1/5 Attention Tokens: Cultural Stores of Value in a Hyper-Distracted World
At the bottom of it all, crypto is a few core things: (1) a digital store of value (btc), (2) a currency (USDT, USDC), and (3) a hyper-connected incentive mechanism.
The first 2 are well on their way. I want to focus on the 3rd, mostly because I believe it has the potential to be the most impactful. Munger said it best, “show me the incentive, and I’ll show you the outcome”. In our hyper-distracted world, the incentive is to keep doom-scrolling, keep frying our attention, keep that dopamine drip flowing. My thesis is that the stage is now set for a new crypto store-of-value to incentivize a reawakening of the human mind, freeing us from the shackles of social media. I call them “Attention Tokens”. 4 replies
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3/5
For example:
• Rai Stones of Yap Island: These were large stone disks, some as wide as 12 feet, that were used as money and stores of value in Micronesia around 1000 years ago. Their value came not only from their size but from the difficulty of quarrying and transporting them, making them scarce and symbolic of wealth. Ownership was passed by word of mouth, making the stones an early example of “ledger money.”
• Tulip Mania in the Netherlands in the early 17th century, tulip bulbs briefly functioned as a store of value. In the 1630s, tulips, especially rare and uniquely colored varieties, became highly prized and their prices skyrocketed due to speculative trading (NFTs, anyone??).
• Seashells in Inland America: Shells, like wampum (beads made from shells), were used by Native American tribes as currency and for ceremonial exchanges. Shells were valuable due to their rarity inland, portability, and their intricate craftsmanship in some cases. 0 reply
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