Let’s face it, reading NFT news these days feels like tuning into a crypto cold war countdown. When you see headlines yelling about CryptoPunks selling for millions of dollars each, it’s pretty hard not to get swept up in all the excitement. And we all see all the numbers, we hear all the hype, but are we stopping to really think about what these sales are telling us. Are we really celebrating art, or just conspicuous consumption re-imagined in a more colorful, digital package? I think it's the latter.

NFTs: A New Kind of Social Class?

Think about it. CryptoPunks, Bored Apes – they’re not simply JPEGs. They're keys to exclusive digital clubs. They whisper, "I'm wealthy enough to afford this, therefore I'm important." Important to whom? To billionaires, crypto-collectors, and others rich enough to know the value of a few pixels on a newfangled digital ledger? It certainly seems a helluva lot like the contemporary art scene, only faster and louder through the prism of social media.

Remember when a single Bored Ape Yacht Club NFT granted you access to a virtual bathroom wall where you could "graffiti" alongside other owners? (It's gone now, but it was real!) That’s all literally paying $8 to get the right to doodle on a digital toilet stall wall. The absurdity of that is mind-boggling. Picture this – you spend a million dollars to buy your way into an exclusive country club. All you do there is compare the prices of your yachts! Are we really impressed by this?

This isn't about hating on success. It’s really about challenging the values that we’re codifying in this new internet. Are we on track to create a metaverse where access and community are based solely on the depth of your digital wallet? Is that the future we want?

Forgotten Voices: The Real Cost

Headlines boast about the successful sale of a non-fungible “Foreshadow” NFT or CryptoPunk #9723 for millions of IDR, all made possible by NFT Price Floor! In contrast, millions of talented creators struggle just to get their work discovered and purchased. They're creating innovative, beautiful, and thought-provoking pieces, but they're drowned out by the noise surrounding these high-value status symbols.

Now picture a future that only lifts up the stars who’ve made it big. In this dystopia, galleries mount only shows of works that have already achieved commercial success. That's the direction the NFT space is heading if we don't actively challenge the dominance of these top sales.

I recently interviewed a digital artist, we’ll call her Anya, who has been making incredible generative art for decades. She’s keeping her NFTs low-cost, with the intent of attracting a community of collectors that will support her growth. She told me, "It's so hard to get noticed. Everyone is focused on the big sales, the established projects. It feels like I'm shouting into a void."

Anya's story isn't unique. It’s an indictment of a system that continues to reward wealth and privilege over artistic excellence. It’s a morally and ethically corrupt system where the value of art is defined solely by its monetary price tag and not its intrinsic worth. And that’s infuriating.

Reclaim the Metaverse: Art, Not Status

NFTs promised decentralization and democratization. They allowed artists to more fully empower themselves by supporting them to reach audiences in new ways and forge new paths of artistic innovation. Somewhere along the way, though, that promise was hijacked by speculation and status seeking.

To do that, we have to get the spotlight off us and back on the art. What we do need to celebrate is the creativity, the innovation, and the community that NFTs can create. We have to cheer on artists like Anya, who are producing radical and transformative work while not running after the shiny thing.

To avoid this outcome, let’s make sure the metaverse doesn’t turn into a digital gated community, available only to the rich and powerful. Instead, let’s take it back as a salon for art making, community cultivating and freak flag flying. Let's redefine value in the NFT space, so it's not just about the price tag, but about the art itself. Otherwise, we are just creating a really costly, really exclusive, digital echo chamber. And honestly, that’s one huge missed opportunity.

  • Curate with Intention: Seek out and promote artists who are creating unique and innovative work, regardless of their sales volume.
  • Value Community: Build and participate in communities that are focused on appreciating art, not just speculating on prices.
  • Demand Transparency: Advocate for greater transparency and accountability in the NFT market.

Let's not let the metaverse become a digital gated community, accessible only to the wealthy elite. Let's reclaim it as a space for artistic expression, community building, and genuine connection. Let's redefine value in the NFT space, so it's not just about the price tag, but about the art itself. Otherwise, we're just building a very expensive, very exclusive, digital echo chamber. And frankly, that’s a colossal waste of potential.