Professor Varyani’s NFTea Project
Interested in Non-Fungible Tokens? This Property Professor is, too. Pour yourself a cup of comfort and join me as I spill some tea.
By Natasha N. Varyani
Value(s)
I teach a year long course in Property, so I spend an above average amount of time thinking about what we value and why. I think the things that are most precious to us (valuable) are a reflection of the relationships concepts and principles that make us who we are (our values). Given that it is literally the same word, this doesn’t seem like much of an innovation. The real innovation is the rise of Non-Fungible Tokens The new popularity of NFT’s reflect a very old and visceral concept wrapped up in a lot of new technology. There is something special about authenticity, and everyone should have a shot at it. Here is mine.
Down With Hierarchy
The exponential rise in popularity of NFT’s is a logical response to the centuries we have spent beholden to rigid hierarchies and great power vested in a privileged few. A generation is coming of age that has been raised on technology, and for whom privacy, transparency and accountability have vastly different meanings than they have to generations past. Gone are the days of trusting the systems and structures around us. Technology has empowered people to connect, collaborate and build coalitions stronger than any one institution. We have the ability to exchange ideas and think for ourselves. The financial system not working? Decentralized crypto-currency speaks directly to the lack of accountability and power of hierarchies that caused many to lose everything. We’re done. This digital native generation has come of age as one that is more thoughtful driven than we’ve ever seen. With a strong sense of connection and confidence that there are shared values among many, it’s becoming clear that the old systems are completely irrelevant (and that’s terrifying for them).
Cultural Appropriation: Giving (and Avoiding) Credit
There are so many examples of cultural appropriation in our commercial history. Music, food, fashion, real estate, art — examples of the ways that our most popular and lucrative trends are sourced in marginalized communities are everywhere. There is some identity politics at work here — humans have a natural instinct to stand out, so collectively we tend to highlight those parts of our identity that have a proximity to struggle. We fashion ourselves into martyrs even when we are not. So much art, and music is born from struggle. Whether it’s the sound of the blues, or the latest street shoes, when the desirability of these products can be converted to profits, it is rare to see the actual creators get a meaningful share. Until now.
The ability for a creator to choose their royalty percentage is a logical shift that takes only a few clicks, but that may have a profound impact shifting money and power dynamics. When marginalized groups have access to the fruits of their labor in a way they historically have not then suddenly their power increases and a more fair dynamic may emerge while free markets are still at work. The ability for creators to determine a royalty percentage that is paid each and every time their property is sold ensures a lasting financial stake in their intellectual and emotional property. Allowing creators to capitalize on the commodification of their creations is consistent with the same principles of justice that are working to decentralize our systems.
Reading the Tea Leaves: Comfort & Joy
This particular project is inspired by the incredible determination and grace of the students that I have encountered this year. Somehow the distance we have been required to keep has made me feel closer to students than ever before, and I created this NFTea as a tribute to them. Accordingly, any proceeds (however small) will be devoted to supporting students whether their goal is to change the world or to get through the day.
I am very grateful for your participation — even (especially?) if it amounts to you sharing your unique thoughts.
Professor Natasha Varyani teaches at New England Law | Boston in the areas of Property Law, Contracts, Tax, and Critical Theory, and serves as Co-Director of the Charles Hamilton Houston Enrichment Program.
