The Monad testnet is buzzing. As of ENA’s launch, almost 100 NFT collections have sprung up overnight. Now we’re starting to witness Sealuminati Testnetooor and Skrumpet prices skyrocket. Everyone’s euphoric, and airdrop speculation is driving the mania. Before we go crowning Monad as the Web3 savior, let’s pump the brakes and pose some difficult questions. Are we so sure we’re building the decentralized utopia we think we are? Or are we just applying new coats of paint on the same economic hierarchies, blockchain included?
Who Benefits From Hype Machine?
Let’s not kid ourselves though, the allure of NFTs and DeFi is hard to resist. Here’s how artists are freeing themselves from the limits of galleries. Creators are building one-to-one relationships with their supporters, creating economic opportunity for each person. The truth is, who’s actually benefitting at this moment?
We often hear the sensational stories about NFTs selling for millions of dollars, but those stories hide the real story behind the glamour. Often these benefits accrue only to a well-connected elite. These are the first movers, the plugged in, and the change makers. What’s in it for the everyday citizen? Take, for example, the artist living paycheck to paycheck. What does this mean for those who don’t have the capital to place bets on speculative assets? Are we actually empowering them to do this, or are we just opening the door for a new set of digital landlords?
The hype can be deafening. It's easy to get caught up in the excitement and forget to ask who's being left behind. Are these marginalized communities being meaningfully included in this boom, or are they being left behind even more as opportunities expand? Are we taking our role as builders of a more equitable future, or are we just perpetuating the inequities that already exist?
Whitelist: Meritocracy Or Gated Community?
Monad’s community-centric whitelist (WL) system looks great in theory. Reward early, active contributors! Foster long-term engagement! Identify meaningful participants! Does this system really create a level playing field? Or does it set up an arbitrary hurdle that keeps out those who lack built-in advantages?
Think about it. Acquiring whitelist access can be an involved process that may demand time, effort, and social capital. In addition to that, you’ve got to be pretty active in Discord, do the quests, make content, and just genuinely network with other community members. What if you lack the time or the manpower or the budget to execute all of that? What if you work full-time, care for dependent family members, or lack access to the internet? Are you automatically excluded from the party?
The WL system can quickly become a higher-stakes lottery that unintentionally rewards those who are already better resourced and better connected to succeed. Together, these conditions form a self-reinforcing loop. In this cynical game, the rich and powerful are rewarded with more riches and power, while average Americans can’t catch a break. The velvet rope at a nightclub is a great example — it is an illusion of meritocracy and exclusivity. In reality, it often perpetuates the current hierarchies of power.
Environmental Cost: Freedom At What Price?
We can't ignore the elephant in the room: the environmental impact of blockchain technology. Though Monad’s exact consensus mechanism isn’t spelled out, the elephant in the room is recognizing that a plurality of blockchain systems to date have been extremely energy-intensive. This raises a fundamental question: Are we willing to sacrifice environmental sustainability in the name of individual freedoms and economic gains?
Opponents counter that we have a duty—an especially profound one, as the world’s wealthiest nation—to reduce our carbon footprint and protect the planet. This is not an either/or situation. We must develop alternative approaches to technology that avoid deepening this crisis through building new sustainable blockchain technologies.
Perhaps Monad is energy-efficient. The wider NFT ecosystem still heavily favors energy-intensive blockchains. Instead, we need to push for accountability and transparency from NFT projects and platforms. What we can do We should back programs like Energy Web’s that are working to develop the blockchain sustainably. If not, we’re on the path to building a digital economy that threatens the only planet we have to sustain us.
Ultimately, the future of Monad's NFT boom depends on our ability to balance individual freedoms with collective responsibility. We need to distribute the benefits from this new technology equitably. It’s more important than ever that we get the environment right, while uplifting marginalized communities along the way. Whitelisting alone will not do enough to guarantee fairness for the economy. Perhaps Universal Basic Income (UBI) programs, financial literacy initiatives, or community-owned NFT marketplaces provide some possible solutions. The future ahead is indeed full of hope and goodwill. We need to be careful that we don’t make this the next economic mirage. The opposite, a freedom-fueled revolution that truly lifts all boats, is possible.
