Rolling Stone article revels in NFTs becoming “totally worthless,” but omits Rolling Stone’s past promotion and sale of NFTs, including its own collaboration with Bored Apes. But we kept receipts.

nftjedi

2 years ago

A team of researchers have crunched the numbers and yup, those NFTs are now largely worthless.https://t.co/Vs9UIhSeb0
— Rolling Stone (@RollingStone) September 22, 2023

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

3⃣In 2021, Rolling Stone magazine made a groundbreaking move by embracing NFTs. They partnered with Bored Ape Yacht Club (BAYC) to mint a digital cover NFT and collaborated on a collection of seven unique NFTs. pic.twitter.com/wXfnxov6Ri
— sundiata.kongz.eth (@sund1ata) June 13, 2023

Memory lane. https://t.co/CJ2LRhzrAI
— nou NFT (@NouNft) September 24, 2023

Rolling Stone's NFT collection, in partnership with @boredapeyc, features artwork derived from the Bored Ape community.

The apes below are available now at auction on @SuperRare.

🍌 @claire_salvo https://t.co/XD2HmD8KBc
🍌 @TimpersHD https://t.co/BiaByTnCH3 pic.twitter.com/8Fb8CHP1R9
— Rolling Stone (@RollingStone) November 10, 2021

Rolling Stone's NFT collection, in partnership w/ @boredapeyc, features art from the Bored Ape community.

The apes below are available now on @SuperRare.

🍌 @dario_desiena https://t.co/qTXshxSrsj
🍌 @cryptogeisha https://t.co/OVgbhd9Wxh
🍌 @jenevaNFT https://t.co/m4mv3q0M8G pic.twitter.com/vjGPG0cXrH
— Rolling Stone (@RollingStone) November 10, 2021