We Like the Nouns

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

NFTs and cryptoeconomics (tokens) in general force the ownership issue by allowing for everything to be, and governed by, a market. This is neither good nor bad - it is, though, very different.

Crypto, still largely valued on nothing more than the collective belief of its users, is the ultimate example to date of the power of a network, in every sense of the word. That that collective belief is a point of leverage for companies that can aggregate believers is the most natural outcome imaginable, even if it means that the lack of technical... See more