Bloomberg Businessweek
Demystifying NFTs, Blockchains, and Web3 in Simple Terms
Jan 25, 2024
Scott Duke Kominers, Professor of Business Administration at Harvard Business School, discusses NFTs and Web3. The guests explore the rise of NFTs, their value for businesses and society, and their impact on pop culture. They also discuss Starbucks' Odyssey rewards program, the tokenization of traditional financial assets, and the oversight and regulation of digital currencies and NFTs.
16:58
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Quick takeaways
- NFTs have practical applications in businesses, improving market functioning and providing secure cross-platform identity records.
- NFTs can impact various industries beyond art, revolutionizing finance, proving ownership of physical assets, and incentivizing customers for exclusive access or rewards.
Deep dives
The Value of NFTs for Business and Society
NFTs, or non-fungible tokens, have evolved beyond just being collectibles and have found more practical applications in businesses. They are being used to improve the functioning of markets, such as ticket sales, by ensuring ownership and preventing fraud. NFTs also serve as cross-platform identity records, providing a secure way to prove one's identity across various platforms. Additionally, NFTs offer opportunities for branded utility, allowing businesses to build customer communities and enhance the product experience. These are some of the fundamental principles that define the value of NFTs for both business and society.
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