NFTs (from a creator perspective) are interesting, because they fill a niche between “fine art” and “popular media”, similar to the niche filled by limited edition action figures, signed movie posters, or inkjet prints (pop art)
They let what was known as “commercial artists” or media creators (i.e. illustrators, animators, authors, game designers) acquire patronage through a Fine Art-esque model,
It’s unprecedented in that “commercial art” used to be tied to sale of physical media, not patronage.
NFTs, as a format, solved two key problems:
1. Cratering price of media, as cost of distribution and copying in digital media is 0
2. High costs of fine art auction/gallery/fair model, which are based in meatspace
The “cryptocurrencies are ponzu sauce” people are hilarious. I wonder if they think national currencies have inherent value, and that stocks trade at their book value.
I wonder if they know that “speculation” isn’t a bad thing, but is how the future gets built.
Without speculative fiction, speculative labor, and speculative investing, no one would be there to dream up the future, build it, and fund it.
Things don’t magically have value.
Someone has to speculatively assign value to it before other people agree that, yes, this is indeed something of value.
Beyond commodities and land (real assets), this has been the case for all other goods, services, and financial assets.
Classic sign of someone who can’t think straight: you tell them something, and they ask, “is there any evidence for X”, as if science exists to confirm evidence instead of falsify hypotheses.
And then they will say “well since you can’t produce evidence for X, I shall believe in the inverse of X”
They’ve gone one full circle and invented the null hypothesis
Without, of course, the means or the desire to falsify said hypothesis
But with every desire to confirm it
I wonder why people develop such strange heuristics.
The heuristic to believe in the inverse of popular theories that haven’t yet been falsified might have to do with the desire to front-run scientific discoveries… without spending the necessary cognitive labor?
Works in nascent fields like crypto where going full 🦍 degen might lead to total ruin, but total cynicism will cause you to miss out on gains or sentiment shifts
The key is: Even if you don’t agree with the direction things are developing, you can bet against your beliefs
Be comfortable betting against your beliefs, because it’s almost impossible that society will converge on a Schelling Point that is optimal for you or even optimal for society.
Say anything critical about the externalities of a certain group’s actions, and you’ll be labeled an X-phobe, where X is said group.
Your reputation will be tarnished as an out-group heretic, as if that matters, since filter bubbles have splintered into ever-so-small pieces.
The irony is that the group doesn’t realize only an out-group member can comment on externalities.
If you “cancel” voices external to your filter bubble (well, filter them out), maybe you can feel psychologically safe 🙉 in thinking your actions are completely moral.
It’s worth noting that the group can be any group. I’ve seen this dynamic play out across various groups.
Name anything that exists in this world, and as long as a subreddit exists for it, you can bet someone’s been cancelled for voicing perfectly sane thoughts.
DAOs make it possible to coordinate globally, like an Internet-native limited-liability partnership.
But it seems to be incomplete: right now it depends on good faith & trust. What it’s lacking are legal concepts (liability, partnership, fiduciary duties, ownership)
If smart contracts execute on a “runtime”, legal contracts execute on a jurisdiction.
The key here is that the jurisdictions are *separate* from the contracts.
Aragon Courts are a good start.
I hear talk of DAOs replacing VC partnerships, or even firms.
But firms are not just a cap table and a governance structure (i.e. the board & shareholders), they exist in a larger context of a legal jurisdiction.
A fish needs water to swim in, a planet needs an atmosphere.