Crypto Tokens

Tokens that get their value from "governance rights" are mostly bullshit. In order to assess whether the governance rights are actually valuable, look at 3 related areas: - Scope - Scale - Selfish Benefits Quick 🧵

Most of the "tokenized securities" being hyped are "digital stock certificates", not permission-less decentralized businesses with on-chain cash flows & dividends. The former is a cash grab by under-writers, the latter is the potential 10x disruption (a precursor to full DAOs).

It’s weird to me that people get regular tokens, but don’t get NFTs? NFTs are enriched tokens, with higher information density, that can enable far more use cases. It’s a new asset class. If you don’t get it, it’s not due to lack of information, but due to lack of imagination.