These Terra Luna Crypto NFTs Are Dead FOREVER

Luna has collapsed, so what does this mean for Terra Luna NFTs? Here is what is happening after the aftermath and plans for Luna 2.0 NFTs.

0:00:00 Setup
0:00:24 Intro
0:00:51 Police And Kwon
0:01:36 What About NFTs?
0:02:32 Why NFTs?
0:03:54 Hell Cats
0:05:41 Breakdown

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The price-volatility of cryptocurrencies is a well-studied problem by both academics and market observers (see for instance, Liu and Tsyvinski, 2018, Makarov and Schoar, 2018). Most cryptocurrencies, including Bitcoin, have a predetermined issuance schedule that, together with a strong speculative demand, contributes to wild fluctuations in price. Bitcoin’s extreme price volatility isa major roadblock towards its adoption as a medium of exchange or store of value. Intuitively, nobody wants to pay with a currency that has the potential to double in value in a few days, orwants to be paid in a currency if its value can significantly decline before the transaction is settled.

The problems are aggravated when the transaction requires more time, e.g. for deferred payments such as mortgages or employment contracts, as volatility would severely disadvantage one side of the contract, making the usage of existing digital currencies in these settings prohibitively expensive.At the core of how the Terra Protocol solves these issues is the idea that a cryptocurrency within elastic monetary policy would maintain a stable price, retaining all the censorship resistance of Bitcoin, and making it viable for use in everyday transactions. However, price-stability is notsufficient for the wide adoption of a currency. Currencies inherently have strong network effects:a customer is unlikely to switch over to a new currency unless a critical mass of merchants are ready to accept it, but at the same time, merchants have no reason to invest resources and educatestaff to accept a new currency unless there is significant customer demand for it. For this reason, Bitcoin’s adoption in the payments space has been limited to small businesses whose owners are personally invested in cryptocurrencies.

Our belief is that while an elastic monetary policy is the solution to the stability problem, an efficient fiscal policy can drive adoption. In addition, the terra Protocol offers strong incentives for users to join the network with an efficient fiscal spending regime, managed by a Treasury, where multiple stimulus programs compete for financing. That is, proposals from community participants will be vetted by the rest of the ecosystem and, when approved, they will be financed with the objective to increase adoption and expand the potential use cases. The Terra Protocol with its balance between fostering stability and adoption represents a meaningful complement to fiat currencies as a means of payment and store of value.The rest of the paper is organized as follows. We first discuss the protocol and how stability is achieved and maintained, through the calibration of miners’ demand and the use of the native1
mining Luna token. We then dig deeper into how stable mining incentives are adopted to smooth out economic fluctuations. Lastly, we discuss how Terra’s fiscal policy can be used as an efficientstimulus to drive adoption.