The Currency of Community

status is relative and qualitative, rather than determined and quantitative, it may be possible to create communities that not only reward the greatest contributors but give everyone status in ways that can never be properly compared. In a division of labor, who is to say that the programmer is more valuable than the artist, or vice-versa, if we us... See more

So the simpler heuristic we might devise is this: fungible tokens are better for building economies while NFTs are better for building communities.

So the larger question we might ask, then, is what advantage creators get from issuing social tokens as their fungible currency rather than not only NFTs but a currency like Ethereum. And there is a simple answer: these projects get to keep a number of the tokens for themselves, effectively issuing themselves free money out of thin air and watching... See more

If the 20th century represented the victory of individualism against the commune, it is hard not to notice the ways that in the conquest of China, the domination of conspiracy groups in politics, the rise of DAOs and worker-collectives, and the acceptance of open-source even among the most gated corporations, the internet is slowly but surely shift... See more