"Line Goes Up – The Problem With NFTs" is a 2h critical analysis video about NFTs. If the time is to valuable for you to spend on this topic (it should be, go visit a forest instead), here is my short Comment:

In the early 2000s, "P2P" Communities like "BitTorrent" thrived around the vision of making all media and knowledge accessible for everyone for free by removing key barriers and ending (artificial) scarcity. It was a radical departure from the age old philosophy of the dominate power "elites", defined by concepts such as Scarcity, Property, Competition, Surveillance, Policing - and above all, financialization & commercialization of everything.

After years of dirty fights by the "elites" and diverse "middle men" against the P2P, Commons and Open-Source movements,  they seemingly have achieved dominance over the narrative once again. The result are things like NFT's, which implement the vision of creating more artificial scarcity by creating more (Intellectual) Property through more technological policing - and above all, more financialization & commercialization of everything. NFT's lead to a plethora of bad outcomes, including opening the (philosophical, cultural) door for all kinds of DRM maximalism nightmares, incl. patents on life.

Members of Hyperledger, indicative of the wider situation

Despite the ubiquitous marketing messaging ("Decentralize power!"), unsurprisingly the hidden owners of the Crypto/NFT space are the same criminal gangs and empires of the 0.0001%, that have been running the show for centuries. Never forget rule N.1 of the blockchain: He who owns the biggest (quantum) computer and dominates the (power/fiber) networks, de-facto owns everything.

NFT's represent a massive failure of imagination. In the very moment that creating a post-scarcity, open-source, commons-based economy has become feasible, an entire generation has been enticed to become "wannabe investment bankers" engaged in a giant Ponzi Scheme instead.

More critique of Crypto & NFT's, here, here, here, here, here, here and here

#Crypto #Economics #Media #Art #Comment