Story Time

If DAOs really are the future, if they end up supplanting joint-stock corporations as the best and most common way to organize economic activity, then I believe key early experiments like NounsDAO have a good shot at retaining their value. It would be like owning a piece of art connected to the East India Company. But this is only possible if the N... See more

The return of scarcity. One of the defining features of digital media has been limitless supply. Media has long been premised on scarcity -- look at the Upfronts -- in order to drive higher pricing. Take the Bored Ape Yacht Club. Yes, it’s strange to see adults spend tons of money on cartoon primates. But what BAYC points to with its NFTs is that i... See more

Through ownership of cultural assets, communities will shape the future in ways we can barely envision today. Imagine your favorite sports team owned by fans, not by billionaires; a music label owned by listeners; a city in the metaverse owned by a guild. The world of Collective Ownership is just beginning to emerge.

However, at early stages, the notional value of tokens is determined almost entirely by narrative rather than utility. The zeitgeist of an incipient token can be understood as a kind of decentralized branding, whereby permissionless narrative formation is driven by speculative desire. Whether financial, social, or owing to a genuine affiliation wit... See more