Look, I get it. NFTs. Just saying the terms will automatically bring up stereotypes of bored apes, rug pulls and crypto bros telling you about the money they made while you were sleeping. Before you dismiss the recent explosion of NFTs on the Monad testnet as just another speculative bubble, consider this: it might actually hint at a more equitable, dare I say, socialist, future for Web3.
Rewarding Contribution, Not Just Capital?
Think about it. What's driving the frenzy on Monad? It's not just hype. It’s the promise of future airdrops and whitelist spots given to engaged community members. In this kind of system, actors are incentivized to seek rewards for truly creating and adding value. They can plan, design, cultivate, and develop, rather than just dump dollars on a project and pray for the best. This stands in stark opposition to the traditional, VC-style Web3 model. In such a mirage, only the narrow elite get early access and massive windfall gains.
Might Monad’s model — as a new adaptation of the currency of the digital age — provide a blueprint for UBI in the digital economy? Picture this Imagine a Web3 world where your participation powers a thriving, community-driven ecosystem. Your participation creates a web of tangible digital supports that produce a firm foundation of economic security. It's a radical idea, I know. Isn't that the point of Web3 to begin with?
The whitelist system is really interesting! It rewards access to those who engage the most through content creation, community building, and quest completion. It's a mechanism for identifying and rewarding genuine contributors, discouraging the flippers and bots that have plagued the NFT space. It’s a healthy move for a more meritocratic system, where the best work is what gets recognized and rewarded, no matter what your starting capital looks like. Sure, there are challenges. We recognize that centralization is a risk, and the potential for exploitation of community members is very much an option. These risks can be mitigated with appropriate governance structures such as DAOs equipped with democratic governance mechanisms.
From Speculation to Social Justice?
The boom in NFT activity on Monad is truly remarkable. Almost 100 collections within the first two months of release, proving that it really is more than just getting rich quick. It’s about joining a movement, being a part of a story, and engaging in something larger than you. These projects have extremely active Discords and onboard thousands of users through quests and other storytelling hooks. This paints a picture that the ecosystem is maturing and focusing on more than just price appreciation.
In fact, some Monad-native NFTs have even returned over 2,000%. I know, I know, that all sounds like tinfoil hat stuff. What if those profits are shared among the new, diverse residents that have become so active in the community? What if the beneficiaries of that wealth are able to reinvest it back into developing and innovating on the ecosystem? All of a sudden, those gains turn into dollars and sense. They move the conversation away from a zero-sum game towards a vision of shared prosperity.
This is especially true among those eager to signal their progressive values. People are collaborating and organizing because they see the opportunity for a more equitable Web3. They fight to be seen as a part of their community. Together, they are creating the new diverse and inclusive normal that will better the status quo.
A Call to Build (and Advocate)
Now, I’m not claiming Monad is some kind of socialist utopia. It’s still early days, and much remains to be resolved. Yet the platform’s success provides a promising vision of what a more equitable Web3 might achieve.
The most important part, though, is to make sure that we are the ones shaping that future. Explore Monad and other community-focused Web3 projects. On a national level, advocate for policies that create a more just, inclusive and equitable digital economy. Stick to fiscal disciplines by supporting projects that prioritize restorative community governance and equitable distribution of resources.
Let’s not allow Web3 to be a new game for the rich to get richer. Let’s keep advocating for and using it to build a smarter, more equitable future, one where everyone has a real chance to succeed.
Monad's testnet exhibits characteristics typically associated with a mainnet launch, offering builders a low-friction environment, collectors early access, and creators a platform for narrative-driven experiences. This is your opportunity to come aboard on the ground floor and play an integral role in shaping the future of Web3.
This is shaping up to be a great event, so don’t miss out! Get involved. Build. Create. Advocate. The future of Web3 is up to us. And perhaps, just perhaps, that future is a little more socialist than we expected.
