After Copyright: Pwning NFTs in a Clout Economy

Abstract

Copyright is supposed to solve market failures in works of authorship by encouraging their creation and distribution. But it isn't very efficient. Most importantly, it makes public goods artificially scarce. But we accept it because it's the best tool we have.

What if we could do better? Maybe we can. The new market for NFTs suggests that people are willing to pay authors for ownership without control. Or rather, NFT collectors want pwnership and clout. NFTs promise a way of encouraging authors to create works, without limiting their consumption.

This essay explains how NFTs work, describes the rapidly growing market for NFTs, and reflects on how the NFT market could transform authorship.

Keywords: copyright, economics, NFTs, crypto, authorship, art, trolling