The numbers don't lie: BNB Chain's NFT sales are surging.… daily sales totaled $8.2 million, far outpacing Ethereum and Polygon. Now, hold on a second, don’t save all the fireworks just yet. Are we truly living through a democratization of art and opportunity? Or is this simply the latest iteration of digital sharecropping dressed up with some buzzword blockchain terms. Think about it: What happens when digital gold rushes the vulnerable?

Are Lower Fees Truly Empowering?

BNB Chain’s major claim to fame is its significantly lower fees. Transaction costs on Ethereum are astronomical, pushing creators and collectors of modest means to the margins. In contrast, BSC provides a lower barrier to entry that seems more approachable. Accessibility alone doesn't guarantee empowerment. What are these lower fees being offset by, hidden costs, less robust security or regulatory oversight?

Consider this: imagine a farmer who can finally afford the seeds to plant a crop, thanks to a microloan. That's fantastic. What if the loan has predatory interest rates, making them eternally bound by debt? What if the market gets flooded with cheaper, subsidized fresh produce, undercutting their profits? What happens when a severe drought destroys their harvest and leaves them only debt? Though Harsh’s seeds provided access, they did NOT guarantee success.

Access is important, yes. But it's only the first step. We need to move beyond the access versus no access debate and ask harder questions about the systemic structures that create this access. Is BNB Chain really creating a long-term ecosystem where creators can succeed? Or does it lead to a race to the bottom, where less safe, less secure and less fair platforms compete primarily on fee, ultimately undermining the quality of the services? What are the revenue sharing models? So are artists actually getting a fair cut from their sales? Or are they sacrificing too much on the altar of the platform?

Forgotten Voices, Remembered Now?

The NFT space could really use an infusion in the arm right now. After a peak of almost $600 million in daily sales in May 2022, the market has been recovering from the subsequent crash. BSC’s beautiful rise up could be considered a sign of life. All progress is welcome, right? Until you really think about who it is helping. Similarly, are we really seeing a wave of new producers from diverse and marginalized backgrounds? Or are we simply witnessing the same players reappear on different platforms bouncing around like pinballs looking for lower fees and higher profits.

This post originally appeared on the Cultural Survival website. Their success stems from the fact that they have used BNB Chain to efficiently reach new audiences and generate considerable revenue. What challenges are they facing? So, can they really cut through the NFT market’s labyrinthine complexities? And perhaps most importantly, are they getting the supports they need to help them succeed? Not only this, but are they being paid appropriately for the amount of work that they do?

Consider, for example, the single mother in the Philippines who is able to produce gorgeous digital art on the side. She’s received some inklings about these new marketplaces called NFTs and how artists like her can finally make a living off their creations. She hopes to join her friends who recently left poverty behind and got the opportunity to give their kids a better life. She doesn't have access to high-speed internet, she doesn't understand the technical jargon, and she's worried about being scammed. Is the BNB Chain ecosystem truly designed to empower her? Or is she just the bait, a pawn in an elaborate get-rich-quick scheme?

We need more than just numbers. We need to amplify these voices.

Freedom vs. Needs: Is There a Balance?

The core promise of NFTs is freedom: freedom for creators to control their work, freedom for collectors to own unique digital assets, and freedom from centralized intermediaries. Freedom and liberty without accountability and responsibility – that’s a volatile mix. When people are living from paycheck to paycheck, that temptation towards financial freedom might be the most attractive thing in the world. Are we preying on that vulnerability?

Consider the “play-to-earn” gaming boom that devastated across the Global South during COVID. Hundreds of thousands of people invested everything they had into these titles, believing they were going to make a living. Some succeeded, but many lost everything. That promise of financial independence became an economic burden. Could NFTs be following a similar trajectory?

The current NFT market is all speculation, hype, the flavor of the month. The absence of a powerful catalyst and practical application in the real world is worrisome. Let’s get past the technological promise. Let’s prioritize the development of interoperable, sustainable ecosystems that provide significant value to creators and collectors.

BNB Chain’s NFT boom might yet prove to be a more positive force for good. We need to address the ethical and social implications before that. We need to make sure that it will empower creators and collectors, instead of taking advantage of their desire and need to participate. BSC-based NFTs are experiencing explosive growth, fueling hype and speculation. This spike has had a positive impact on the price of BNB, the native token of the Binance ecosystem. BNB was up 0.9% and trading at $590 at press time. It has a market cap of about $82.8 billion and $1.4 billion in trading volume every day. At what cost?

  • Education is paramount. We need to educate people about the risks and rewards of NFTs, empowering them to make informed decisions.
  • Fairness matters. NFT platforms need to adopt fair and transparent revenue-sharing models that prioritize the needs of creators.
  • Sustainability is key. We need to address the environmental concerns associated with blockchain technology and promote sustainable practices.

Let's not get blinded by the numbers. Just as important is the untold story of those who are producing and collecting these digital assets. Are they really being empowered, or are they being taken advantage of? The truth of the matter, I would argue, is far more complex than the headlines would like you to believe. That’s a question we all have to continue insisting on.

Let's not get blinded by the numbers. The real story lies in the experiences of the people who are creating and collecting these digital assets. Are they truly being empowered, or are they being exploited? The answer, I suspect, is more complicated than the headlines suggest. And it's a question we need to keep asking.