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NFT's represent a rather beautiful but whacky idea: that money supply is controlled by the critical reception of new artwork. Not the opinion of the snobby art
by stillsut 5y ago
NFT's represent a rather beautiful but whacky idea: that money supply is controlled by the critical reception of new artwork. Not the opinion of the snobby art world, but a completely democratic market for art populi - where the aesthetic leans meme - think less MOMA and more favorite contestant on American Idol.
This means NFT's have the ability of dynamically change the money supply based on the prevaliling Keynsian animal spirits across society, versus bitcoins pre-determined money supply schedule. This is a novel feature to the crypto ecosystem: in a way it's moving the activity of mining for block rewards from a robotic and silicon-based process into a creative human process of mining for memetic uptake.
Another interesting opportunity is for patronage to sponsor our society's artists. Just like Florentine status competitions of religious paintings supported Da Vinci's works, our crypto merchants could be supporting the man who will still be going viral five hundred years later. Let me know if you find him.