We are entering the age of living online. An increasing number of people have employment that exists only online. We have meaningful relationships that are primarily or even only online. It should not be surprising that a growing number of us -- especially we who are most intensely online -- are embracing the concept of ‘owning’ online things. A belief in the value of NFTs is a logical extension of the vitality of online experience and existence.
As with the ‘real world,’ the things we own enable important connections to other people. If we own related things, we may share similar personalities, interests or life situations. We may have a common vested interest in preserving or increasing their ongoing value. We may also be engaged in a kind of game with each other, competing to purchase more or more special versions of the item. We are bound together by economic commitments.
The archetypal example in the physical world is real estate. Where we live is a huge part of our identity and, usually, our net worth. By owning property in the same neighborhood, we have committed, at least to some extent, to a shared destiny. When we volunteer, for example, for an event or organization that makes the block a nicer place to live, when we organize or sponsor services that enrich the area, it enhances the value of everyone’s home. As the value of the neighborhood increases, we benefit together, both in terms of status as well as financially. As our relationships and sense of self become more embedded in the neighborhood, we become more attached to the property, deepening the connection and spurring active engagement. In healthy neighborhoods, all residents benefit from this ‘virtuous circle.’ Ownership leads to meaningful engagement which leads to increased desirability..
NFT collections, and especially the latest wave of ‘avatar communities’ aka PFP collections, have the potential to mirror this healthy dynamic. When we own a SupDuck or Cryptoad, we have a motivation to engage in behavior that makes everyone’s ownership more significant. As ‘residents’ of that virtual neighborhood, we all have an interest in broadening the list of ‘stuff you get’ as part of your NFT. And yet, the vast majority of these projects pay only lip service to that potential. The vast majority of projects offer only hand-waving assurances of future amenities. Rather than investing in genuinely valuable services for its community, the focus tends rather to be on shilling and stunts to generate FOMO.