Why existing tokens do not fit into Austrian Economics currency competition
None of them fits complies the requirements for an Austrian Economics currency competition, for different reasons.
There are some basic requirements for a token to become an AE cryptocurrency for a competitive currencies system.
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they must be fungible. NFTs can represent the ownership of something and therefore can hold value and be exchanged for something else, but they are not fungible. NFT tokens cannot be a currency.
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in order to allow price formation and deliver the basic functions of money a token must be stable. This means that its value is expected to be bound to some physical asset or property of a physical asset. Despite bitcoin or monero can be highly decentralized and, indeed, can hold some kind of intrinsic value, deliver a real utility and, even, become a vehicle of investment, this value and utility are not quantifiable to enable a price formation mechanism. Therefore utility tokens as unbacked tokens, platform tokens or protocol tokens are not currencies as they do not fit into AE principles.
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must be decentralized which means no party is able to control their price. Despite stablecoins can be currencies, stablecoins and security tokens are both bound to fiat price of some underlying asset (either physical - e.g. RWA -, digital or financial) formed in some external market and therefore prone to (1) fiat manipulation (2) external market manipulation (3) price capture manipulation.
Furthermore, none of the 5 previous kind of tokens comply with Mises's Regression Theorem and can not become a currency for an AE currency competition.
The full list of requirements to fit into the AE and how to create an AE compliant cryptocurrency will be discussed on another post.
Do you see any other points here?