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- Faculty Publications (57)
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- All HBS Web (103)
- Faculty Publications (57)
- 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
Catalini, Christian, Ravi Jagadeesan, and Scott Duke Kominers. "Bitcoin and Beyond." Project Syndicate (April 23, 2021).
- Web
Crypto Is Growing Up. Are Companies Ready? | Working Knowledge
Finance and Investing Crypto Is Growing Up. Are Companies Ready? By Rachel Layne on May 29, 2025 Blockchain is so much more than Bitcoin, and the powerful technology can be used to protect itself against cyber crime, says Daniel Rabetti .... View Details
- June 2024
- Teaching Note
Lemonade Crypto Coalition: Navigating Innovation and Sustainability in Agricultural Insurance
By: Marco Di Maggio
- 28 Jan 2022
- News
The Coinbase Model: Profit from the Crypto Assets It Lists
- 16 May 2024
- News
Before You Trust Another Crypto Guru, Read This Study's Results
- March 2024
- Case
Lemonade Crypto Climate Coalition: Navigating Innovation and Sustainability in Agricultural Insurance
By: Marco Di Maggio
Di Maggio, Marco. "Lemonade Crypto Climate Coalition: Navigating Innovation and Sustainability in Agricultural Insurance." Harvard Business School Case 224-058, March 2024.
- November 2023 (Revised April 2024)
- Case
Celsius Network Inc.: Fear, Uncertainty, and Doubt in the Brave New World of Crypto Bankruptcy
By: Stuart C. Gilson and Sarah L. Abbott
In July 2022, Celsius Network filed for Chapter 11 bankruptcy. CEO Alex Mashinsky acknowledged that Celsius had grown its assets “faster than the Company was prepared to deploy [them]” and as a result had made “certain poor asset deployment decisions.” Two months after... View Details
Keywords: Cryptocurrency; Chapter 11; Restructuring; Insolvency and Bankruptcy; Asset Management; Acquisition; Borrowing and Debt; Financial Services Industry; United States
Gilson, Stuart C., and Sarah L. Abbott. "Celsius Network Inc.: Fear, Uncertainty, and Doubt in the Brave New World of Crypto Bankruptcy." Harvard Business School Case 224-044, November 2023. (Revised April 2024.)
- March 2024
- Supplement
Celsius Network Inc.: Fear, Uncertainty, and Doubt in the Brave New World of Crypto Bankruptcy
By: Stuart C. Gilson and Sarah L. Abbott
- Article
Russia's Greatest Ponzi Mastermind Is Dead, but His Legacy Lives On in the Crypto World
By: Eugene F. Soltes and Sara Hess
Soltes, Eugene F., and Sara Hess. "Russia's Greatest Ponzi Mastermind Is Dead, but His Legacy Lives On in the Crypto World." Quartz (April 25, 2018).
- 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
Kaczynski, Steve, and Scott Duke Kominers. "How NFTs Create Value." Harvard Business Review Digital Articles (November 10, 2021).
- Article
Metaverse Land: What Makes Digital Real Estate Valuable
Keywords: Crypto Economy
Kominers, Scott Duke. "Metaverse Land: What Makes Digital Real Estate Valuable." a16zcrypto.com (June 2, 2022).
- 29 Mar 2022
- News
Michael Brune’s Next Battle: Clean up Bitcoin
- December 22, 2023
- Article
How NFTs Will Make a Comeback in 2024
By: Scott Duke Kominers and Steve Kaczynski
NFTs are poised to be a major driver of Web3 adoption in 2024 – but the successful projects will look very different from what’s come before. View Details
Kominers, Scott Duke, and Steve Kaczynski. "How NFTs Will Make a Comeback in 2024." Consensus Magazine (December 22, 2023).
- September 2024 (Revised March 2025)
- Supplement
Wemade: (Re)Establishing Trust in Blockchain Games (B)
By: Jung Koo Kang, Charles C.Y. Wang, David Allen and Kwangmoon So
This supplement reviews Wemade's efforts to rebuild confidence in its business after its WEMIX coin was delisted from the major South Korean cryptocurrency exchanges on December 8, 2022. It outlines Wemade's strategy of transparency, which included partnerships with... View Details
Keywords: Blockchain; Cryptocurrency; Crypto Economy; Accounting; Financial Reporting; Revenue Recognition; Games, Gaming, and Gambling; Corporate Disclosure; Information Technology; Financial Markets; Governance; Accounting Industry; Video Game Industry; South Korea
Kang, Jung Koo, Charles C.Y. Wang, David Allen, and Kwangmoon So. "Wemade: (Re)Establishing Trust in Blockchain Games (B)." Harvard Business School Supplement 125-018, September 2024. (Revised March 2025.)
- 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... View Details
Kominers, Scott Duke, and Tim Roughgarden. "NFT Sales: Clearing the Market, Avoiding Gas Wars." a16zcrypto.com (September 10, 2022).
- 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
Keywords: NFTs; Crypto Economy; Alternative Assets; DAOs; Arts; Governance; Governance Controls; Governing Rules, Regulations, and Reforms; Information Technology; Technology Adoption; Internet and the Web; Digital Platforms; Innovation and Invention; Technological Innovation; Disruptive Innovation; Finance; Currency; Investment; Markets; Auctions; Bids and Bidding; Demand and Consumers; Network Effects; Market Design; Market Transactions; Market Timing; Web Services Industry; North and Central America; United States
Bussgang, Jeffrey J., Scott Duke Kominers, and Amy Klopfenstein. "SuperRare: Turning an NFT Marketplace into a DAO." Harvard Business School Case 823-027, August 2022.
- 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
Garimidi, Pranav, Scott Duke Kominers, and Tim Roughgarden. "DAO Governance Attacks, and How to Avoid Them." a16zcrypto.com (July 28, 2022).
- February 21, 2024
- Article
The NFT Staircase: How Digital Ownership Benefits Brands and Consumers
By: Scott Duke Kominers and Steve Kaczynski
One of our goals with our new book, The Everything Token: How NFTs and Web3 Will Transform the Way We Buy, Sell, and Create, is to unlock the power of nonfungible tokens, or NFTs, for business. National and international brands are already using NFTs in some of... View Details
Keywords: Non-fungible Tokens; NFTs; Brand; Brand Building; Digitization; Metaverse; Tokenization; Crypto Economy; Blockchain; Market Design; Brands and Branding; Value Creation
Kominers, Scott Duke, and Steve Kaczynski. "The NFT Staircase: How Digital Ownership Benefits Brands and Consumers." a16zcrypto.com (February 21, 2024).
- April 6, 2023
- Article
A New NFT Launch Strategy: The Wave Mint
By: Scott Duke Kominers and 1337 Skulls Sers
In an NFT project, the mint—the process by which tokens are initially allocated—largely determines who your community is and how they and the broader market view the project going forward. In this piece, we review a new minting strategy recently introduced by 1337... View Details
Keywords: NFTs; Mechanism Design; Sales Management; Sales Model; Crypto Economy; Non-fungible Tokens; Networks; Product Launch; Auctions; Market Design
Kominers, Scott Duke, and 1337 Skulls Sers. "A New NFT Launch Strategy: The Wave Mint." a16zcrypto.com (April 6, 2023).