NFTs, points, agent tokens, and other costumes

Every cycle invents a wrapper that is supposed to end the analysis. NFTs. Points that “are not tokens.” Receipts. Agent credits. Restaking shares. Vault shares. The wrapper can change the facts. It does not exempt you from writing the facts. If the NFT is sold as an investment in a common enterprise, the picture does not save you. If the points can be monetised, transferred, and were marketed on that basis, “points” is a brand. If the agent token is a claim on future fees, it is a claim on future fees.

We have no aesthetic objection to new wrappers. We have an objection to using them as a substitute for the fact sheet. Put the wrapper on the map. Write what a holder can do today. Write what they were told. Hand that to counsel. Do not hand a growth lead a new noun and a budget.