In the Middle Ages, due to high illiteracy rates, paintings often served as the main medium of communication. Today, media communicates through monitor screens and their pixels. Pixels are rectangular dots created by hardware that combine to form text or images. Currently, the pixel is the smallest unit of media communication. Cryptopunks, NFTs created by Canadian software developers Matt Hall and John Watkinson in 2017, are images composed of rough-resolution pixels. Although their value has increased due to their historical significance, ‘Cryptopunk #7523’ from the series was sold for $11,754,000 at Sotheby’s auction on June 10, 2021, because it conveyed rarity and history through its rough pixelation. This NFT, which utilizes square pixels as a tool, conveys a similar concept to Lego blocks, which are meant to be constructed with blocks. In media, messages are created, distributed, and valued based on the nature of the expression tool. The tool is the message. - Joseph’s “just my th...
In business, capital means business funds. A successful entrepreneur often says, "I started my business without any capital". It's partly true, but it's a lie. The entrepreneur just said that capital means only cash. However, all kinds of businesses need to be fundamentally business funds in any even not cash. The entrepreneur didn't count the founder's labor cost. No inputs, no outcomes. The uncounted labor costs are called "alternative costs" or "opportunity costs". This comes from comparative advantage. If the entrepreneur doesn't accept the uncounted labor cost as a debt, the entrepreneur is equivalent to losing the profit due to opportunity costs. Please always remember this. There is no free lunch in this world. - Joseph’s “just my thoughts”