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Culture War Roundup for the week of June 24, 2024

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First, this use is entirely controlled by Gucci and is therefore served by a regular database and regular accounts on their servers, no blockchain required.

Required? No. Valuable? Maybe. A lot of uses on blockchain "could" be served by something else, but blockchain offers something "unhackable" to the public mind. NFTs are mostly the Zoomer answer to infomercials promising me a Certificate of Authenticity with my commemorative Dale Earnhardt plates. What they offer is marketing, this is high tech and impossible to fake or duplicate. Right now I can buy a perfect fake of a Gucci bag. And some people will look at it, be unable to see a single difference between the real and the fake bags, acknowledge that fact out loud, and nonetheless will not value the fake bag as highly as the real one. NFTs offer a way to encapsulate that value in a single concept, when you own this you really own the bag.

NFTs offer a new vision of authenticity and ownership, which we do see developing in real time among the monkey weirdoes on Twitter. Everyone looks at them and says "All I have to do is hit right click and 'Save As' to own the Ape too?" And they say "No but then you don't own the ape, you just have a copy of the file!" There's a metaphysical belief that underlies the NFT weirdoes, that I use the Gucci example to explain because it's closest to branding power in our current understanding of ownership.

If you get the BoredApe idea of ownership, in which it is encapsulate in the NFT and not in any physical good or any utility provided by anything, and you market it effectively to Gucci owners, it's no longer a problem that the bags are divorced from the NFTs. Yes, bags will be lost, stolen, donated to thrift stores by careless owners or their heirs. But those bags will not be purchased or worn by any self-respecting fashionista without the NFT, they are rendered fake. In the same way that the BoredApe guys display in their profile the apes that they own, not ones that they don't own, despite the obvious fact that they could display whichever they wanted. It's socially unacceptable to display an ape you don't own. It could become socially unacceptable to own or wear a bag you don't have the NFT for, because it's a fake.

In the end, I think this is all beta testing, all the Monkey weirdoes and digital sports card traders and the luxury purse fanatics are paying early adopter taxes to build out infrastructure that can be used for more valuable purposes. Title Insurance is a $23,000,000/yr business that could be revolutionized with appropriate use of NFTs. Ditto car titles. I think fascinating things could be done with ownership of stock in publicly traded companies.