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Home prices move much more slowly than other asset classes. Rental prices have dropped much more dramatically than sales in Brooklyn, which I’m checking daily.

Cryptoart smart contracts offer no legal protection, and any talk of contracts baked into the NFT “requiring resales to cut in the artist” or “compensate gallery workers” depend entirely on the goodwill of the purchaser.

 You walk down your high street. What do you prefer to see there? The economist will say: Walmart, Best Buy, the Gap. Scale economies — cheaper prices — better for “consumers”! But the human being will say: an independent cafe, a good bookshop, a boutique clothing store. Why? Because they offer many things that mega scale organizations don’t.

But there are still two major problems for creators today: Ownership and Collaboration.

Discovery-driven shopping is the mall. It’s wandering around, browsing, deciding what you might want to buy. Discovery-driven shopping is about serendipity.

The bearish case is that these businesses are very capital intensive to build, as shown by the large and repeated capital raises, and they’ll need to show a large return to justify that capital. That means operating at scale, and also escaping from the DTC markets into the large employer-driven insurance markets, where the incumbents will remain in... See more

Companies like Glossier and FabFitFun have built huge businesses by leveraging microinfluencers and user-generated content. In an interview with Kara Swisher, Glossier’s Emily Weiss said, “Every single person is an influencer.”