The media attacks on NFTs are getting wilder by the day. It’s hard to think of anything else that triggers journalists more than crypto JPEGs.
In this video I talk about how some ”NFT bros” tricked the media into showing their bias, as well as where this hate might be coming from. Then I get into why these attacks are actually having the unintended effect of promoting a more centralized future for the internet (which sucks).
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0:00 start here
1:05 Keanu turned to the dark side
3:50 why does the media hate non fungible things?
7:41 the logic behind NFTs (important)
9:27 NFTs vs the Zuckerverse
For most of the last 12 months it’s been Hard to go a single day without seeing a News publication absolutely bashing nfts Seriously just go on google on any given Day enter the word nft and that’s going To yield results such as independent Artists say nfts are the bane of their Existence or why nfts are bad for the Planet or are nfts the dumbest thing to Happen in the history of humanity the Anti-nft bias became so predictable that Journalists were actually tricked into Writing articles about a fake board Dating app that supposedly shut down Because it couldn’t find any girls now This one turned out to be just a prank Right there wasn’t actually an app and This forced the media to add corrections To all their articles but you can even See the disdain for nfts in the Corrections themselves for example on This one going well turns out the lonely Ape dating app is not a real app at all Instead the whole thing was a prank Intended to confirm negative biases Against the nft collector crowd however This does not change the fact that a Sizeable portion of the crypto nft and Bitcoin communities make up a meat Brigade who have joked about applying to Jobs at mcdonald’s due to the market Crash i mean the lack of self-awareness Is next level but it actually gets even Better because just a few days ago we
Had maybe the best example of this media Bias in a case involving none other than Beloved actor keanu reeves you see back In december there was a viral moment in An interview with keanu where he first Learned about nfts he laughed about the Concept behind it and generally thought It was stupid and so like when you think About the concept of digital scarcity And things that are You know that can’t be copied that are Easily reproduced Well But they’re not the same right now Obviously this made the round of all the Mainstream media outlets where they Pumped article after article dancing on The grave of nfts and basically Proclaiming this to be the final nail in That coffin keanu reeves all of a sudden Was this technologist worth listening to Right somebody who could smell bullsh From a mile away someone incorruptable Who would give it to you straight but Then just a few days ago something Inconceivable happened keanu reeves Changed his mind it turns out that keanu Is now partnering with an nfd project Called fluffworld on their futureverse Which is a foundation designed to Support underrepresented artists and Exhibit their work on digital and Physical platforms among other things This futureverse is going to use nfts as
A vehicle to get artists paid which i Think most of us would agree is a good Thing now this put the media in an Awkward position and you would think That it could be an opportunity for them To reflect and say hey if an honest and Thoughtful person like keanu is changing His mind about all this maybe i Shouldn’t jump to conclusions yeah no Obviously they turned on keanu Immediately one article from forbes said That keanu fell to the dark side by Embracing nfts and they go while the Insiduous attempt to build paywalls Around free internet space is bad enough Oh hold on let me take care of this Paywall real quick Alright so anyways here’s the framing According to the hollywood reporter the Project aims to make nfts more inclusive And will guide traditional artists into Converting their pieces to nfts so they Can be put up for sale in the metaverse After all the most important thing about Maintaining a pyramid scheme is ensuring That there’s a constant supply of fresh Victims primed to buy into the Ever-expanding scam weaponizing Inclusive language seems to be the Latest recruitment tactic now that is Impressive spin ladies and gentlemen the Kind of jonah jameson hit piece that Makes you a rising star in today’s media And this has been more or less the type
Of unbiased reporting that we’ve come to Expect for nfts and crypto and the Playbook is just to take the worst Possible angle then paint a caricature Around the entire technology and shame Anybody who supports it it’s been Happening since the very early days of Bitcoin when the new york times would Post opinion articles from you know Economists like paul krugman that are Just simply titled bitcoin is evil but Today i want to talk about why this type Of shameless bashing can actually have a Huge negative effect on the industry i Actually think it’s a bigger deal than Most people realize especially at a time Like this when we’re coming up against Final bosses like gary gensler of the Sec and future virtual slum lord mark Zuckerberg now the first thing we have To ask is why right why does the media Have this bloodthirsty rage against all Things non-fungible and is there a real Justification for it now if you wanted To give them the benefit of the doubt You could say that they actually have Some legitimate concerns around nft’s as A technology for example common Criticism is that nfts are harmful for The environment and you know this is True in the sense that ethereum is still Very energy inefficient but does that Mean that they would give the thumbs up To board apes if they had happened to
Been minted on tezos which is a green Blockchain where the energy usage is a Tiny fraction of ethereum and bitcoin The answer is probably not and we Actually know this because there was a Recent case with ubisoft where they Actually released nfts on tezos and that Still didn’t stop the attacks from the Press like this article from game rant Titled ubisoft’s nft initiative crashing And burning is the best case scenario They even referred to the fact that Ubisoft was using a blockchain that uses Less power but then did some hand waving By simply stating that for the Environmentally conscious gamer that Might not be enough even though as Ubisoft stated in their press release One transaction on their network uses The same amount of energy as streaming 30 seconds of video and i’ll remind you That neither one is as energy efficient As smashing the like button so here’s Your chance to show how much you really Care while also sending me into a state Of euphoria which lord knows i need About now now maybe it’s not the Environment that’s pushing the media Over the edge because we’ve heard Another line of argument a lot which is That nfts are worthless because they’re Actually receipts or pointers to an Object that exists off-chain instead of Owning that object itself you can see
That in this article by mashable where They say quote for the unfamiliar when It comes to artwork an nft is often not The art itself but rather as one expert Put it like directions to the museum Where the art is being held but that’s Not completely true i mean sure there Are a lot of nfts that do contain just a Url that’s pointing to an object that Lives on some server but there are many Entities that are completely unchained Meaning that you can recreate the object Using all the metadata that is attached To the nft take for example nouns one of The most popular collections today Completely unchained or fidenza’s maybe The most famous generative art Collection completely unchained so maybe The media is just hinting that we should Be buying these on-chain collections and Here all this time i thought that that Was a feature that only appealed to Crypto native nerds but it turns out That even kevin the normie journalist at Bloomberg also gets down with nouns but No the truth is that if all of the Sudden we just started to exclusively Buy on chain collections they would just Simply move on to the next argument That’s what always happens right as soon As one of the concerns are resolved they Simply just move the goal post because The truth is the source of the bias is Probably coming from somewhere else the
Simple uncharitable view for why this is All happening is that they’re simply Using this for clickbait and for example We know that there have been studies That show that negative or angry news Tends to go more viral on twitter and There is a healthy population out there Of people who hate nfts and so Journalists know that you know they put A negative nft headline and that’s going To appeal to that group and get the Impressions that they need and look i’m Not going to pretend like nfts are above Criticism or perfect in any way trust me As somebody who’s been in this space for A while i can tell you that there is a Lot of scummy behavior yes a lot of Celebrities do use nfts to drain money From their followers and this is Generally not great and we do have Scammers who frequently walk away with Six figure or sometimes even seven Figure backs but when you have a truly Permissionless technology you are going To get a mix of good and bad actors and That is the blessing and the curse of Decentralization and that ladies and Gentlemen leads me to the most important Part of the video the reason i’m Bringing all of this up in the first Place and as a message to my editor Please at this point play a little Somber music nothing too dramatic just Want to lower the energy a bit so we can
Get serious you see if this whole nft Thing were simply about trading Six-figure apes back and forth then yeah The media’s bias and constant negative Coverage of nfts wouldn’t be such a big Deal i mean sure if you’re a hobbyist It’s annoying but whatever but there’s Actually a lot more at stake here and I’ve covered this on my channel before But i’m going to give you the quick Rundown and i’m going to go over the Three core assumptions of why we’re all Here so here we go three assumptions That are at the core of everything Assumption number one people are gonna Spend increasingly more time on the Internet i mean this one’s pretty much Completely uncontroversial the number of Hours spent online has been on a steady Increase for the last decade and by Today’s number the average user is now Spending more than 40 percent of their Waking life online assumption number two As people go more digital they’ll value More digital things in the present Moment this is most obvious in younger Generations that spend a lot of time in Games like fortnite and roblox and it’s The reason why these games make billions Selling cosmetic items that exist only In those online games taken to its Logical extreme this is the same idea Behind the quote metaverse which is a Combination of virtual online identities
Digital assets and maybe vr and ar and i Think in general people tend to agree That this is coming and they’re just Debating on the timelines and in terms Of how big it can get well some experts Like goldman sachs seem convinced that The metaverse is gonna be worth Trillions of dollars so finally if you Grant number one and number two then you Get to number three which is people in The future will spend a lot of money on Digital assets which then leads us to The big question who will control this Economy to put it another way will the Digital assets be controlled by an Application or by the users now today It’s all owned by the applications right You have the app store you have the epic Game store and in those scenarios the User is simply renting the product or Service from the centralized corporation And if you’ve ever actually looked Through the terms of service on any of These you’ll realize that you can lose Access for the tiniest infraction so to Put it simply on one hand you have these Billion dollar corporations where a Single person mark zuckerberg owns the Majority of voting rights and they’ve Made it clear that they see this as a Big opportunity and they are gunning for It and on the other hand you have Decentralized chains like ethereum that Are trying to keep the data open and
Permissions and this is the big battle That we don’t really hear about in the Press right you might not think it’s a Big deal today but you might have a Different opinion when we’re living in The full-blown zuckerbergs now if this Were a fair fight then i’d say we’d Still have a decent chance that the Decentralized vision could still win out But of course right at the moment where The referee is going to make the count We always seem to get a little Interference and in this case that could End up being a government figure like Gary gensler the former investment Banker who now heads the sec and has his Eyes locked on ethereum and other Cryptocurrencies which to no one’s Surprise he believes should be regulated By his agency now imagine for a moment That gary gensler comes out and starts Swinging against nfts what do you think The reaction would be from the press Would they side with the people or are They just gonna gleefully poke at the Quote crypto bros which is a caricature That they’ve created in their minds it’s Probably safe to say that they’re just Going to continue dunking on board ape Owners which by the way is a group of Just 6 000 people and by doing so They’ll continue to miss the big picture Which is a technology that could Potentially impact billions of people
And unfortunately these articles do have An effect on the artists and innovators That are considering going into nfts and They’re just being put off by this walk Of shame that they’ve created on social Media and if you push these people long Enough there’s always going to be a tech Billionaire out there waiting with open Arms to lure them in anyways that’s it For today guys thanks for watching and I’ll catch you in the next video
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