| Wednesday, 04 May 2022 |
Tokenised is your weekly read to navigate and mine the rich vein of crypto developments that flow through India and Southeast Asia. Subscribe here
Good morning [%first_name |Dear Reader%],
Welcome to this week’s edition of Tokenised.
The craze surrounding non-fungible tokens (NFT) has slowed down a bit since last year, but the Bored Ape Yacht Club remains an outlier. The firm behind ape jpegs that have sold for millions of dollars has raised bumper funding rounds, and recently, conducted a sale of virtual land (I’m not kidding) that earned US$320 million.
In many ways, the ape frenzy is reminiscent of what happened with digital cats in 2017. But I believe it also points to a deeper problem.
That’s what we’re looking at in this week’s edition. And now that a second country has granted bitcoin legal tender status, we’ll also check in on how El Salvador’s experiments seem to be going.
Let’s jump right in.
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Kitties, Apes, and the illusion of artificial scarcity
In economics, scarcity is defined as a situation where the demand for something exceeds its supply.
