jp 🎩 on Warpcast

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https://opensea.io/collection/zorbs-eth

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Coins can scale to infinite collectors, solving a huge problem with editions Thread:

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One insight we gained at @zora is that the secondary market is the primary experience. A mint lasts for a moment in time, and then for 99.9999% of the time a token is in the secondary market.

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This means most people who want to buy a thing are experiencing buying on the secondary. This is not ideal, because NFT secondary markets are clunky and inefficient. You need the holder on the other side to accept an offer (if they want to at all) and do a lot of work to find a price. This limits growth and is a bad user experience.

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By moving to coins we have entirely automated the secondary market. Anyone can buy any amount at anytime, and more crucially: the number of people who own can scale infinitely. Editions are limited by the supply of editions. 100 editions, 100 holders. Coins can grow to the scale of the Internet.

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This means that the potential for creator (and collector) value capture and distribution is unbounded.

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More importantly: this means that we can discover value over the long term. People think that this is a short term driven model, and that’s certainly where the activity is right now. But these markets will be liquid and available for as long as the blockchain exists. So we’ll see the true value be revealed in the long term.

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The best content going onchain may not break through the noise today with the mania. But if it’s great and people discover it in the future, the market will be there and will adjust accordingly with an efficient and simple format that we know can go from $0 to anything.

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Counterintuitively: coins are a better long term format. Anyone one year, five years or ten years from now will be able to buy any amount. This is a huge deal and a major driver for the change. :)

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i love the experimentation and I’m here for it. but we don’t actually know if they are a better long term format because we haven’t been there on that long term unfolding. that’s just a projection and thesis why would you want to buy any amount of a piece of art? that mental model is hard for me to grasp

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Well coins and liquid tokens have been around for over a decade so we have some sense of how they work. Also I’ve been thinking about and using NFTs since 2018 and then working on this every day on this one problem for 5 years (zora) which is a decent amount of time. There’s definitely a bet here and there’s a lot of unknowns, but we’re making the best informed decisions we can given all available data and input. Agree the amount thing is new and can be confusing when learning. One question to help think about it: how do you decide how much ETH you want to buy? Same thought train here.

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love this. what’s the one line distillation of this “one problem”? what is the problem that coins are here to solve with the mechanism you shared on this thread?

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The absolute highest level: coins give us free to share information with value capture for creators, distributors and consumers. Solving a fundamental problem of the internet. Why coins over editions? Anyone can buy any amount at any time.

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