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Summary IT Economics van Leo Van Hove - Deel 1/6
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IT Economics by Leo Van Hove - Part 1/6 Chapter 0: Introduction
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THE ECONOMICS OFINFORMATION
TECHNOLOGY LEO VAN HOVE
Course organisation and outline
0.1 Course Description
These industries are characterized by
High fix costs
Low marginal costs of production
Large switch costs for users
Strong network effects
These factors combine to produce some unique behaviour
We will discuss two parts :
Discussing the basic economics of IT industries
Describing the role of intellectual property in these industries.
0.2 Course Contents
We will examine the main economic factors that play a role in IT sector. We will take a company
and a user perspective of IT.
Why is this stuff in the course? NFT's of Wout van aert. You
could buy victories and own Wout van Aert victories.
Fadia Farhat | VUB 2023-2024 1
, This is an NFT. NFT stands for
"Non-Fungible Token." It is a
type of digital asset that
represents ownership or
proof of authenticity of a
unique item or piece of
content using blockchain
technology. Unlike fungible
tokens such as
cryptocurrencies (e.g.,
Bitcoin or Ethereum), which
are interchangeable with
each other and have the
same value, NFTs are unique
and cannot be exchanged
on a one-to-one basis.
Key characteristics of NFTs include:
Uniqueness: Each NFT has a distinct identifier, making it different from any other token. This
uniqueness is often used to represent ownership of digital art, music, videos, virtual real
estate, in-game items, and other digital or digitized assets.
Indivisibility: NFTs cannot be divided into smaller units like cryptocurrencies. They exist as
whole tokens, and ownership is tied to the entire unit.
Blockchain Technology: NFTs are typically built on blockchain platforms, with Ethereum
being one of the most widely used for NFTs. The blockchain serves as a decentralized and
transparent ledger, ensuring the provenance, authenticity, and ownership history of the
digital asset.
Smart Contracts: NFTs often utilize smart contracts, self-executing contracts with the terms of
the agreement directly written into code. Smart contracts automate various processes,
such as verifying ownership and facilitating the transfer of NFTs.
Ownership and Digital Scarcity: NFTs enable digital scarcity by establishing verifiable
ownership and limited availability of digital assets. This has implications for the perceived
value of digital content and the ability to create a market for rare or unique digital items.
Fadia Farhat | VUB 2023-2024 2
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