So, Nike and Starbucks are fleeing from NFTs? Good riddance. C’mon, let’s not kid ourselves, their “Web3” experiments were less real than reality TV. They weren’t constructing a community, they were creating a customer base to siphon off.
Corporate NFT Exit: Good Riddance!
Recall that first wave of enthusiasm when NFTs first took the world by storm. The dream of democratizing art, music, and now ownership itself? Until the corporations moved in, like vultures over fresh roadkill. In reality, Nike’s RTFKT was simply the latest means by which to squeeze value from hype, unable or unwilling to create an authentic community. Starbucks? They were simply swindling creators with million dollar ideas, selling digital coffee beans at sky high prices, preying on FOMO and loyalty rather than empowering creators.
To tell you the truth, having them all pack their bags is reason enough to pop some champagne. It’s analogous to the squatters finally going eviction from an important piece of infrastructure that should always be in the hands of the local community. These brands approached NFTs as a marketing gimmick, a new way to milk profits from their current consumer base. They never bought into—or more likely, didn’t care about—the underlying ideals of this space, which was founded on decentralization and community ownership.
And speaking of lawsuits, don’t forget about that one Nike is currently facing. A $5 million class action suit from indignant RTFKT holders? Serves them right. They had all constructed an inflated house of cards based on hype and speculation that is now imploding on itself. It's a painful lesson: you can't fake authenticity. Gen Z and Millennials aren’t falling for that. They see right through the corporate BS. This is not Web3. This is Web2.5.
Crypto-Native Projects: The Real Revolution
As the corporate behemoths are pulling back, the true innovators are going all-in. Look at Pudgy Penguins. They’re selling much more than a JPEG. They’re building an entire ecosystem around their brand, including a AAA blockchain game named “Pudgy Party” and the PENGU token, of which they’re distributing a HUGE chunk back to the NFT holder community. And that’s real value creation, not brand extension.
And what about Doodles? They’re releasing a new Solana-based token (DOOD) and rebranding itself as an entertainment company centered on immersive storytelling. These projects aren't just about flipping NFTs for a quick profit. They're about building lasting communities and empowering creators. They’re really about providing NFT holders with a tangible investment in the future of the project.
Those are the projects that get it—that know the real promise of NFTs. They're not just selling digital assets; they're building digital worlds, creating new forms of ownership, and fostering genuine communities. In short, they are the pioneers of a new, creative economy. In today’s economy, artists and creators go straight to their consumers avoiding the old gatekeepers.
NFTs' Future: Regulation & Community Focus
The departure of these corporate players provides a critical opportunity. Now is the moment to make NFTs more equitable and sustainable while avoiding the negative aspects of Web3. It means supporting stronger regulation and enforcement against corporate bad actors to keep all Americans from being abused by the corporations they invest in. We should advocate for stronger disclosure requirements, enforce limitations on corporate ownership of NFTs, and support decentralized governance models with NFT infrastructure.
Think about it. Picture a world where creators could more sustainably monetize their work without going through record labels or art galleries. Now, picture a world where fans are actual owners of a piece of their favorite artists’ creations and get to benefit from the artists success alongside them. Now, picture a world where these digital assets are actually decentralized and not vulnerable to censorship.
This is the promise of NFTs. To fulfill this promise, we need to push back against the corporate invasion. Join us in creating a more community-driven ecosystem that values creativity, innovation and equity.
The spike in trading volume after President Trump’s election. It wasn’t only MAGA hats going digital. It was about the hope that a new administration might bring a more favorable regulatory environment to the crypto space. We can’t afford for the future of NFTs to be entirely in the hands of political whims. Now is the time to act and create a more robust regulatory framework that protects investors. Beyond aligning with the executive order, this framework will better help to foster innovation.
NFTs aren't dead. But they’re biding their time until the actual revolution starts. A community-powered, creative, and radical revolution that will help us all realize the green, equitable, decentralized tomorrow we know is possible. Are you ready to join the fight?
