In my view, NFTs are nothing more than an attempt by crypto bros to legitimize and push blockchain to the masses. It is a fabricated use case to pump investment and nothing more. It reeks of all the culturally draining aspects of the internet/social media, which are, faux exclusivity, the flex, and synthetic personality, vis a vis “Look at me, I’m special because I own this URL path.”
I have been reading about potential use cases for NFTs and all I see is further privatization and a bee line to corporate ownership. NFTs are trying to put a price tag on culture and art. Let’s consider music as an example. Already, I have seen articles proclaiming that NFTs will benefit the music industry/artists by authenticating music and providing a pathway to royalties. Hip Hop is the biggest genre on the planet: at its roots it was founded on sample based production, which is to chop up and arrange a previously recorded piece of music into a new pattern. NFTs will kill sample based production and more. Imagine every individual drum sound, horn stab, or synth stab is owned by someone seeking royalties. We will deconstruct every fragment of a song into individual and monetized pieces. If we open the door to NFTs, people will attempt to own anything and everything that is utilized by others in an attempt to collect royalties. This may be the most efficient way to kill creativity.
In an attempt to push NFTs, crypto bros are adopting the role of corporate henchmen, paving the way to granular privatization that will strip our cultures bear of our shared and communal creative building blocks, all to legitimize a use case for a technology that is attempting to solve problems that already have solutions in order drive up the value of their investments.
Disclaimer: This information is only for educational purposes. Do not make any investment decisions based on the information in this article. Do you own due diligence or consult your financial professional before making any investment decision.