Why NFTs are exciting, a 🧵
We’ve never had a digital equivalent to real ownership before. We put funds in banks or domains in registrars, but they’re centrally maintained authorities, i.e. you never own a domain, you just have the right to use someone else’s property
NFTs give you a secure mechanism to prove you own something without requiring a central body to maintain or regulate it.
It’s not just ‘for art’. It’s for proving ownership digitally.
It’s not just ‘for art’. It’s for proving ownership digitally.
There’s a whole world of stuff people want to prove ownership of, and art is just the beginning.
Property / companies / patents / licenses are obvious. Think of anything that right now ends up being paper certificates.
Property / companies / patents / licenses are obvious. Think of anything that right now ends up being paper certificates.
When you digitise a widespread paradigm like ‘ownership’, there’s going to be a billion unforeseen innovations that will open up new opportunities we can’t yet imagine.
YouTube and Instagram made superstars out of (talented) strangers; NFTs could make (some) artists superstars.
It’s a new way of converting human potential into money, and that creates benefits for both sides. You remember entertainment pre-internet?
It’s a new way of converting human potential into money, and that creates benefits for both sides. You remember entertainment pre-internet?
Wanting ownership of things is a human universal.
If the physical Mona Lisa was on sale, you think they couldn’t get a $billion for it? If you heard the original had been replaced by a copy at the museum, would you suddenly feel cheated when seeing it? Why does that matter?
If the physical Mona Lisa was on sale, you think they couldn’t get a $billion for it? If you heard the original had been replaced by a copy at the museum, would you suddenly feel cheated when seeing it? Why does that matter?
Consider paying $2m for the first ever tweet, that everyone can see for free. It’s not about the content. It’s about the exclusivity. Novelty. Legacy. If Twitter is around in a hundred years, that’s not *less* valuable. It’s like owning a first edition of a famous newspaper.
Try thinking like a rich person. What do you get for buying art?
1. Knowledge you supported the artist
2. Ownership of something exclusive
3. Bragging rights
4. Investment opportunity
1. Knowledge you supported the artist
2. Ownership of something exclusive
3. Bragging rights
4. Investment opportunity
You might say you can have the art for free. Well anyone can print the collected works of Picasso for free, but almost no one bothers.
Copies are a sign of poverty. Originals are priceless.
Copies are a sign of poverty. Originals are priceless.
Ownership of digital assets may seem irrational, but so long as people are willing to pay for it, there’s a market.
And now, the market is proven. Let’s see what the future brings.
And now, the market is proven. Let’s see what the future brings.
• • •
Missing some Tweet in this thread? You can try to
force a refresh
