4. Capture meaningful cultural moments: NFTs are not valuable because of “utility” or vague notions of community. The real value of NFTs comes from the “meaning” they represent as the cultural artifacts of communities.

The NFT does not by itself convey ownership of the underlying thing in either a legal or practical sense. It conveys ownership in some more metaphysical sense: If you buy a Bored Ape Yacht Club NFT, then the people who are part of the BAYC NFT community will treat you as the owner of your ape. This is essentially a social fact and can be true even ... See more

what this paper is really about is allowing tokens to be more than just financial objects. Rather it is about allowing them to pick up ‘attestations’ that allow your account, or “soul”, to become a nuanced multi-faceted decentralised identity, opening up the wonders of decentralised sociality.