7 ms·
It’s weird to keep using the Mona Lisa, when there’s a much more apropos metaphor intimately connected to crypto: NFTs are like naming rights. Crypto.com did n
by TrevorAustin 5y ago
It’s weird to keep using the Mona Lisa, when there’s a much more apropos metaphor intimately connected to crypto: NFTs are like naming rights.
Crypto.com did not buy the Staples Center, and doesn’t have the right to charge admission. They bought (leased, really) the right to have their name associated with it. Some of that has the force of law, but a lot of it is social convention too. Here in Chicago, the Willis Group owns the legal naming rights to a large building downtown, the building itself is owned by Blackstone, and locals actually call it the Sears Tower.
- capableweb 5y agoIt's a fools errand to try to equalize NFTs with anything from the physical reality we live in. NFTs are exclusive to blockchains and have no real-world counter-part, I think that is a part of why people are so confused about them. No analogy is perfect, and makes it hard for people to understand what they really are about. NFTs are not like naming rights, nor domain names, nor is it art, nor is it anything else. Easiest explanation is that a NFT is like a new cryptocurrency, except it only exists one token of that cryptocurrency, and it's indivisible.
- bradleyjohnson 5y agoI like to compare it to public art or a public art museum. One entity paid for it but everyone is allowed to look at it and take pictures of it. Not quite the same since public art is typically a physical object and not a digital one.
- gfodor 5y agoMost of the stuff going on in crypto like you state defies analogy, and in the end, will be used as the grounding example of future analogies.