Exponentials NFT - A Living Art Experiment on the Blockchain
London, United Kingdom--(Newsfile Corp. - November 16, 2021) - Exponentials NFT has officially announced its launch date of November 19th. Exponentials is a novel collection of 3333 NFTs designed to shed light on the collective cognitive biases towards exponential growth.
Exponential growth bias is the pervasive tendency of people to perceive a growth process as linear when, in fact, it is exponential.
Figure 1: Exponentials NFT - A Living Art Experiment on The Blockchain
The Concept Behind Exponentials
Reknown physicist, Albert Allen Bartlett regarded the "inability to understand the exponential function" as the greatest shortcoming of the human race.
Exponential growth can be observed in a wide range of areas that meaningfully impact lives on a personal as well as collective level. Phenomena such as compound interest and technological innovation and proliferation tend to be welcomed with open arms.
Other examples such as viral diseases, inflation, overpopulation and the exhaustion of natural resources tend to be received with overwhelming ignorance.
It was only at the start of the COVID-19 pandemic that researchers began to consider whether the bias might also influence the understanding of infectious diseases.
According to various epidemiological studies, without intervention the number of new COVID-19 cases doubles every three to four days, which prompted many scientists to advocate for rapid lockdowns to prevent the pandemic from spiraling out of control.
Surveys show that the exponential growth bias was prevalent in people's understanding of the virus's spread, with most people vastly underestimating the rate of increase. More importantly, those beliefs were directly linked to the participants' views on the best ways to contain the spread. The worse their estimates, the less likely they were to understand the need for social distancing: the exponential growth bias had made them complacent and/or skeptical in regards to the containment protocols.
Exponentials utilizes a real-time burn mechanism that will burn all NFTs listed below the current price threshold on the Opensea market. The threshold will start at 0.1 ETH and continue to double every 24 hours (see burn schedule on exponentials.art). The burn mechanism will cease when there has been a 24 hour period in which there have been 0 secondary sales.
Exponentials will go on sale on November 19th at 00:00 UTC at a price of 0.1 ETH per NFT.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/103823