Ben Schiller Challenges MSM’s View on NFTs in Thought-Provoking Article
In a thought-provoking article titled “NFTs Aren’t Dead Just Yet (But the MSM Might Be),” Ben Schiller challenges the prevailing view presented by Rollingstone.com that NFTs are worthless. He introduces a study revealing that 95% of NFT collections currently have a market cap of zero, but acknowledges that trading volumes are still taking place, albeit at a lower level. Schiller points out that there are still NFT collections, like Bored Ape NFTs, which are trading at respectable prices, contrasting the extreme narrative propagated by the mainstream media. Asserting the need for a more nuanced approach, Schiller concludes by emphasizing the broad potential of NFTs as a digital wrapper for tracking and trading physical and non-physical items.
In recent years, the rise of Non-Fungible Tokens (NFTs) has taken the digital world by storm. These unique digital assets have captured the attention of artists, collectors, and investors alike, with some NFTs selling for millions of dollars. However, a recent claim made by Rollingstone.com has declared that NFTs are worthless, casting doubt on the future of this digital phenomenon. In this article, we will dive deep into the background of the article, discuss the study finding 95% of NFT collections with zero market cap, analyze the trading volumes for NFTs, highlight successful trading of certain NFT collections, criticize the mainstream media’s coverage, and explore the nuances and wide applicability of NFTs as digital wrappers. By examining these aspects, we aim to provide a comprehensive understanding of the current state of NFTs and challenge the claim that they are worthless.
Background on the Article
The article titled “NFTs Aren’t Dead Just Yet (But the MSM Might Be)” by Ben Schiller for CoinDesk delves into the recent claim made by Rollingstone.com regarding the worthlessness of NFTs. It highlights a study that found a staggering 95% of NFT collections to have a market cap of zero. This revelation has undoubtedly raised concerns and questions about the viability and future prospects of NFTs. However, it is important to take a closer look at these findings and examine the broader context to gain a more accurate understanding of the situation.
NFTs are Declared Worthless
Rollingstone.com’s claim that NFTs are worthless has sent shockwaves through the digital art and collectibles community. It challenges the notion that NFTs hold any intrinsic value and raises doubts about the sustainability of the NFT market. While the claim is thought-provoking, it is crucial to investigate the evidence and arguments behind it.
Discussion on the Study Finding 95% of NFT Collections with Zero Market Cap
The article highlights a study that reveals a startling fact: 95% of NFT collections have a market cap of zero. This finding initially seems to bolster the claim that NFTs are worthless. However, it is important to delve deeper into the study’s methodology and consider other factors that may have contributed to this result. Factors such as low awareness, lack of proper marketing strategies, or simply being at an early stage of adoption could be responsible for contributing to the low market cap of certain NFT collections. It is crucial to avoid painting the entire NFT ecosystem with a broad brush based on this study alone.
Trading Volumes for NFTs
Trading Volumes Still Occurring
Despite the claim of NFTs being declared worthless, trading volumes for NFTs continue to occur. While it is true that the volumes may have decreased compared to the heyday of the NFT market, it is essential to view this in perspective. The article acknowledges that there is still an active market for NFTs, indicating that there remains interest and demand for these digital assets. The decrease in trading volumes might signify a period of consolidation and maturation, rather than the outright death of NFTs.
Comparative Analysis of Current Levels with Previous Levels
To gain a comprehensive understanding of the current trading volumes for NFTs, it is essential to compare them with previous levels. By examining historical data, we can assess the trajectory of the market and determine whether the decrease in trading volumes is indicative of a long-term decline or a normal market fluctuation. It is important to note that the NFT market is relatively new and evolving rapidly, and drawing definitive conclusions based solely on current trading volumes may be premature.
Respectable Prices of Some NFT Collections
Highlighting Successful Trading of Bored Ape NFTs
While the claim of NFTs being worthless casts a shadow over the entire market, there are still notable exceptions that defy this narrative. The article mentions the successful trading of Bored Ape NFTs, which have fetched substantial sums of money. These NFT collections have seen prices that far exceed their initial purchase value, demonstrating that there is still demand for high-quality and unique digital assets. The success of Bored Ape NFTs challenges the notion that all NFTs are devoid of value and emphasizes the importance of assessing individual projects and collections on their own merits.
Contrasting It with the Claim of NFTs Being Worthless
The trading success of certain NFT collections, such as Bored Ape NFTs, directly contradicts the claim that NFTs are worthless. This stark contrast highlights the nuances and complexities of the NFT market. While it is true that many NFT collections may have a market cap of zero, it does not mean that all NFTs are devoid of value. It is crucial to recognize and understand the variations within the NFT ecosystem before making sweeping generalizations.
Criticism of Mainstream Media
Author’s Critique of Mainstream Media
In his article, Ben Schiller criticizes the mainstream media for its tendency to sensationalize and seek extremes in its coverage of NFTs. This criticism echoes a sentiment shared by many who believe that the mainstream media often oversimplifies complex topics for mass consumption. The author argues that the dismissal of NFTs as worthless without considering the broader context is a disservice to both the industry and the readers.
Tendency to Seek Extremes in Coverage
The mainstream media’s propensity to seek extremes in its coverage of NFTs is evident in the claim made by Rollingstone.com that NFTs are worthless. This one-sided perspective disregards the various viewpoints, successes, and nuances within the NFT ecosystem. It is essential for media outlets to adopt a more balanced and nuanced approach when covering topics as dynamic as NFTs to provide a more accurate representation of the industry as a whole.
Lack of Nuanced Approach
The lack of a nuanced approach in the mainstream media’s coverage of NFTs hampers the public’s understanding and appreciation of this nascent technology. NFTs are a complex and multifaceted phenomenon that extends beyond the mere buy-and-sell nature often portrayed in headlines. By failing to delve into the wider implications and potential applications of NFTs, media outlets miss an opportunity to educate and inform their audience about the underlying value and possibilities that this technology presents.
Nuances and Wide Applicability of NFTs
Discussion on NFTs as Digital Wrappers
NFTs serve as digital wrappers, enabling the tracking and trading of both non-physical and physical items. While the focus has predominantly been on the digital art world, the potential applications of NFTs span various industries. From music and gaming to real estate and collectibles, NFTs offer a novel and innovative way to establish ownership, provenance, and value within a digital landscape. By emphasizing the broader scope and wide applicability of NFTs, we uncover a world of possibilities beyond the mere perception of worthlessness.
Tracking and Trading of Non-Physical and Physical Items
One of the fundamental benefits of NFTs is their ability to enable the tracking and trading of both non-physical and physical items. Through unique identifiers recorded on the blockchain, NFTs provide transparency and immutability, ensuring the authenticity and ownership of digital assets such as images, videos, and music. Furthermore, NFTs can revolutionize the trading of physical items by digitizing their ownership rights and facilitating secure and efficient transactions. By recognizing these nuances, we can appreciate the significance and potential value of NFTs in reshaping traditional notions of ownership and commerce.
While the claim made by Rollingstone.com that NFTs are worthless may have gained attention, a deeper exploration of the topic reveals a more nuanced reality. The study finding 95% of NFT collections with zero market cap raises valid concerns, but it is essential to consider the broader context, trading volumes, and the existence of NFT collections fetching respectable prices. Moreover, the mainstream media’s tendency to seek extremes in coverage and lack of nuanced approach undermines the public’s understanding of NFTs. By recognizing the wide applicability and value of NFTs as digital wrappers, we can appreciate the significant potential this technology holds. NFTs may be facing challenges and undergoing changes, but it is premature to dismiss them as worthless. The future of NFTs remains a subject of continued exploration and innovation, and only time will reveal the true impact and value of this digital phenomenon.