Sand Hill Rd | What (The Fuck) Are NFTs?

Let’s talk about fake money.

It’s a broad category. Depending on your definition, even the spare change in your pocket could qualify. Sure, it’s legitimized by the government, and by some gold we buried in our proverbial backyard. But what makes a piece of paper valuable other than mandating banks and marketplaces to accept it as payment? And what makes gold valuable other than its shiny, inherent appeal to the reward center of our magpie-derived brains? Only one answer could possibly suffice:

Cryptocurrency is no different. I mean, yes, the government hates it, of course, toying somewhat frequently with the idea of all-out war. But we, the people, love it. At least enough of us (plus Elon Musk’s $1.5 billion) do to give it value. (50,000 times the U.S. dollar’s to boot.) So now we can buy shit with it, and it’s a thing we need to talk about. Why?

I personally don’t know. In addition to my ambivalence for all things political, the violent appeal of money shared by much of this world has alluded me, too. Naturally I support rewarding labor and do appreciate a smooth drink or beautiful shirt every now and then. And I could always use more I guess. But. There you go. I could always use more. And I suspect even $1.5 billion would not change that. For those who have it, it hasn’t so far, anyway.

But the hosts of Arming Main Street Radio do know. And if there’s one thing we can all agree on, knowledge is power. So, on the on-chance the Internet is right and the global economy will soon be made up of digital ledgers and animated cat gifs, here’s what you need to know about the decentralized finance infrastructure:

1.) NFTs are basically virtual trading cards. You know the guy at the party who corners you to explain the shadow market of Magic: The Gathering resale? If you don’t get why someone would buy in, you never will – just know people do, so there’s money to be made.

2.) People on the bottom love Blockchain (“Web 3.0”) because it’s anonymous, secure, and you get to own your own data from it, instead of pimping it out to enormous tech corporations (“Web 2.0”) for the right to share your opinion in a public place.

3.) People on the top hate Blockchain because it’s anonymous, secure, and you get… the point. Also, because of the energy cost of servers (which exists whether they’re running Web 3.0 or 2.0, but the former doesn’t have a massive lobbying arm to keep those complaints out of politicians’ mouths) and because democratic and equitable access to information goes against the core tenants of society. Which, by the way, we live in.

But those are just my takeaways. Society might be a zero sum game – but thoughts aren’t. So draw your own, subscribe to the channel, and follow us everywhere @armingmainst for more news our way: basic, unbiased, and bullshit-less. #ArmYourSelf​ 🛠