FUD FAQ | A Weekly Community Thread | Week 11
FUD FAQ | A Weekly Community Thread | Week 11
Top Question of the Week
• Are NFTs dead?
TLDR; 😆😅🤭.
If you understand even slightly the mechanisms and implementations of the technology it becomes pretty obvious very quickly that NFTs are inevitably going to be the bedrock of the entire digital ecosystem. Unless you believe that the entire world is going to divert from digital, then it’s clear that NFTs are the atoms of the digital universe and soon will be seen as a pretty ubiquitous mundane tool.
Most Common Repeat Questions
• How are the Minecraft NFT skins, or any digital fashion NFT skins valued?
This is an interesting question and something that DIGITALAX has actively discussed and formulated theses around since initiation of the project last year. In fact, when we first launched we also released the beginnings of the DOF Sheet— an initial way for evaluating digital fashion assets (And Fractional Garment Ownership plays a very important role in the future of underwriting value for natively goods along the fashion supply chain). In the case for the Minecraft NFT skins sale, the digital fashion pieces gain their value from a few distinct use cases; the most salient is the utility within ESPA and the ability for players to actually earn $MONA through participation in the casual esports battles, another is staking for $MONA, and another is something more intimate but definitely highly consequential when we think about forming an identity within the metaverse; it’s the fact that digital fashion is so intrinsic to how we self express and connect across mediums.
Top Controversies in the Industry
• Is El Salvador’s Bitcoin maximalism worth the hype and how much should we worry about human rights?
There’s a dictatorship in Venezuela along with near dictatorship in many other parts of Latin America, there’s arguably a racist police state here in the US, and China, who most of the world depends on for business, has over 1 million Uyghur muslims in concentration camps right now. The list of human rights violators world wide is nearly endless, and while it isn’t ok to engage in moral equivalency between them it is necessary to recognise that there are different degrees involved and there is plenty of blood on many hands and the right thing to do is to choose actions that improve the overall human condition in this backdrop. A genuine embrace of crypto and decentralisation is a huge leap forward to putting real power in the hands of those that are currently abused by whatever system they happen to be born into. Whilst El Salvador does have a bad track record, it is questionable how much of that is due to their own actions versus external economic forces. This is an opportunity for the Bitcoin and crypto markets to enforce the kind of reforms we all insist on, so that the standard of living, economic freedom, and respect for human rights that is required to take root can essentially be bought by aligning incentives for those in power in favor of the people so that everyone can benefit with the rising tide.
Silly Fails and Trolling
A lot of silly fail FUD and trolling in this. I’ll let you be the judge. But definitely this makes it very apparent that still so many people don’t really understand decentralisation, crypto or web3.
If you would like a question answered or contribute content to next weeks article please reach out through our DIGITALAX discord server in #FUD-FAQ channel!
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