This is so far just notes on the subject and may never be an essay. Have thoughts? Hit me up on Twitter.
Last Updated: 2021-12-06 (Just capturing my rough thoughts)
- A trend in the NFT space is the NFT is your membership pass to an exclusive group
- Often for a period of time
- It's fully transferable to others. I assume over time, as an expiration approaches, it loses value?
- If they don't have an expiration, and the group has enough value, will we see membership (aka NFT cost) go up?
- Gary Vee is where I first came aware of this. His veefriends NFT project came with different memberships, some for wine, some for a conference.
- Now you see Kevin Rose getting into this.
- Is it a value add on top of the the "digital art". Or does the art even matter? Seems there are rares for the same membership that people pay a premium for (see digital ownership below).
- But what do NFT's do besides allowing ease of transfer and the ability to get a cut if someone sells?
- The primary effort around these groups is often through discord, since blockchain is transparent keeping it on chain doesn't make sense.
- Unless ownership of a token could be used for encrypting on chain content? Would be slow AF?
- Other value given is through the rewards, conference membership, the "right" to buy something at a discount, NFT give aways, sport car giveaways and more.
- But none of this takes an NFT to pull off
- It's just the current moments hot new thing
- Will crypto currencies disrupt centrally controlled finance
- Or is it a side show that will get squashed by governments
- Could the future be bifurcated: large, dominate countries squashing it, while smaller ones embrace it to avoid things?
- If not finance what could be disrupted?
- This is interesting. Connecting to the block chain for identity, through something like MetaMask, does allow me to decentralize my identify away from Google, Facebook, and Apple.
- To me this is one of the more exciting possibilities.
- Digital ownership?
- NFT's are all the rage. But as someone who collected sports cards as a kid and seeing how availability ruined things in the 90's. I wonder if this will last.
- Yes, "rarity" is guaranteed. But what exactly is rare? Definitely "in the eye of the beholder"
- I almost put digital membership in this bucket. But I think that's something else.
- Centrally ran networks (Facebook, Twitter, etc?)
- Is there space for a new social built on Crypto identity?
- Other than identity where would the petabytes of data sit? Who would have authority? How fast could it even run? How much CO2 would this take to compute?
- Is BlockChain even needed to decentralize social? I don't think so.
- A company could run it, gain profit by doing so, but identity could guarantee the right to be forgotten and set the content you own?