Everything is an Unregulated Security, hooray!

Interesting/terrifying piece by Ian Bogost for the Atlantic, about how NFTs are possibly the tip of the iceberg for a wave of weird financial instruments.

What if that’s just the beginning? There’s almost nothing that exists today that doesn’t also have a digital shadow side—each tweet and text message you send, and every photograph and email. But also: all of the banking transactions you carry out, each phrase you dictate to Alexa, each scan of a UPS package en route to your door, every record of a COVID-19 PCR test in your Labcorp account, every bucket of wings you DoorDashed. Everything we possess or do is digital or can be represented digitally. Even things that aren’t yours, or anyone’s, can be captured as conceptual collateral thanks to digitization. A group of Olive Garden fanatics started selling NFTs of references to individual Olive Garden restaurant locations, for Pete’s sake.

We’ve been here before and it wasn’t good, and from the lay level I don’t see how it’s different.

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