Exponentials NFT has officially announced its November 19th launch date. Exponentials is a novel collection of 3333 NFTs aimed at shedding light on the collective cognitive biases toward exponential growth.
The pervasive tendency of people to perceive a growth process as linear when, in fact, it is exponential is known as exponential growth bias.
The Explanation of Exponentials
Albert Allen Bartlett, a well-known physicist, considered the “inability to understand the exponential function” to be the greatest shortcoming of the human race.
Exponential growth can be seen in a variety of areas that have a significant personal and collective impact on our lives. Phenomena such as compound interest and technological innovation and proliferation are generally welcomed.
Other examples, such as viral diseases, inflation, overpopulation, and natural resource depletion, are met with widespread skepticism.
Diseases caused by viruses
It wasn’t until the beginning of the Covid-19 pandemic that researchers began to wonder if the bias could also influence our understanding of infectious diseases.
According to various epidemiological studies, the number of new Covid-19 cases doubles every three to four days in the absence of intervention, prompting many scientists to advocate for rapid lockdowns to prevent the pandemic from spiraling out of control.
According to surveys, people’s understanding of the virus’s spread was influenced by the exponential growth bias, with most people vastly underestimating the rate of increase. More importantly, those beliefs were directly related to the participants’ perspectives on the best ways to stop the spread. The worse their estimates, the less likely they were to recognize the need for social distancing: the exponential growth bias had made them complacent and/or skeptical of containment protocols.
Functions of Exponentials
Exponentials employs a real-time burn mechanism that will burn all NFTs listed on the Opensea market below the current price threshold. The threshold will begin at 0.1 ETH and will double every 24 hours (see burn schedule on exponentials.art).When there has been no secondary sales for 24 hours, the burn mechanism will be disabled.
Exponentials will be available for purchase on November 19th at 00:00 UTC for 0.1 ETH per NFT.