As soon as it is announced that it is engaged in a non-fungible token (NFT)-related business, the stock price soars. When you create a work with NFT, the price soars. Even an artist who has never sold a work can sell it at a high price by submitting a work through NFT.
NFT can be seen as a bubble, or NFT can be seen as an opportunity for writers who have not seen the light. Now, there seems to be right and wrong in interpreting the value of assets and the mechanism by which the economy works, but there seems to be no right or wrong in determining market value.
In such a situation, arguments such as ‘a community ecosystem is necessary’ or ‘the core is the community’ are continuously being raised in order for NFTs to continue to grow without disappearing as a fashion. Although the word ‘ecosystem’ is used, it can be interpreted as a story that NFTs need a lot of people and attention to succeed in order to be successful. Cryptopunk, which uses NFTs as a means of revealing their status or identity in the community, is very successful. At first glance, it seems like the right story.
Now let’s replace the word NFT with other words. “In order for the Internet to not disappear as a fashion once, and to continue to grow, it needs a ‘community’ ecosystem.” “In order for the metaverse to not disappear as a fashion once, and to continue to grow, it needs a ‘community’ ecosystem.” it all makes sense But something is a bit strange. Let’s take a look at the following sentences to make it a little easier. “In order for the job change market to not disappear as a fashion once, and to continue to grow, a ‘community’ ecosystem is needed.” “In order for the Hallyu craze to not disappear as a fashion once, and to continue to grow, a ‘community’ ecosystem is needed.” Now, it feels like a bit of a strange feeling is taking shape.
For readers who want to deny this fact that the community is only necessary for investment and the economic ecosystem, we have prepared the following. “In order for archery to not disappear as a fashion once, and to continue to grow, it needs a ‘community’ ecosystem.” “In order for table tennis to not disappear as a fashion once, and to continue to grow, a ‘community’ ecosystem is needed.” “In order for badminton to not disappear as a fashion once, and to continue to grow, it needs a ‘community’ ecosystem.” “In order for gymnastics to not disappear as a fashion once, and to continue to grow, it needs a ‘community’ ecosystem” These are the words we hear all the time after the Olympics.
In fact, the logic of needing a community does not only apply to sports, but also became popular in 2017, when blockchain and coins were popular. If you think in common sense, if a community where people gather and actively work is active, anything will inevitably succeed.
The argument that a community needs to be created to make NFTs successful may seem right if you listen to it without much thought, but the rationale for the core proposition, ‘Why NFTs must succeed’, is avoided. To say that the community is important to the NFT is either because you don’t know how, or to say something that cannot be refuted with a special purpose.
Community is, of course, important. Not just in NFTs, but in all social phenomena. The core of NFT is not the community. We need to focus on protecting the rights of consumers to purchase the NFT and the contents that the electronic registration of the electronic real estate proves.
Ki-Hoon Hong, Professor, Department of Business Administration, Hongik University
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