 Yes, the enthusiasm for NFTs has cratered, but we shouldn't use junk analysis to make that point. Too many news outlets uncritically reprinted a bad "study", and the resulting eye-catching headline was widely shared. https://newsletter.mollywhite.net/p/news-flash-95-of-nfts-have-always 38 comments
@Ulrich_the_Elder @molly0xfff   @molly0xfff an NFT has always felt like a digital way to sign an album to a fan (remember albums, everyone? - yes I know vinyl is making a comeback) Signing an album with a fan’s name ruined the album’s value on the market but made it priceless to the fan. This is NFTs.  @phrees @1900490Freak @molly0xfff from what I’ve seen, it certainly raises the price unless it’s personalized, then it’s a bit of a wash. That’s the analogy to an NFT. Proof that it’s *my* copy of the digital good. If I scribble out a lopsided drawing of my dog and try to sell it on Etsy or at a booth in an art convention, I probably won't find any takers. Most people probably won't take that to mean that the fine art market is in freefall, but that's kind of what happened here. Worst of all: in their quest to reprint a click-grabbing, doom-and-gloom number, these media outlets also ended up printing a bunch of crypto casino reviewers' optimistic predictions for the future of NFTs. @molly0xfff Why draw attention to it instead of pointing to more legitimate sources that describe the negatives of NFTs? E.g. https://www.sciencedirect.com/science/article/pii/S221462962200007X  @molly0xfff Agree with your points here, and also: I would genuinely buy a print of that drawing if such a thing were available on Etsy or wherever. It looks just like our dog!!  @molly0xfff except if you were only selling a receipt for the thing that everyone can download for free in a made-up currency.     @molly0xfff It's pretty frightening how a story that relied upon a report by "dappGambl" (lmao) propagated so quickly simply because someone thought "hey, everybody hates NFTs, let's write an article that will get shared widely even though who the f*ck knows or cares what dappGambl actually is" In the case of NFTs it's pretty benign but damn it's scary to think how this quest for clicks could be used by bad actors for something that actually matters...  @libramoon @molly0xfff they always could and still can without burning nations'-worth of electricty blockchaining the reciepts (and giving some tech-douche a cut for the privilege) @molly0xfff all the news coverage is shite these days. CNN runs a story "El Paso Walmart shooter agrees to pay more than $5.5 million in restitution in federal case", and doesn't think it fit to consider that the shooter (who is serving 90 life sentences) will never have $5.5 million. And ... well, you won't want me to keep going.   @molly0xfff Nice reporting and awesome conclusion! Even if we intuitively agree with a research's results, we should never accept it if the methodology is wrong. @molly0xfff Mythical. Just like the real value of those green paper strips😎 https://www.theonion.com/u-s-economy-grinds-to-halt-as-nation-realizes-money-ju-1819571322 @molly0xfff Thanks Molly for your moral integrity. I can't overstate how refreshing it feels to see someone calling out misinformation, even when it goes in the direction of their own beliefs. Also, you're selling yourself short with that drawing 😄 @molly0xfff regardless of the study or whatever amount buyers and sellers value them at, they are still—all of them—worthless, which is the important point to drive home.  |
Gregory's Server
@molly0xfff NFT stands for No Fucking Thing. I laughed every time I saw an article about some rich fuck buying nothing with actual money.