Why are they so hyped up?

Social Status

To learn more about this piece - I always urge folks to read -

Status Monkeys by Packy McCormick.⁠

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Above is a depiction of NFT’s and where they live on a matrix on social capital, entertainment, and utillity.

Euguene Wei breaks this down simply with two principles:

People are status-seeking monkeys

People seek out the most efficient path to maximizing social capital

Even though those are uncontroversial statements, Wei argues that we don’t analyze social networks through the dimension of status or social capital. Money is easier -- there are numbers, and what gets measured gets analyzed -- but, he says (emphasis mine):

Social capital is, in many ways, a leading indicator of financial capital, and so its nature bears greater scrutiny. Not only is it good investment or business practice, but analyzing social capital dynamics can help to explain all sorts of online behavior that would otherwise seem irrational.

We are super focused on figuring out how to capitalize on social capital through NFTs and apply to the design of Social Tokens. For Underdog Protocol, we believe that utilizing social capital that supporters seek when engaging with talent will create a flywheel of positive network effects for talent and supporters alike. For example, through our Proof of Helpfulness NTTs, we will be able to prove on-chain - who is helpful, how helpful, and with what. As supporters share, they are able to bring on more talent, which creates more opportunities and supporters for underdog talent.

As NFTs have proven - there is unmatched power for social capital and it’s effect on individuals and a system.

Get-rich-quick

Self-explanatory, no?

Community & Utility

NFTs also have utility as investments, as tickets for access to Discord groups, and even as something that you can hang digitally on your wall. Over time, NFTs will give owners access to events, access to holders, and unique experiences as they evolve and infiltrate a wider audience.

Already, buying a Bored Ape gives owners access to the Bored Ape Yacht Club. NFTs like Axies provide real utility: ownership means employment for tens of thousands of people.

Meebits⁠

, from CryptoPunk-creator Larva Labs, come with 3D models and animations, and could be used as characters in games.

Next ➡️
`How do I get setup to buy my NFT?`⁠

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Why are they so hyped up?

Next ➡️ How do I get setup to buy my NFT?⁠

Next ➡️
`How do I get setup to buy my NFT?`⁠