By Scott Galloway | 25 March 2022
NO MERCY / NO MALICE — Last week, Mark Zuckerberg announced NFTs are coming to Instagram. What does that … mean? The announcement was a word salad of platitudes, so we don’t know how the Zuck will bolt this latest thing onto his Frankenstein product structure. The good money is it won’t work — Meta is one of the best acquirers in history, and one of the least innovative. The broader, and more interesting, question is the half-life of NFTs.
As we ended 2021, NFTs were white-hot. Forty-one billion dollars hot, and everywhere. Twitter beat Zuckerberg to the NFT punch, letting tweeters use an NFT as their profile picture, Spotify is hiring for NFTs, and brands from Budweiser to Louis Vuitton are producing them. You can even buy a virtual NFT of the McDonald’s McRib. But there are signs the hype is fading. Trading is down, Google searches are down, scams and frauds are (still) up.
The sun may have passed midday on the hype cycle, but NFTs (or something similar) have real potential to be an unlock for a fundamental aspect of the digital economy. […]