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Eric Siu argues NFTs aren't dumb because people have always valued scarcity and ownership. He compares NFTs to vinyl albums and uses Native American land ownership concepts to explain why digital scarcity matters.
Eric Siu argues NFTs aren't dumb because people have always valued scarcity and ownership. He compares NFTs to vinyl albums and uses Native American land ownership concepts to explain why digital scarcity matters.
It is such a boomer mentality to be like, I don't get NFTs. Right? Like, there was a time where the white man walked onto land and met a Native American Indian and said, hey, you're on my land. And the Native American had no concept of land ownership. She's like, what are you talking about I'm on your land? It's land. Nobody can own it. It just is. They go, no, here's a piece of paper. It says I own the land you're standing on. He's like, stop me. See here, I'm standing on your land. It's the right-click save mentality, right? Like, we one day we just introduced the concept of land ownership. Now we own it. Now, now it exists. Going back to the music example, how is a song NFT any different than a vinyl album? Vinyl sales are through the roof right now. They made this big comeback. Why is it? Because everyone loves the sound of vinyl? No, it's because people do want scarcity. They want ownership.
