Please Don’t Do This

Please Don’t Do This

Visionrare seemed to underestimate the power of that idea. There’s a market for NFTs because crypto’s nouveau riche have cash to burn, and parking it in NFTs lets them keep their chips in the casino, but also because there’s also an understanding that buying the token doesn’t get you anything but the token. It works, for now, because NFTs operate like digital certificates of ownership. But they are fundamentally incompatible with equity in a traditional company. NFTs and token equity models work for DAOs, because they’re essentially on-chain, unregulated versions of traditional companies; without that anchor in the “real” world; there’s more leeway for digital assets to represent actual ownership.

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