Bankless 101 - The Ownership Economy | Li Jin
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Jan 17, 2022 
Li Jin, co-founder of Variant and a creative force as a painter and writer, shares her insights into the Ownership Economy. She discusses how Web3 is redefining creativity, allowing everyone to become both creator and owner. Li emphasizes the shift from attention-driven models to community ownership and the potential of NFTs to create authentic digital assets. The conversation also touches on the challenges creators face, the importance of direct monetization, and how cryptocurrency can address wealth inequality, paving the way for a third renaissance in the arts.
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Digital Scarcity
- The ownership economy introduces digital scarcity through technologies like NFTs, empowering creators and shifting from an attention-based model.
- True digital scarcity, unlike faux scarcity methods, establishes verifiable ownership and social consensus, increasing creator power.
Patronage Plus
- Patronage Plus incentivizes fan support by offering tangible benefits, such as financial upside through NFTs, going beyond altruism.
- This expands the potential supporter base by adding a self-beneficial motivation, like the difference between nonprofits and for-profit corporations.
100 True Fans
- The 100 True Fans thesis suggests creators can thrive with a smaller, highly engaged fanbase by maximizing per-fan monetization.
- NFTs enable this by facilitating price discrimination and catering to superfans' willingness to pay for exclusive access and benefits.