Steve Kaczynski and Scott Duke Kominers in Project Syndicate:
Since its inception with the launch of Bitcoin in 2008, blockchain technology has gone through numerous cycles of public attention. Over time, growing interest and investment in the best-known cryptocurrencies has led to greater acceptance, as highlighted by the US Securities and Exchange Commission’s approval of a spot Bitcoin ETF (exchange-traded fund) in January. While blockchains and their associated “crypto” assets have yet to be adopted by a truly broad base of consumers, that is starting to change, owing to a shift in how these technologies are being used.
Contrary to what mainstream media coverage often suggests, for many people, the value of these innovations lies not so much in cryptocurrencies as in blockchain-based digital goods such as virtual sneakers, gaming assets, and membership passes – all managed by way of non-fungible tokens. As we explain in our new book, The Everything Token, NFTs – often misunderstood and even derided – are a general and flexible solution for establishing and tracking ownership across all manner of digital assets.
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