NFTs are Bribes. Bitcoin Tech Talk #229

Non-fungible tokens (NFTs) have been around a long time. From Rare Pepes to Crypto-Kitties, they’ve been the subject of silliness in more ways than one. The latest hype around NFTs promises that artists will somehow make lots of money by selling tokens that represent some digital artwork.

The attractiveness of NFTs to artists, particularly the starving type, is that they can finally get paid. After years of being rejected by gatekeepers of various types, abusive relationships with companies that capture most of the value and loads of competition in industries that have way more supply than demand, NFTs seem like a meritocratic alternative, which gives bigger cuts to the talent than the current system.