‘The Everything Token’ book explains NFTs from A-to-Z—and why they’re here to stay

The new book he co-authored is “The Token of Everything: How NFTs and Web3 Will Change the Way We Buy, Sell, and Invent.” Steve Kaczynski And Scott Duke KominersA unique approach to demystifying NFTs and blockchain is making waves for a wide audience.

Since its release on January 23rd, “The Everything Token” has received significant support from key people in the NFT community—including Yoga Labs founder Wiley “Gordon Gonner” Aaron, as well as co-creator of Bored Up Yacht Club. He shared that he bought 100 copies. of the book. (he said Photo evidence as well.)

While NFTs have spent years in the limelight now, “The Everything Token” appeals. For a diverse readership, it serves as a resource for late adopters who want to understand the intricacies of blockchain technology and NFTs without feeling overwhelmed. At the same time, it offers fresh insights and perspectives that can engage even the most experienced in the space.

With an onslaught of NFT “experts” flooding the Internet with insights and strategies, the importance of credible authors contributing objectively verified information has never been more important.

The two authors have entered the Web3 space not only as observers and contributors, but also as authentic voices in the community.

Kominers serves as a research partner a16z crypto, the crypto arm of venture fund Andreessen Horowitz. He holds a position as a professor at Harvard Business School, where he created and teaches the school's first course on NFTs and the wider Web3 world. Kaszynski, on the other hand, is the founder of Web3 and serves as the head of community for Starbucks Odyssey. In particular, these authors wrote the first article on NFTs Harvard Business Review In 2021

Decrypt Chat with the two for more insights into the book's writing process, its purpose, and its value to readers of varying levels of expertise.

Climb to the “NFT Staircase”.

After connecting on the Discord server for the NFT project Supdux And becoming fast friends, Kominers and Kacyznski decided to write a book together and spent the last two years working on The Everything Token.

The aim is to bring latecomers on board, showcase the fun of the NFT space and serve as a thank-you letter that brings a sense of togetherness and camaraderie to the community, he said. Judging by the 200+ names in the thank you section, you've made a lot of friends along the way.

One of the first concepts, which became the framework for the book, was “The NFT Staircase”. It serves as a metaphorical framework for understanding the essential elements that the authors believe every NFT project should include.

These five core elements, ownership, utility, identity, community and evolution, each play a unique role in the journey of an NFT project's life cycle.

“Sit down thinking was a very powerful exercise,” Cominers said, adding that he used it as a framework to write the book around. “We used a level to show different elements, but we used it as a way to explain the path and the direction you can go.”

Kominers explains that the five factors are interrelated. First, ownership becomes necessary to provide utility to NFT holders. Then, the higher the utility offered, the more likely owners are to value and engage with a particular NFT. This increased involvement leads the NFT to a deeper integration into their identity.

Thus, when NFT significantly contributes to a person's identity, it enhances their active participation in the associated community. When NFT owners collaborate with other enthusiasts, in essence, they become integral to the NFT brand and play a role in shaping its continued development.

At its core, the NFT Staircase represents the progression from ownership to utility, where the true “magic” of NFTs is revealed. The authors emphasize that these factors are interconnected, creating a dynamic environment for NFTs.

A rapidly changing landscape

A level analogy that serves as the book's thesis, “Everything Tokens” begins with basic explanations, unpacking and defining concepts like “blockchain” and “NFTs.” However, it prompts readers to explore the possibilities this technology offers in domains such as art, music, and finance.

The book then delves into complex issues including smart contracts, financial democratization, and the future of digital assets. Even so, when we dig into complex topics, “The Everything Token” maintains a light-hearted tone to keep readers engaged.

As the NFT landscape evolves, resources like “The Everything Token” can be relied upon in value. But will it quickly become obsolete? Kaszynski acknowledges that Web3 will grow rapidly to the point where the information presented is subject to change, noting that this is something they considered when writing the book.

“We started talking about this and writing this two years ago,” he said. Who knew a Bitcoin ETF would be approved in January 2024?

Kaszynski says that's why they decided to make the challenges clear, but not wallow in them. He expects the framework to be useful for a few years, even if the details or examples have been updated since then.

“It's good to go down in history,” Kainzski says, “but it's such a delicate dance of wanting to be completely upfront and honest about the challenges this place faces and not spend too much time on it.” “

There are many technical and social challenges surrounding the technology's ability to reach its full potential, such as imperfect infrastructure, regulatory issues, and issues related to diversity and inclusion. However, the authors present the challenges as hooks, not only to inspire readers to go and explore them and gain a better understanding of them, but also to help build some solutions.

Despite constant challenges and a rollercoaster-like market trajectory, the authors' consensus is that Web3 and NFTs are here to stay.

“There are a lot of concerns that people face, because those are very real,” Kominers said. But we want to convey our optimism and make clear the reasons for our optimism.

Edited by Andrew Hayward.

Editor's note: This story has been updated since publication to clarify the scope of the Harvard Business School course.