaching multi-million dollar sales amounts. We will definitely see this market continue to grow, with more and more celebrities moving in this direction due to the simplicity and quick profits. However, for this market to expand, it is necessary to bring NFT to the mainstream, and as we know, the cryptocurrency and blockchain market is still struggling to break through to mass users.
Ishan Pandey: What are your views on NFT art and NFT based games? According to you, which ecosystem is better: Ethereum or Solana?
Patrick Gajda: I am a big fan of blockchain-powered games and NFT. We also plan to release a p2e game ourselves in the near future. Above all, the current situation in countries dotted with hyperinflation, where playing World of Warcraft and farming gold is more profitable than a day job. I am convinced that a game in which NFT plays a significant role will change the perception of the world and the possibilities of earning money for a larger part of the population.
NFT art will also stay with us forever - for the first time in the history of mankind; we are able to give value to and secure an intangible product. The uniqueness of NFT art is something that the young generation will exploit in a way we don’t know yet; my intuition tells me that this is just the beginning of the adventure of blurring the line between metaverse and reality. Ethereum - All day, every day.
Ishan Pandey: High ethereum transaction fees are a death knell for NFT projects. What are your views on the current state of transaction fees on Ethereum?
Patrick Gajda: High transactions on the Ethereum network was, is, and will be a result of the popularity of meme tokens, which are growing at an alarming rate. Personally, I am not a fan of investing in dodgy projects. I can even safely say that if the hype does not end too soon, they will be able to collapse the cryptocurrency market. It is not mature enough to bear the consequences of the demand and supply of quick money for speculators. Additionally, the subsequent build-up of Ethereum means that the price of gas will start to fall regularly, and the craze for P&D tokens will disappear as quickly as it appeared.
Artists also suffer from this, who through lack of funds and the immensity of talent, are not able to cover the bizarre amounts of art minting on the largest NFT markets. Therefore, many artists flee to other ecosystems that are much cheaper but less popular like Harmony, Solana, BSC or Cardano.
Ishan Pandey: Despite fears of it being a fad, NFT sales volume increased by about 200 percent in the first half of 2021 especially compared to the first half of 2020. What has led to this sudden boom in the NFT industry?
Patrick Gajda: In addition to the reasons I mentioned earlier, more and more people are starting to invest in the cryptocurrency market and diversify the sources of their incomes. Additionally, we’ve seen significant increases in the value of Bitcoin and ETH, which have allowed people to invest profits in other assets.
Ishan Pandey: According to how, how should NFT based art be valued?
Patrick Gajda: It is relative. Everyone has taste buds, a sense of style, aesthetics, or is subject to a particular emotion when viewing art. It has the quality of being non-standard; we are not able to value artworks without subjecting them to the opinion of others. What may be ugly to us is a masterpiece to others. Just like with people... every day, we wake up as a different person. Place, time, moment - these are the three facts that help us choose.
Ishan Pandey: What do you see the year 2022 holding for NFTs, especially in the post-pandemic era?
Every walk of life will come into indirect contact with NFT technology in the coming years.
Patrick Gajda: It's hard to say what the value of the most in-demand projects will be. I can safely say that classics of the genre like Crypto Punks or Bored Ape will maintain their floor price due to the huge exposure they have received over the last few months. The NFT market is maturing and the technology involved is spreading its branches much further than the art itself.
Disclaimer: The purpose of this article is to remove informational asymmetry existing today in our digital markets by performing due diligence by asking the right questions and equipping readers with better opinions to make informed decisions.
The material does not constitute any investment, financial, or legal advice. Please do your research before investing in any digital assets or tokens, etc. The writer does not have any vested interest in the company.