Ownership also allows us to partake in the network effects related to that ownership.Ĭonsider all the businesses that exist solely due to our ability to own things. Ownership over something gives us corresponding economic freedom over it: the ability to transact and use it as you please. Culture is also intrinsically connected to ownership, for example as in the attribution and commercialization of intellectual property. Culture is a key contributor to the development of prosperous societies and represents an important segment of any economy. By digital economies I mean not only metaverses and virtual worlds but also layer-1 networks such as Ethereum and, more recently, Bitcoin.Ĭulture, ownership, network effects, business creationĬulture - the expressions of our collective identity, creativity and customs - is an often-underestimated force in both the metaverse and the real world. In this essay, I would like to focus on the importance of culture to global economies and, by extension, to digital economies as well. If you’re not familiar with Ordinals, read all about them in this primer. I am now forced to revise that statement since Ordinals allow denominations of Bitcoin to serve as stores of culture. The interplay of NFTs and culture has been very close to my heart for years I have often remarked that while Bitcoins are stores of value, NFTs are stores of culture. Put simply, the Ordinals introduced by Bitcoin finally give the most valuable crypto community (by market cap) something it needed to expand meaningfully: a way to store not just digital value but also digital culture.
This disruption is leading to new innovations and network effects, whether in marketplaces, games or other aspects of the decentralized world. Disruptive change forces innovation, and the introduction of Ordinals is reason for enthusiasm for the future of Bitcoin and all crypto.
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