Co-authored with Kinjal Shah

We’ve entered a new chapter of investing.

One where trading is social, and banking profits is an MMORPG game.

Look at DOGE, SHIB or GME and it’s easy to see this chapter as nothing more than a game of roulette.

NFTs.

You've heard of them. You've seen them. You can't escape them.

While the movement continues to grow, there are open questions around how to value them.

More importantly, which layers of the stack will capture that value, and which players are leading that charge today.

Last month, I set out to explore one question: where do NFTs capture value?

This is not a thesis on what makes NFTs valuable, it assumes you already understand why scarce, permanent, ownable digital content has value.

Instead, we’ll use this essay to explore the NFT stack, breaking down the various layers as we hone in on one in particular - curation.

This post offers a 10,000ft view on the NFT issuance landscape, helping creators better acclimate themselves with the tools, players and resources leading the growing movement around scarce digital content.

Disclaimer: The projects covered in this post are the output of my personal exploration and are by no means a canonical source of truth on the ‘best’ platforms that exist today.