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What does it mean to buy an NFT?
I’ve been thinking a lot about this topic of what it means to be a token holder in an NFT project.
Like many, my opinion of this has swung wide, but I'm now clear;
The NFT project you hold a token for owes you nothing.
Here is my thinking 🧵
I’ve been thinking a lot about this topic of what it means to be a token holder in an NFT project.
Like many, my opinion of this has swung wide, but I'm now clear;
The NFT project you hold a token for owes you nothing.
Here is my thinking 🧵
NOTE:
This is specific to NFT community projects like PFP projects or the like.
Just assume I don't mean scams. A scam is a project that starts or acts with malicious intent. I’m speaking to projects that are here for every other reason including single instance entertainment.
This is specific to NFT community projects like PFP projects or the like.
Just assume I don't mean scams. A scam is a project that starts or acts with malicious intent. I’m speaking to projects that are here for every other reason including single instance entertainment.
The easiest way to break this down is really based on what we want for the NFT ecosystem.
If you want projects to recognise you as a “owner” that has influence over the direction of the project then NFT’s will need to be a security.
If you want projects to recognise you as a “owner” that has influence over the direction of the project then NFT’s will need to be a security.
If you want NFT's to not be classified as a security and have them set as collectibles with utility that’s technically enhanced to enable reseal, then you are not an owner with influence over the project. 
The current standards and systems (and the ones in the foreseeable future) give us two options.
1) This is a security, i own & have a direct say that counts.
2) This is not a security, I own a single token that allows me to decide the fate of that single token.
1) This is a security, i own & have a direct say that counts.
2) This is not a security, I own a single token that allows me to decide the fate of that single token.
What does this mean in practice?
I means @doodles can raise a round without asking you
@moonbirds can go CC0 without your consent
CoolCats can decide not to do a game
It means anyone can start a project that's purpose is single time fun (think @unofficialmfers) & owe you nothing
I means @doodles can raise a round without asking you
@moonbirds can go CC0 without your consent
CoolCats can decide not to do a game
It means anyone can start a project that's purpose is single time fun (think @unofficialmfers) & owe you nothing
It means roadmaps are aspirations not business plans and projects are not accountable to them. Token holders should use them as, at a maximum, a benchmark of interest in the collectable item. 
This means, the definition of a “successful” project is the symbiotic relationship between collectors and the project's direction (which would be the same if you were an owner) but the definition of an unsuccessful project is not a rug.
This is a harsh point of view.
The better the marketplace is at making independent choices on what they want to collect, at seeking out symbiosis between creator and collector, the better the standard of projects will be in the marketplace and this starts with understand this.
The better the marketplace is at making independent choices on what they want to collect, at seeking out symbiosis between creator and collector, the better the standard of projects will be in the marketplace and this starts with understand this.
The more people think they own something/ anything outside of the single token and the decision of what to do with it, the lesser the quality of the projects in the market, because this kind of market is based on false hope (hopium) not reality.
So where does this leave us? Well, it creates problems, opportunities and decisions:
The symbiotic relationship between builders and holders is really the key here. This ecosystem needs a whole generation of builders who build in a way that rewrites this relationship.
Notably building within the boundaries of the law but outside the boundaries of the status quo.
Notably building within the boundaries of the law but outside the boundaries of the status quo.
It’s not easy! To find the right balance, to build so smart that you can make all you need from the value you generate (aka bootstrapping), to build the kind of relationship with your collectors that co-creates a new kind of value that’s greater than the simple ones of exchange.
Building & collecting both exist because of the other in equal importance. Both play a fundamental role in the creation of this new ecosystem. 
NFT projects owe you nothing by default, a narrative is needed.
As participants, partners and builders of the new systems of exchange in society - we owe it to ourselves, and the future generations to figure out a way to use this technology build and collaborate in new ways.
As participants, partners and builders of the new systems of exchange in society - we owe it to ourselves, and the future generations to figure out a way to use this technology build and collaborate in new ways.
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gmoney.eth @gmoneyNFT
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Sep 25, 2022
Great thread