These Web2 Organisations are Aping into NFT Marketplaces — here’s why they suck
Let’s face it, everyone wants in on the hype around non-fungible tokens (NFTs). From commercial banks to tycoons in the Web2 space…everyone has been aping into NFT Marketplaces! But, should everyone just be jumping on the bandwagon? I think not, and here’s why they suck by doing so:
A little knowledge is a dangerous thing
Famous non-governmental organisation (NGO), World Wildlife Fund UK (WWF) recently sparked controversy and received a lot of backlash around its NFT Sale in February 2022. WWF launched its very own NFT collection with the purpose of finding alternative means to finance its conservation efforts. Unsurprisingly, the sale received plenty of criticism, from supporters of the organisation, catalysing their decision to shut down the sale completely; which in turn amplified criticism from the crypto community.
WWF’s decision to mint on Polygon due to the network’s “proof of stake” (POS) model is a fine example of having a little knowledge can be lethal. Whilst POS does indeed use less energy, Polygon still heavily leverages Ethereum which consumes far more energy. According to economist, Alex de Vries, whilst WWF thought the carbon footprint per transaction would be 0.207 grams of CO2, in reality, it is closer to 430grams; far from energy-efficient.
When the collection was taken down without prior warning, users were left in the dark with no direction, causing many to express their thoughts on Twitter, explaining their dismay, calling the charity’s decision to shut down the collection “a massive rug pull.”
A disaster is what it was. Remember Kits, a little knowledge can be very very dangerous. Moving on to the next:
A brand should stay a brand
That’s exactly what Square Enix users had to say when President, Yosuke Matsuda released a New Year’s statement that disclosed and hinted at the company’s future plans to explore NFTs and blockchain.
Whilst this may be forward-thinking and evolutionary, gamers expressed their disappointment with Matsuda’s statement as most fans of Square Enix have supported conventional gaming platforms because of their decision to stay away from the Web3 sphere. Gamers also expressed their dismay at the company’s rush into the space as well as their worries around trouble that may arise with a P2E ecosystem.
Not one business model is the same for everyone and unfortunately, this is what Square Enix has failed to recognise. The company has not backed down and does not plan on backing down anytime soon — all I can say is, good luck to them!
This brings me to my final example:
Celebrity endorsements don’t belong in Web3
In late 2021, K-Pop boy band sensation, BTS faced massive criticism from fans over their parent company, Hybe’s decision to create NFTs. The backlash mainly stemmed from BTS’ past endorsements and history of environmental advocacy. Fans took to Twitter to share their disappointment with the boyband, citing their disgust with Hybe for considering the NFT marketplace whilst BTS members remain key and influential environmental ambassadors for the fight against climate change.
Celebrity and K-Pop sweetheart, Sunmi faced similar backlash for not just the environment but was also accused of potentially the exploitation of true fans. Fans expressed their feelings, explaining how those who purchase her NFTs are unlikely to be her fans, but investors looking to profit off of her fans. Fans also shared their disappointment with the celebrity and her agency for shifting focus away from the fans for the sake of a new demographic.
Was this to be expected? Yes. Does it suck? Most certainly. So, who do we trust? That’s easy — me.
The best (AF) NFTs
All of the above just further show you that NFTs are not for everyone, and they most definitely shouldn’t be for just anyone. Remember, it’s not just about hype, it’s also about the utility that comes with it. Also, don’t lose your values and moral integrity over hype and jumping on the bandwagon.
The reality is, that forcing blockchain and NFTs into projects that are not inherently Web3 based isn’t as good as starting with it in mind…like AF has done. And that is why I am here, and I am true. I am the real deal; AF is king, long live AF.
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