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Right—and in the loose model that I use to make sense of it, crypto/web3/blockchain/whatever becomes the setting. You actually don't need to understand a whole
by holowire 5y ago
Right—and in the loose model that I use to make sense of it, crypto/web3/blockchain/whatever becomes the setting. You actually don't need to understand a whole lot about any of that stuff to get involved.
So to generalize:
Introducing a limited supply to the right early adopters creates perceived exclusivity and value.
Perceived exclusivity and value draws attention.
Attention increases engagement creates FOMO.
FOMO attracts audience and grows community.
Community stabilizes value, and with enough momentum spins off new projects where the cycle starts over again and the system expands. This is often where outsiders and newcomers begin to enter.
Plug that flywheel into crypto where it not only facilitates effortless transactability, but the barriers to entry drop to the point where access is determined by who can get there first and the price of entry.
This is a huge factor in the explosive and viral growth that many NFT projects have seen.