Chris Dixon: belief

Transcript context

…Do NFTs have a future? One of the things a blockchain allows you to do is to create digital assets. Bitcoin is a digital asset that exists on a blockchain. Those digital assets can be either fungible or nonfungible. Fungible means interchangeable; it’s like a currency. Any Bitcoin can be exchanged for another. Nonfungible means it’s a distinct asset. Do blockchains have a future? Of course, I believe, yes. Then, on those blockchains, will you have some assets that are fungible and some that are not? I think, definitely. When people think NFTs, they think of people buying JPEGs. That may or may not come back. The idea that people will have digital assets that, for example, could represent a movie ticket . . . An NFT can represent a physical object. A lot of people are doing this now, where they represent a pair of tennis shoes or a piece of fine art or a housing deed or some other . . . If we have a future — which I hope for, and I’m pushing for — of people transacting with digital assets on blockchains, I think very much that some of those will be nonfungible. I think some of them will also be purely digital. We’re seeing a bunch of these people make video games, and you have a sword or a gun you can buy, and it’s an NFT, and you can resell it and do other things. As the digital world becomes more and more important, you’ll have virtual worlds, you’ll have metaverses, you’ll have these worlds like Roblox and many more variations of things like that. You will have, I think, digital assets in those worlds, and you can have those either locked inside of the game owned by the game maker, or you can have them on a blockchain, where the user can move them around and control them. I think that’s a better architecture. So, the answer is, yes, but in the true sense of NFT, not in the caricature sense that people think about associating with the 2021 bull market. Won’t NFTs become the property right system for the AIs?…

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