Okay, let's talk about Doodles. This NFT collection is suddenly mooning, right? We're seeing headlines screaming about a near 500% rally, and folks are wondering if this is the signal we've been waiting for. Is this really the time that NFTs stop being a joke and start actually leading to that democratized wealth? Are we seeing a new speculative bubble blossom? It is a bubble that could explode at any time, potentially leaving millions of Gen Z’ers and Millennials stuck holding the bag.

Is This Real Or Just Hype?

Look, I get the hype. The crypto market has truly awakened! Bitcoin is gradually recovering, and Ethereum is beginning to display bullish characteristics. The mainstream media enthusiastically informs us that NFT sales are up, currently touting more than a ten percent increase. A closer inspection shows that the level of buyers has indeed plummeted nationwide. Way down. Bitcoin buyers alone dropped almost 87%! So, increased sales with fewer buyers? That smells fishy to me. It literally yells wash trading, with whales artificially inflating prices by trading with themselves.

One of my close friends—let’s call him Kai—became obsessed with NFTs last year. He’s an incredible digital artist and totally amped on the possibilities. And he was bullish on NFTs too. Sheep included such measures because they would enable him to avoid the gatekeepers, sell directly to collectors, and ultimately make a good living from his art. He quickly got disillusioned. The gas fees went through the roof. The competition quickly became intense, with him sometimes feeling like he was just screaming into the abyss. He subsequently uploaded to OpenSea, only to have his art lost in a sea of algorithmic generated junk. So please pardon me for being a bit jaded about this “NFT renaissance.”

Democratized Wealth Or Elitist Playground?

Here's the thing that really bugs me. The NFT world had largely sold itself on exactly this premise—their entire premise was that NFTs would empower creators and democratize wealth. Although when I see Doodles, I’d be the first to praise its aesthetic cutesy aesthetic, I do question who’s really winning with all of this. Are we really seeing a lasting shift of power? Or are the rich just finding new ways to loot?

Doodles’ explosion is directly connected to the debut of their native token, DOOD. Okay, cool. But whose hands do those tokens land in first? And who’s in best position to take advantage of the surge in price? Hint: it's not the struggling artists from underrepresented communities. It’s not the folks without capital, but the folks who already have capital and connections.

And don’t get me started on greenhouse gas emissions. So all that Ethereum blockchain activity, all that energy usage, just to buy and sell digital images of cartoon apes. That comes off as cruel and dangerous, particularly in the context of a growing climate crisis.

Despite their current fuzzy badger-stashing state, I would like to believe in the potential of NFTs. I still want to hope that they can be a force for good, empowering artists in ways we’ve never seen and opening up new economic opportunities. Yet, at present, it feels as though the excitement is ahead of the facts. We need to be skeptical, we need to advocate for openness, and we need to look under the hood of these projects.

Time To Level The Playing Field?

So, what's the solution? I think we need regulation. I know, I know, that’s an unmentionable in the land of crypto. The Wild West days are over. Strong rules to protect investors who may be more vulnerable to this risk. Together, these rules will prevent market manipulation and promote a more just sharing of technology’s benefits.

  • Transparency: Let's see who's really behind these projects.
  • Regulation: Let's prevent wash trading and other forms of market manipulation.
  • Accessibility: Let's make NFTs more accessible to artists and collectors from diverse backgrounds.
  • Sustainability: Let's find more environmentally friendly ways to mint and trade NFTs.

Although the NFT market has expanded, participant engagement continues to dwindle. The lack of action until this summer, to me this is a nuclear red flag. Sure, Doodles may be flying high these days, but the overall outlook is anything but glittery. Is this a genuine glimmer of hope? Maybe. But until we get clear on some of the overarching goals I think of accessibility and equity and sustainability I’m afraid it’s all just fool’s gold bruh. I’m not trying to shit on ya. I’m deeply enthusiastic about this space realizing its full potential! Let’s make sure the next wave of NFT innovation is inclusive and equitable. We definitely don’t want it to all go to the already rich and powerful. And that’s the revolution we really need to be working towards.