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Publications
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- September 10, 2022
- Article
NFT Sales: Clearing the Market, Avoiding Gas Wars
By: Scott Duke Kominers and Tim Roughgarden
Instead of letting the market decide the price for their primary sale offerings, many NFT projects choose to initially sell their NFTs at prices below the market-clearing level. But what happens when market designers trade off efficiency for equity; or when demand far...
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- July 28, 2022
- Article
DAO Governance Attacks, and How to Avoid Them
By: Pranav Garimidi, Scott Duke Kominers and Tim Roughgarden
Many web3 projects embrace permissionless voting using a fungible and tradable native token. Permissionless voting can offer many benefits, from lowering barriers to entry to increasing competition. Token holders can use their tokens to vote on a range of issues—from...
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- March 2022 (Revised June 2022)
- Case
El Salvador: Launching Bitcoin as Legal Tender
By: Laura Alfaro, Carla Larangeira and Ruth Costas
In June 2021, Nayib Bukele, El Salvador’s president, surprised the world with the announcement that the country would adopt bitcoin as legal tender, becoming the first nation to do so. Bitcoin was mostly used for trading and had one of the most volatile track records...
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- Article
How NFTs Create Value
By: Steve Kaczynski and Scott Duke Kominers
How much could a cluster of pixels possibly be worth? More pointedly, why is it worth anything at all? The explosion of NFTs and their accompanying marketplaces have left many baffled, incredulous, and deeply skeptical. But while NFTs may be fetching eye-popping,...
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- Article
Bitcoin and Beyond
By: Christian Catalini, Ravi Jagadeesan and Scott Duke Kominers
From the growing attention to Bitcoin and "decentralized finance" to the latest excitement spurred by non-fungible tokens, the crypto economy is here to stay. But will it develop the social consensus and institutional arrangements needed to go fully mainstream?
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