We believe that attaining such lofty heights for the marketplace layer will depend upon finding ways to map financial value onto expressive power. How might a seemingly simple transaction, such as a collateralized loan, be reconsidered not only as an economic exchange but also an artistic act? Indeed, artists have been figuratively “borrowing” one another’s work for a very long time through the act of simple copying.
Other contracts could specify how exchanged pieces might be divvied up into non-fungible parts. What if Ape collectors could leave their simian friends safely in wallet, but then sell the NFT’s rarest attribute, say, his shiny diamond grill, out to the market? And NFT derivatives promise to create still stranger monsters. One could assemble hybrid pieces or form collages out of extant works. Untouched originals would become rarer, and new offerings would undergo a period of profound adaptive radiation as collectors find themselves able to gene splice across a whole metaverse of secondary marketplaces and tertiary securities.
Perhaps the most important role for digital re-composition will be to preserve the work of the Web 3 world by continuously revitalizing it. Importantly, the way that hardware and software formats come and go has causedto fare very badly through institutional preservation. A large part of the value of oil painting derives from its durability, by contrast.
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