08/03/2021
So, the first pop bands started using blockchain:
https://www.rollingstone.com/.../kings-of-leon-when-you.../
Sounds great for artist empowerment, but is it?
This blog post by Seth Godin is worth the read on NFTs:
https://seths.blog/2021/03/nfts-are-a-dangerous-trap/...
According to Seth: "The more time and passion that creators devote to chasing the NFT, the more time they’ll spend trying to create the appearance of scarcity and hustling people to believe that the tokens will go up in value. They’ll become promoters of digital tokens more than they are creators. Because that’s the only reason that someone is likely to buy one–like a stock, they hope it will go up in value. Unlike some stocks, it doesn’t pay dividends or comes with any other rights. And unlike actual works of art, NFTs aren’t usually aesthetically beautiful on their own, they simply represent something that is. ... NFTs are going to be more like Kindle books and YouTube videos. The vast majority are going to have ten views, not a billion. It’s an unregulated, non-transparent hustle with ‘bubble’ written all over it."
And then, there are the environmental costs of blockchain...
That one digital token that you own could use up more energy than your household in a year... If you're pro-environment, you're anti-NFT. It's that simple. Let's not add and participate in another huge energy-consuming "industry". Especially, when, most likely, only some early adopters and big investors will profit anyways.
I still prefer just holding that vinyl in my hand and putting it on the turntable.
Like most traps, they’re mysterious and then appealing and then it’s too late. An NFT is digital treasure chest, a status symbol and an apparent item of value. Like a Pokemon card, or a…