Bridging the physical and digital worlds with NFTs
Product Design, Product Management, Strategy, Product Research
Thomas Dyrks
Displate Nifties was conceived as a pioneering venture under the Displate.com umbrella - an initiative aimed at combining curated digital artworks in the form of Non-Fungible Tokens (NFTs) with exclusive physical products available only to NFT owners. The goal was to create one of the world’s first large-scale platforms integrating physical and digital art, offering artists and collectors a secure, credible, and copyright-respecting environment. Set for MVP launch in Q2 2023, Displate Nifties positioned itself at the intersection of art, blockchain, and collectibles - capitalizing on Displate’s established reputation among artists and pop culture enthusiasts.
My role
As a lead, I was responsible for:
Outcome
Although the platform was ultimately not released to the public due to the sharp decline in NFT market sentiment and a series of high-profile rug-pull events, the project had a lasting positive impact on the company. Building a startup within a startup required us to advocate for new ways of working and reshape internal processes. As a result, the team introduced meaningful changes across multiple departments. Key outcomes included:
Legal & regulatory landscape
Polish regulations were not supportive of cryptocurrencies at the time. In 2021, there were no clear legal precedents - most NFT projects were initiated by small, independent teams with limited awareness of the legal implications tied to NFT sales.
Business environment
A newly formed Estonian company served as a subsidiary to the core business based in Poland. This cross-border setup introduced significant complexity, particularly around taxation and accounting processes, which were critical to managing business risk. The parent company was a successful global business with high-value intellectual property, requiring careful structuring of asset transfers and licensing agreements. A comprehensive transfer pricing analysis was essential due to the scale, legal complexity, and financial stakes involved.
Marketing blockchain-related challenges
The product itself was conceptually challenging for the existing audience. In addition to introducing the offering, the team had to invest heavily in educating users about blockchain fundamentals, wallets like MetaMask, and the broader context of cryptocurrencies—which were still relatively unfamiliar to most. Furthermore, growing public concern over the environmental impact of crypto mining presented another layer of reputational risk. As Displate was deeply committed to sustainability, addressing these concerns became a core part of the go-to-market strategy.
Internal dependencies
Existing team responsibilities, technology stacks, and internal processes could not be ignored. The NFT initiative required the introduction of entirely new technologies and workflows across legal, finance, and marketing domains. In many ways, it was like building a startup within a startup - bringing new risks, new systems, and the need for cross-functional alignment throughout the organization.
Throughout the project, I led and supported efforts that combined product strategy, legal structure, organizational change, and user education. This initiative introduced new capabilities and risk profiles to an established company, requiring us to operate in a dual mode: fast and experimental, while also rigorous and compliant.
We started with a deep discovery phase to understand the NFT ecosystem and how our offering could stand out in a rapidly evolving, often misunderstood market. This included:
To anchor early discussions, I created a draft product vision and prototype. This early design artifact helped us align cross-functional stakeholders, validate key assumptions, and define the platform’s core value proposition. It gave us a tangible foundation for discussions with legal, engineering, marketing, and leadership teams.
A major challenge was that every product decision carried significant legal and financial implications. Even small changes in user flow or payment mechanics could require a reevaluation of our compliance framework or tax exposure. To manage this complexity:
In parallel, we worked on a transfer pricing model to support IP and asset transfer between the core company and the Estonian subsidiary. This was essential to ensure compliance and protect Displate’s core business.
With foundational decisions in place, we moved into product execution. Based on early prototypes, we defined the Minimum Viable Product - a version that delivered real user value while allowing flexibility for legal and financial adjustments still in progress. Key characteristics of this phase:
I worked closely with other department leads to define new workflows and ensure integration points were clearly scoped and well-documented.
Internal and external validation was a core part of our development cycle. We tested early prototypes with internal teams and potential users to validate usability, clarity, and overall desirability. A major insight from testing: while the platform was simple, the concept of bidding with crypto on a blockchain was unfamiliar to many. This revealed a major challenge - education. We addressed this by:
This preparation was critical to ensure a successful launch and avoid friction during customer onboarding.
User education is a product challenge
User education is a product challenge, not just a marketing one - especially in emerging spaces like Web3, where user understanding directly impacts adoption and trust.
Company structure can heavily impact the agility
Building a startup within a startup demands strong organizational agility and cross-functional alignment. Success depends on the ability to influence processes, roles, and culture across teams.
Speed and innovation come with risk
Companies aiming to be first movers must accept a higher tolerance for uncertainty. Over-investing in derisking an unvalidated idea can lead to misallocated resources and minimal customer value. When possible, validation should come first—derisking later.