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Youth Culture 2021 Youth Culture 2021 We unpack some of the big ideas and cutting-edge developments that will shape youth culture in 2021, from the swelling influence of NFTs to quiltcore and the rise of squad investing Quentin Humphrey 03.11.21 · 20 minutes Team Rolfes Analysis In this report, we explore the key ideas and themes set to impact youth culture in 2021 as young consumers evolve in the era of coronavirus. A year aer the coronavirus shook society to its core, it has become abundantly clear that the lockdown has psychologically and materially shied the behaviour of young consumers worldwide. In 2020 youth across the globe lost economic opportunities, missed traditional milestones and forfeited relationships at a pivotal time for forming identity. A report by the Center for Generational Kinetics found that since the start of Covid-19, 36% of Gen Z are feeling stressed about saving money while 35% are stressed about supporting their basic needs. While this unprecedented time has brought on endless setbacks, it has also given rise to new movements, communities and brands. As we look ahead to a post-pandemic era, many are predicting the next few years could see young people compensating for the experiences they missed out on. As a result of the pandemic, youth have a renewed appreciation for friends and family and will carry this deep need for connection through as a defining characteristic. Second Life Youth culture in 2021 will be marked by 'micropreneurship', (the process of building small-scale entrepreneurial endeavours enabled by a new generation of technology platforms and tools), authentic community engagement, creative experimentation and alternative means of instruction. 1 Index From a growing interest in snail mail to the rise of a new creator economy, this report identies the six key themes: 1. NFT power: a resurgence in cryptocurrency gives rise to digital collectibles Michael Thorpe LaTurbo Avedon 2. Tactile language: the creative renaissance evolves DIY behaviours 3. Social finance: a new wave of fintech turns finance social 4. Cultural teleportation: curious and inclusive youth dive into global cultures 5. Streetcare: streetwear takes on a deeper approach to social justice and charitable efforts 6. Nostalgic media and grey93 @skylarhand communication: youth build new connections with nostalgic mediums 2 NFT power Cryptocurrency-powered NFTs (non-fungible tokens) have quickly become one of the most discussed topics in 2021, fuelling a new creator economy and pushing society closer into the metaverse. NFTs are one-of-a-kind digital collectibles that represent a unique good or asset typically minted on the Ethereum blockchain. The bounds of these collectibles are limitless and include everything from decentralised domain names and virtual gaming items to tweets and memes. Similarly to trading cards, todayʼs NFTs can be bought and sold by collectors. The most prevalent NFTs today are digital works oen referred to as crypto art. Explosive adoption: a recent report by DappRadar found that NFTs had their best sales month ever in February. Digital art sales grew by 2,800% in 2020, with the total value of the NFT market reaching $250m. Niy Gateway, a popular NFT marketplace, publicly launched in March 2020, helping creators sell more than $12m of digital art and collectibles. Digital ownership revolution: NFTs are bringing more young creators and consumers into the digital asset world than Bitcoin has so far. NFTs are giving rise to digital drop culture, which combines multiple kinds of cutting- edge business models and technologies including digital scarcity, drop culture, blockchain and cryptocurrency – into direct-to-fan transactions Nifty Gateway that makes real money for artists involved. NFTs also make it possible for super-fans to make money by owning content that can appreciate in value, evolving the passion economy. 3 Community care: NFTs can be used for Digital drop culture: an emerging app called Eco-NFTs: Ethereum, the second-largest community campaigns as well. In November Aglet has been likened to "the Pokémon Go for cryptocurrency in the world by market value, 2020 Calvin Liu, investor at Divergence Ventures, sneakerheads". The platform allows players to operates via a proof-of-work consensus model, bought an NFT from CGI influencer Lil Miquela collect virtual sneakers by walking around which incentivises burning huge amounts of to raise more than $82k for the Black Girls Code outside, and plans to eventually allow its users energy in order to “mine” new tokens. In charity. In January, cryptocurrency evangelist and brand partners to launch their own virtual March Zora, a popular NFT marketplace for Mai Fujimoto, known commonly as Miss Bitcoin, retail stores in the app. This new model could musicians, announced it was starting to combat partnered with blockchain gaming ecosystem have serious implications for the growing Ethereumʼs emissions cost through a dedicated Enjin to launch Japanʼs first NFT charity project. metaverse. carbon offset. This will be a crucial addition for artists interested in fighting the climate crisis. 4 The images on the left are some of the most relevant NFT use cases in recent months. A new creator-friendly economy: NFTs are accelerating the trend of creators monetising directly with their fans. These blockchain collectibles create a decentralised marketplace for creators without platform intermediaries taking a sizeable cut of earnings, ownership or Axie Innity even controlling how the digital work is @loganpaul Rarible An NFT in the guise of a plot of virtual land on distributed. Marketplaces powered by In February, Logan Paul partnered with peer- Actor and entertainer Lindsay Lohan minted blockchain marketplace and gaming platform NFTs open up new revenue streams for to-peer exchange Bondly to sell 1,772 NFTs and sold her rst NFT, dubbed Lightning, for Axie Innity sold for a record-breaking $1.5m for approximately $3.5m in sales more than $50k via the Rarible platform (888.25 Ethereum) in February creators; anytime digital work is resold the original creator automatically gets a percentage of those secondary sales. Authenticity awareness: importantly, all NFT transactions are public, transparent and governed by code on the blockchain – a big shi from the creator economy we know today. Several platforms are emerging to assist artists on their NFT journey. Verisart for instance is a blockchain verification NBA Top Shot Kings of Leon platform for artists. Other web platforms Beeple like OpenSea and Rarible allow the In 2019 the NBA partnered with Vancouver- Kings of Leon became the rst band to release based blockchain company Dapper Labs to a new album in the form of an NFT. The album, In February, British auction house Christie's budding crypto community to connect, launch NBA Top Shot – collectible NFT titled When You See Yourself, was unveiled via hosted a sale from the artists' collection, transact and authenticate their assets. highlights that have garnered $230m as of three types of tokens as part of a series called marking the rst time NFT art was sold at an March NFT Yourself auction house 5 Tactile language A new set of tactile and craft-focused youth are emerging, as quarantine hobbies evolve into new lifestyles and rituals. The global cras market is expected to value $48bn by 2025, as DIY design continues to seed itself deep into the lives of curious and creative youth. Rise of sew bros and crochet queens: the creative renaissance birthed by the pandemic has given rise to a growing cohort of tactile, cra-focused youth. Many young consumers took this opportunity to make masks while stuck indoors, and got submerged into the art of sewing. As lockdown measures loomed, Google searches for "sewing machines" jumped 400% in the US, with department store John Lewis reporting that sales of them had risen by 127% in April 2020. The r/sewing community on Reddit is steadily growing and becoming increasingly diverse. One reddit user u/SanneChan shared “Good to see more attention for the wastefulness of fast fashion and how sewing can be more sustainable. I hope more male sewists will lead to more high quality masculine sewing patterns.” The recent movement has broken free of historical stereotypes that sewing, embroidery, and needlepoint are exclusively done by women. The future of Michael Thorpe sewing will move beyond gender roles in favour of appreciation for the cra and understanding of its alignment with slow consumption. 6 The tuing boom: artist Tim Eads, Instagram accounts like Quiltcore: the quilted patchwork He shared with Esquire: “Sewing who operates Tuing Gun, shared @imakerugs, @locarpet_cra, movement in fashion has been has been very beneficial to my with Vice in August 2020 that his @unwelcome.mats and @rugg.ratz championed in recent seasons by mental health. Donʼt get me wrong, business has grown three times are building sustainable businesses brands like Greg Lauren and Emily some projects can be draining and since lockdown began in March through commissions for their Bode. Newly established brand annoying. But when Iʼm creating 2020. This stems from established textile work. Stan, launched in 2020 by 23-year- something, I donʼt have to really and emerging fibre artists, Today #rugtiktok has more than old artist and surfer Tristan worry about any outside noise. Just furniture designers, entrepreneurs, 202m views, while #tutheworld Detwiler, is also building on me and my machine is a perfect and influencers who are all has passed 33m views. 22-year-old fashionʼs move toward upcycled combo.” fuelling a tuing boom. Claire Molenda has become a clothing and has already drawn Quiltcore is also informing artistic Creative brand builders like Sean #rugtiktok sensation for her comparisons to Bode with its one- pursuits. 27-year-old Brown and Bailey Goldberg kicked surrealist rug designs. Her rug- of-a-kind quilted garments. Massachusetts-based textile artist off the rug rush prior to the making videos have received more The power of quiltcore lies in its Michael Thorpe produces large- implementation of lockdown than a million views to date, and in ability to marry sustainability and scale portraits using quilting measures.
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