But I think there’s a key difference: manias like the one that gripped the Dutch in the 17th Century or Beanie Baby collectors in the 1990s were isolated and non-composable. Money thrown at Tulips or Beanie Babies didn’t spur innovation that others could build on.

One question I had is whether you can build giant fictional worlds this way. Right now the NFT market is full of speculators hoping to flip their acquisitions for a quick profit. There is more than a little of the mania that fueled this winter’s meme stock enthusiasm to be found on the crypto Discords. (More than a little cynicism among the investo... See more

Speculation makes the crypto world go round, and I can’t see many degens apeing into static tokens that there’s no exit from. The idea that we’ll grind away at building a reputation so that we get some power in a decentralised society is still a bit utopian for now.