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Todd Goldberg @toddg777
, 9 tweets, 3 min read Read on Twitter
1/ Today, the primary benefits of cryptocollectibles / blockchain-secured digital goods include scarcity, extensibility, self-sovereignty, and provable authenticity. But what if these assets were duplicated via a hard fork of the underlying blockchain?
2/ At the time of the fork, the chain’s state (which includes the current state of asset ownership) is duplicated. Seemingly identical assets on a forked chain might be viewed as the equivalent of a digital copy.
3/ These assets’ sole existence is dependent on the survival of the underlying chain (i.e Ethereum), but what would happen if that chain not only lived on, but also co-existed with forks?
4/ Unlike cryptocurrencies, each of these digital goods is unique so things like who actually owns a specific asset and is entitled to the benefits of ownership matter.
5/ Would apps who provide experiences around these assets have to support both chains? If they don't, what if the chain they support fails in the long run vs. the alternative? As time goes on, the state of these assets on both chains could diverge.
6/ Imagine if a collectible was sold to a new owner on a forked chain, but remained with the original owner on the original chain. The collectible might appear identical (artwork, creator, prior custody history, etc), but which is actually “authentic” at this point?
7/ Today, these assets exist as NFTs on Ethereum. Ethereum hasn’t had a significant hard fork which introduced a new dominant currency since the DAO hack (ETH vs. ETC) -- which at the time was before NFTs were created. With NFTs now in existence, how would this play out? 🤔
8/ CryptoKitties is the most significant dapp to date and has created over 800k NFTs. The next hit NFT-enabled dapp might be an order of magnitude larger. If there's ever another contentious hard fork, I'd expect NFT-enabled dapps to have a vested interest in how things play out.
9/ There are more questions than answers here, but it’s something to think about. Thanks to @PayomDousti, @jordanmessina, and @zosegal for their input around this✌️
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