Rolling Stone’s article reporting 95% NFTs are worthless
- Rolling Stone just published an article by Miles Klee under the provocative title, “Your NFTs Are Actually — Finally — Totally Worthless.” Klee discusses a report by dappGambl, which examined 73,257 NFT collections and found 95% of them had gone to $0 in value.
- But this isn’t surprising. Gary Vaynerchuk predicted back in 2021 that 98% of NFTs will go to $0.
- The article is pretty one-sided and negative about NFTs.
- For example, it doesn’t discuss any NFTs that are still valuable, including ones sold by Sotheby’s and Christie’s this year for millions of dollars, or owned in the permanent collections of LACMA and Centre Pompidou. To focus on the failed NFTs without examining the successful NFTs is akin to looking only at the failed dotcoms and ignoring Amazon, or the business model for ecommerce.
- The article also drums up the NFTs are “bad for the environment” trope. But that trope is simply not true after the developers of Ethereum blockchain switched to the proof of stake mechanism back in 2022, which reduced energy consumption of ETH transactions by 99%, far less than the energy consumption of other businesses or activities. Indeed, a single ETH transaction is the equivalent to watching 3 hours of YouTube.
- Even worse, the article fails to acknowledge that the Rolling Stone helped to promote NFTs and in fact collaborated with the Bored Ape Yacht Club to sell special edition Rolling Stone covers depicting Bored Apes.
- But we kept receipts.
Examples of Rolling Stone promotion, articles, and sales of NFTs
List of some NFT articles published by Rolling Stone
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