I’m as skeptical of cryptocurrency as the next guy — maybe even more so, since I keep reading about “rug pulls,” where the founder of a currency or a seller of NFTs (non-fungible tokens) disappears with the millions of dollars he has raised. You know it’s bad when this kind of thing is so common that people have already come up with a special term for it. There are a lot of scam artists out there attracted by the smell of easy money, and the whole idea of an NFT — a piece of code that exists on the blockchain, and in many cases simply points to a URL, which in turn points to an NFT gallery that basically hosts a JPEG of the image someone has paid hundreds of thousands or even millions of dollars for — is bizarre to me. But then, so is modern art in general.
Despite all this, there is something I find kind of fascinating about the whole idea of Axie Infinity. Not the crypto part — which, as an arts major, I admit I barely understand — but the move towards what some call DAOs or “distributed autonomous organizations,” which are powered by cryptocurrencies. These entities are like digital nation-states, with their own rules and currency, and one of the most interesting is called Axie Infinity (there’s also a DAO called Mirror that is devoted to crowdfunding writing and journalism, which I’m also kind of interested in, and I’ve published a version of this post there as well). What makes Axie Infinity especially interesting is that it’s really just a game — like an updated version of Neopets or Pokemon. And as Chris Dixon of Andreessen Horowitz has said (paraphrasing author Clay Christensen), “the next big thing always starts out looking like a toy.”
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