Status Monkeys - By Packy McCormick - Not Boring by Packy McCormick

Bitcoin issues bitcoin (BTC). Twitter “issues” followers.

NFTs tick a lot of the boxes of a successful social network from Eugene Wei’s Status-as-a-Service.

What if you could get the benefits of a social network in a more portable, decentralized package? It’s time to turn it over to NFTs.

Social networks reward early adopters, and a social network with money baked in gives early believers a double-whammy. Go explore. Find an NFT that resonates with you. Join a PartyBid. Get involved. And for the love of god, don’t be one of those older folks that scoffs at NFTs.

On the deflation side, social networks can get less cool as more people join. The canonical example here is what happened to Facebook when parents started joining: all the young people left for Instagram and Snapchat. Social networks need to be analyzed based on more than their network effects... There are three axes for analyses: Social Capital, U... See more

NFTs are not asking people to leave their favorite existing social network. In fact, it’s better for the NFT collection and all of its holders if everyone shows off and talks about their NFTs on their favorite existing social network.

Miners receive BTC for securing the network. Twitter users receive followers for tweeting witty, amusing, or mind-expanding things in under 140/280 characters.

-Punk owners often use the image of their Punk as their profile picture (PFP).

Social capital, on the other hand, is harder to define and relies on the creation of a “successful status game.”

This is the power of valuable NFTs: they are high in social capital and utility, and moving higher in entertainment. They hit the social network trifecta.