Molly White

Yes, the enthusiasm for NFTs has cratered, but we shouldn't use junk analysis to make that point. Too many news outlets uncritically reprinted a bad "study", and the resulting eye-catching headline was widely shared.

https://newsletter.mollywhite.net/p/news-flash-95-of-nfts-have-always

News flash: 95% of NFTs have ALWAYS been worthless

Be skeptical of catchy headlines and junk data, even when they affirm your prior opinions.

Molly White
Sep 25, 2023 at 11:06pmWeb
Show threadMolly WhiteSep 25, 2023
If I scribble out a lopsided drawing of my dog and try to sell it on Etsy or at a booth in an art convention, I probably won't find any takers. Most people probably won't take that to mean that the fine art market is in freefall, but that's kind of what happened here.
Show threadMolly WhiteSep 25, 2023
Worst of all: in their quest to reprint a click-grabbing, doom-and-gloom number, these media outlets also ended up printing a bunch of crypto casino reviewers' optimistic predictions for the future of NFTs.
Show threadPhil ReesSep 26, 2023

@molly0xfff Why draw attention to it instead of pointing to more legitimate sources that describe the negatives of NFTs?

E.g.

https://www.sciencedirect.com/science/article/pii/S221462962200007X

Show threadDark Table  Sep 25, 2023
@molly0xfff You there! Name your price for the crayon on paper depiction of your dog!
Show threadBill, organizer of stuffSep 25, 2023
@molly0xfff Someone should make a T-shirt of that...
Show threadNihl L'AmasSep 26, 2023
@molly0xfff good dog
Show threadchxSep 26, 2023
@molly0xfff why are you so sure that drawing wouldn't sell on Etsy? :)
Show threadᴚ uɐᗡSep 26, 2023

@molly0xfff

pffft your dog doesn't even have a tiny cigarette what did you expect

Show threadᴚ uɐᗡSep 26, 2023
@molly0xfff FTFY just wait until you post this on UPDOGG
Show threadLAURENSep 26, 2023
@molly0xfff
take my money
Show threadBill BarnesSep 26, 2023
@molly0xfff I’m training my new AI model using your drawing. And only your drawing.
Show threadPier HegemanSep 29, 2023
@molly0xfff it’s a really cute dog though. He looks so happy.
Show threadRaineer  🦆Sep 25, 2023

@molly0xfff an NFT has always felt like a digital way to sign an album to a fan (remember albums, everyone? - yes I know vinyl is making a comeback)

Signing an album with a fan’s name ruined the album’s value on the market but made it priceless to the fan.

This is NFTs.

Show threadAndie FreakerSep 26, 2023
@raineer @molly0xfff signing albums usually make the resell price higher tho
Show threadPhil ReesSep 26, 2023
@1900490Freak @raineer @molly0xfff Depends how scratchy the pen is.
Show threadEtherAndRhumSep 26, 2023

@raineer @molly0xfff I would agree with this take, with the addition that it also comes with a direct link, or comms channel, fan to artist. So if artist decides to gift, reward, interact, it’s now easy.

Its like that time some record executive shot down the beatles (“guitar music is out”) in 1959 or so…we’re just in a dip.

Excuse me, while I kiss the sky.

Show threadAlexander PowerSep 25, 2023

@molly0xfff all the news coverage is shite these days.

CNN runs a story "El Paso Walmart shooter agrees to pay more than $5.5 million in restitution in federal case", and doesn't think it fit to consider that the shooter (who is serving 90 life sentences) will never have $5.5 million.

And ... well, you won't want me to keep going.

Show threadArthur TemporalSep 26, 2023
@molly0xfff Nice reporting and awesome conclusion! Even if we intuitively agree with a research's results, we should never accept it if the methodology is wrong.
Show threadJohn L. RobersonSep 26, 2023
@molly0xfff As long as they die, and we let them die.
Show threadGazocheSep 26, 2023

@molly0xfff Thanks Molly for your moral integrity. I can't overstate how refreshing it feels to see someone calling out misinformation, even when it goes in the direction of their own beliefs.

Also, you're selling yourself short with that drawing 😄

Show threadJason Petersen (he)Sep 26, 2023
@molly0xfff regardless of the study or whatever amount buyers and sellers value them at, they are still—all of them—worthless, which is the important point to drive home.
Show threadAdlangxSep 26, 2023
@molly0xfff but NFT's are a scam.
Show threadClaudeSep 26, 2023
@molly0xfff jokes on them. The French Post is just launching its first NFT stamp... (FFS, I want to scream)
Show threadanitavondannenSep 26, 2023
@molly0xfff … and yes, I told you so!
Show threadsnowflakeanonSep 26, 2023
@molly0xfff NFTs are worthless unless you're buying the copyright along with it.