Stop underestimating NFTs.

Clayton Christensen wrote one of the seminal Silicon Valley books called “the Innovator’s Dilemma”. In it, he outlined how a powerful incumbent can lose to a new startup. The startup is usually dismissed as a toy or something inconsequential. It also usually has properties that are antithetical to the incumbent. This difference and dismissal allows the upstart to grow. However, he limits this idea to inter-company competition. Pulling back and applying his ideas more broadly, you can start to see that the government obviously fits nicely in the incumbent role, while crypto is the upstart disruptor. At the end of the day, the delineation between a corporation and a government are slimmer than most commonly believe. Through this lens, you can see that ALL the functions of government are vulnerable to disruption. On top of currency, one of the other primary functions of the government is the issuance and protection of property rights. NFTs in their current form feel like a stupid toy. But really, they’re the proof of concept for a non-state property rights system. It’s actually the fact that NFTs seem so banal that makes them so powerful. The infrastructure development can happen under the radar because no one is taking it seriously. Just don’t be surprised one day when you wake up and see that you can sell your housing title as an NFT.