After weeks of fresh immersion in web3(ish) spaces, Venkatesh Rao distills one of the most workable and actionable mental models of NFTs out there. Delightful read.
“Unlike dubious architecture diagrams for unwritten software, grant proposals, mockups, or even the famed whitepapers of the the ICO boom of 2017, NFTs paint an impressionistic portrait of what might be, using what are effectively design fictions. And through the valuation of pieces of that portrait, demonstrate social proof of future value.
An NFT represents an access pass to an unspecified, generative possible future associated with an object. It is a key to a possible world. A key that is distinguishable from other keys. A key to a world that may or may not open up. A key that carries some hints of the kinds of locks it might unlock. A key that, unlike fungible tokens (or stock), allows you to place educated bets on different bits of the future being gestured at.”