Book Review:
The Everything Token: How NFTs and Web3 Will Transform the Way We Buy, Sell and Create
by Steve Kaczynski and Scott Duke Kominers
Portfolio/Penguin 2024 – 280 pp.
I am in the process of climbing the learning curve on blockchain, cryptocurrencies, NFTs, etc. This book floated across my desk a month ago and, as its title suggests, it provides an overview of NFTs. The book highlights many of the potential uses of NFTs, while acknowledging that many have yet to be discovered; but its focus is on using NFTs as a core strategy to build customer engagement and communities mostly for commercial purposes. The framework that the authors outline – the NFT staircase of ownership, identity, community and evolution – is a useful way for business enterprises to think about creating and executing these core commercial strategies. The book offers many specific examples of communities – such as the Bored Ape Yacht Club – and companies – such as Starbucks, Nike and Adidas – that have integrated NFT technology into their customer outreach and engagement programs. One especially useful chapter focuses on the ongoing challenges that NFT adoption faces, including high creation and transaction costs, limited customer access and protection, and regulation. Consequently, I believe that this book would be especially useful to any organization that is beginning to consider whether NFT adoption can or should be integrated into their go-to-market strategies.
However, there are many other potential uses of NFT technology, both in decentralized networks and also through some centralized control – e.g. digital diplomas, digital stock certificates, etc. – that I believe are more likely to represent the largest use cases for this technology over time. The book mentions these only in passing. As a result, I think that The Everything Token offers an excellent introduction into NFT technology in the currently most prevalent use cases, but it has left me wanting to learn more about and explore these other use cases.
March 31, 2024
Stephen P. Percoco
Lark Research
839 Dewitt Street
Linden, New Jersey 07036
(908) 975-0250
admin@larkresearch.com