NFTs Are Neither Miracles nor Scams

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Perhaps you find this confusing or silly. Push that aside for a minute.

Mostly, my beef about NFTs is how people, particularly those who live and breathe technology, talk about them and other emerging companies or concepts including the blockchain, the audio chatroom Clubhouse and ultra fast trains.

Almost immediately, people sort themselves into camps to declare that THIS WILL CHANGE THE WORLD or it’s TOTAL CODSWALLOP THAT WILL RUIN EVERYTHING. We would all benefit from more breath and less breathlessness.

In life, most things are neither glorious revolutions nor doom. And behind most novel ideas is often the possibility of something useful. The trouble is that hyperbole and greed often make it hard to sort the glimmers of promise from the horse manure. So let’s take a step back.

The purported big idea behind NFTs, as Kevin and Charlie Warzel, my colleague in Opinion, each explained this week, is to tackle a problem that the internet created. With sites like YouTube and TikTok, anyone now has the power to make music, a piece of writing, entertainment or another creative work and be noticed. But the internet has not really fulfilled the promise of enabling the masses to make a good living from what they love.

NFTs and the related concept of the blockchain hold the promise to, in part, give people ways to make their work more valuable by creating scarcity. There is promise in letting creators rely less on middlemen including social media companies, art dealers and streaming music companies.

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