The behavior within character-set NFTs (@cryptopunksbot, @BoredApeYC, @slumdoges etc.) is so different from N-of-1 NFTs that we should have a different name for them.
I like “Non-fungible Token Armies” or “NFTAs” for short.
🧵👇
I like “Non-fungible Token Armies” or “NFTAs” for short.
🧵👇
So how are NFTAs different from N-of-1 NFTs?
NFTAs have distribution baked-in.
Similar to link-in-bio startups that have exploited the inherent distribution in being a creator's primary link-in-bio, NFTAs exploit the distribution of being a user's primary profile picture.
NFTAs have distribution baked-in.
Similar to link-in-bio startups that have exploited the inherent distribution in being a creator's primary link-in-bio, NFTAs exploit the distribution of being a user's primary profile picture.
Profile pictures also encapsulate all of the different signaling functions that military uniforms have in an army.
More specifically:
· Allies vs. Enemies
· A status hierarchy
· Showing a value system/belief structure.
More specifically:
· Allies vs. Enemies
· A status hierarchy
· Showing a value system/belief structure.
Allies vs. Enemies
In war, uniforms help you distinguish allies from enemies on the battle field. Similarly, profile pictures allow you to quickly tell which army someone belongs to.
In war, uniforms help you distinguish allies from enemies on the battle field. Similarly, profile pictures allow you to quickly tell which army someone belongs to.
Status Hierarchy
*Within* the army, NFTAs have a status hierarchy based on the increasing rarity of attributes of a character. In the punk army, "pilot helmets" were an attribute that recently begun accruing value. The last sale for a punk with a pilot helmet was 138Ξ (~$280k).
*Within* the army, NFTAs have a status hierarchy based on the increasing rarity of attributes of a character. In the punk army, "pilot helmets" were an attribute that recently begun accruing value. The last sale for a punk with a pilot helmet was 138Ξ (~$280k).
The number of attributes you have + the rarer each of your attributes, the higher up you are in the status hierarchy.
Value System / Belief Structure
The army you're a part of can give me an idea of who you are and what you believe in. While it isn't currently a norm for NFTAs to have explicit beliefs and values, it's obvious that the BAYC army is evolving differently from the punk army.
The army you're a part of can give me an idea of who you are and what you believe in. While it isn't currently a norm for NFTAs to have explicit beliefs and values, it's obvious that the BAYC army is evolving differently from the punk army.
Future NFTAs will be more explicit about their beliefs and values as a way to differentiate from the noise of all the character-sets being launched.
NFTAs feel like a powerful new primitive that more communities should tinker with.
Some interesting experiments I'd love to see:
Some interesting experiments I'd love to see:
· An NFTA that's purpose-driven around some important cause (Longevity research)
· A creator-focused NFTA.
· *Earned* Attributes vs. Bought Attributes. NFTAs currently allow you to buy yourself into the top of the status hierarchy. What if some attributes could only be earned?
· A creator-focused NFTA.
· *Earned* Attributes vs. Bought Attributes. NFTAs currently allow you to buy yourself into the top of the status hierarchy. What if some attributes could only be earned?
It's easy to dismiss these early communities as a joke. That feels like a huge mistake. With the success of cryptopunks and Bored Apes, we’ve now created a strong market incentive for more NFTAs to be launched.
When you view this through the lens of an evolving process and take it to it’s logical conclusion — it becomes much easier to imagine NFTAs as an important tool for cooperation in the toolkit of future communities.
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