This NFT of a destroyed diamond is the perfect microcosm for all NFTs

I stumbled across this Twitter thread the other day, of some web3 profiteer pitching ideas for how to extract value from existing brands, using blockchain tokens. Most of them are monetized loyalty programs operating under the assumption that the loyalty rewards would have an exchangeable value as currency on their own; or else, they're just another way for the businesses to shift costs to consumers by gamifying their externalities. — Read the rest