Publications

August 2022
Case

SuperRare: Turning an NFT Marketplace into a DAO

By: Jeffrey J. Bussgang, Scott Duke Kominers and Amy Klopfenstein

In June 2021, John Crain and Jonathan Perkins, the founders of SuperRare, a marketplace for non-fungible tokens (NFTs), contemplate whether to transform their company into a decentralized autonomous organization (DAO). Crain and Perkins founded SuperRare in 2018 to... View Details

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... View Details

Keywords: Crypto Economy; Cryptocurrency; Governance; Voting; Decentralized Autonomous Organizations; Organizational Structure; Digital Platforms

Article

Metaverse Land: What Makes Digital Real Estate Valuable

By: Scott Duke Kominers

Keywords: Crypto Economy

May 2022
Case

From GOP to NFT: Anthony Scaramucci and the Launch of Flatter NFT

By: Lauren Cohen, Richard Ryffel and Grace Headinger

Anthony Scaramucci, Managing Director of SkyBridge Capital, considered whether he should officially greenlight the launch of SkyBridge’s own NFT platform — Flatter NFT. He had led the investment firm to push first into Bitcoin and then Ethereum to make SkyBridge a... View Details

March 2022 (Revised February 2024)
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... View Details

Keywords: Bitcoin; Cryptocurrency; Currency; Financial Strategy; Economic Growth; Governance; Macroeconomics; Assets; Latin America; El Salvador

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,... View Details

Keywords: Technological And Scientific Innovation; Crypto Economy; Blockchain; Technological Innovation; Currency; Technology Adoption; Digital Transformation

Find at Harvard

August 2021
Case

Mylestone: Can Multiple Pivots Preserve the Life of a Death Tech Startup?

By: Shikhar Ghosh and Marilyn Morgan Westner

Dave Balter and Jim Myers co-founded Mylestone, a death tech startup that applied technology to transform how grieving people memorialize the dead. The startup addressed a cultural problem and promised to solve a pressing need in the antiquated, multi-billion dollar... View Details

Keywords: Pivot; Startup; Business Model; Cryptocurrency; Ethical Decision Making; Emotions; Growth and Development Strategy; Ethics; Market Entry and Exit; Customer Relationship Management; Loss; Change Management; Relationships

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? View Details

Keywords: Cryptocurrency; Crypto Economy; Finance; Currency

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December 2019 (Revised February 2024)
Teaching Note

Ripple: The Business of Crypto and Ripple 2023

By: David B. Yoffie

The case explores Ripple CEO Brad Garlinghouse’s mission to disrupt the global payments industry by leveraging the cryptocurrency XRP. Students will learn about Bitcoin and the blockchain industry, as well as Ripple’s unique crypto business model. The case provides an... View Details

Keywords: Payment Systems; Cryptocurrency; Bitcoin; Blockchain; Fintech; Business Startups; Business Model; Disruption; Strategy