If there is a critical flaw in “Line Goes Up – The Problem With NFTs,” it’s that FoldableHuman never truly considered the other side. Opinion by danielgkuhn for The Node newsletter.
Dan Olson, the Canadian videographer behind the “Folding Ideas” YouTube channel, has an important message for the world: NFTs are all fundamentally flawed. More so, crypto, Web 3 – those umbrella trends often discussed in hurried tones – would be a huge step back. Last week, Olson published a 137-minute documentary,going through the myriad issues crypto-based tech faces and creates.
One of Olson’s most salient points is that people in crypto rarely take criticism well. This is fair. It was certainly on display in reaction to his video. Even industry leaders often fall back on responding to negative news or comments by labeling it FUD . Olson’s video found an audience because his concerns resonate with people. Crypto would do well by actually watching and listening to the video.
For as substantial as Olson’s video is, he doesn’t really present any solutions. And who can blame him? We’re talking about rewriting the rules of the internet and society so speculative bubbles like NFTs wouldn’t be so attractive in the first place. Digital scarcity, empowering people to create markets for anything and letting people monetize their digital lives is a massive sea change – and one that comes with its own benefits.
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