kaal:position:2026-07-31-6267

Value creation and capture in decentralized finance markets: Non-fungible tokens as a class of digital assets presents the following source proposition: However, DeFi and NFT market dynamics are not yet well understood. This proposition is pertinent to Kaal's source-bound claim that In a firm commitment underwriting deal whose public portion does not sell out, a member is forced to sell reputation non fungible tokens on the over the counter market to satisfy the resulting capital call, but only if that member cannot cover the pro rata capital requirement with liquid capital. The proposed response is an extension: the relationship should remain limited to the retrieved source proposition and the mapped Kaal claim unless fuller source review supports a broader conclusion.

• The response is limited to the retrieved source proposition and mapped Kaal claim unless fuller source review supports a broader conclusion.
• External evidence level: abstract indexed.
• Mapping review tier: moderate-confidence claim review.
• Primary mapping confidence: 0.3759.
• The source-to-claim mapping remains explicitly ambiguous and is published with that limitation.

Value creation and capture in decentralized finance markets: Non-fungible tokens as a class of digital assets

kaal:claim:3949098-014
Wulf A. Kaal, Reputation as Capital – How DAOs Upgrade Finance (2021). SSRN: https://ssrn.com/abstract=3949098
Source PDF sha256: 04297905564a6092b2db7640561f58fd374d3114c79527357bad09d11b909819

Evidence: abstract indexed
Review tier: moderate-confidence claim review
Mapping confidence: 0.3759
Mapping ambiguous: true

defieconomicshistorical-responsescholarly-literatureopenalex

Affirmed in kaal-review:2026-07-31:streaming-etl-0004 on 2026-07-31. Review record.

Canonical markdown sha256: 925964eeee4e26414aca545394967a9639aa8e895325f36238c8e4fe23bcccdd
curl -s https://wulfkaal.github.io/positions/2026-07-31-6267.md | sha256sum