Recall all those times NFTs were going to completely change the art game for artists. A new digital age, one that puts power in the hands of artists and entertainers to reach their audiences directly, without the middlemen? A rosy new picture in which creatives newly had agency over their future? I do. And honestly, fast forward a few years here and looking at the landscape today, I’ll be the first to admit I’m getting queasy.
It's not the technology itself that's failed. It's the culture. And Zora’s new “memecoin,” ZORA, is an equally flashing neon sign, as they say, directly at the problem. This isn't evolution; it's degeneration.
NFTs: From Art to Casino Chips
Think about it. What's the dominant narrative around NFTs now? Lambos, apes, and quick flips. It's a casino, not a gallery. For too long, the shine of easy money has dulled the hope of artists being empowered. Millions are duped by the mirage of instant money, rather than rewarding real artistic innovation.
Zora, a platform that once held so much promise with its Open Editions and creator-focused tools, is now launching a "memecoin." Let's be clear: this isn't about governance. It's not about giving creators a stake in the platform's future. It's about hype. Raw, unadulterated hype.
They’re describing it as a ‘memecoin for the Zora community. But what does that even mean? Does it unlock exclusive features? Does it give holders voting rights? Does it purge every print claim on the service or its share of the revenues? No, no, and no. That’s because it’s a token designed from the start to be traded, speculated on, and in the end, pumped and dumped.
This has nothing to do with fostering a sustainable creator ecosystem. It's about gamification. It’s about making art a tool of the marketplace, and artists accessories to tools for speculation and exploitation.
Tradition vs. Degeneracy: A Clash of Values
I'm not a Luddite. I embrace innovation. I believe in certain values. Ideas such as accountability, an appreciation for long-range vision, and a belief in the integrity of the artistic process.
The NFT space was supposed to be everything but that, where these values were enshrined in code. It became a great hope of a home, a safety net perhaps for the artists sick and tired of being poached and ripped off by established institutions. Instead, it’s being flooded with the snake oil salesmen types just looking to turn a quick buck.
Think about the message this sends. To young artists, struggling to make a name for themselves, the message is clear: forget about honing your craft, forget about building a genuine connection with your audience, just create something that's memeable and hope it goes viral.
Is that truly the inventive, innovative, creative ecosystem we hope to bolster and enrich? In this ecosystem, the smartest artists become the most effective puppeteers. They distract and undermine the people who are actually trying to do good, impactful work.
Unintended Consequences Looming Large
The Zora token launch is a microcosm of a much more widespread problem. The NFT space is at a crossroads. We can either move deeper into this speculative mania or we can go in the opposite direction. A way forward that values artistic merit, community engagement, and enduring impact over meeting a bottom line.
What happens when the music stops? What happens when that hype goes away, and the memecoins meme their way to the bottom? Who will be left holding the bag? Most importantly, what will be the long-term impact on the reputation of the whole NFT ecosystem?
What I worry about is that this entire “memecoin” trend will draw excessive regulatory attention. Regulators are already circling the crypto space, and this nascent project provides them with ample ammunition. They'll point to the lack of utility, the speculative nature, and the potential for manipulation, and they'll argue that these tokens should be regulated like securities.
What’s more, this type of interaction only serves to push away broader audiences even more. Those already skeptical of NFTs will interpret this as further proof that the entire industry is a grift. Their skepticism will just get stronger with this new data. It adds fuel to the fire of this narrative—that NFTs are just a passing tech bros/crypto bros get-rich-quick scheme.
In the end, this would erode the public perception and trust in all of NFTs. It would trend the wrong way in making it more difficult for rightful artists and creators to reach a wider audience. It would hamper the ability of the space to reach its full potential.
The Zora token as a console is far beyond any other memecoin. It's a symptom of a deeper problem. Instead, it’s a dangerous sign that the NFT space is beginning to go off track. We all need to wake up and get back in touch with what NFTs originally were intended to stand for. Before it's too late. Maybe you think I am too conservative. Perhaps you believe that those values are antiquated and should be left behind. I know this NFT space can be a positive place. It is in dire need of a wake up call to return to its glory days.
The Zora token is not just another memecoin. It's a symptom of a deeper problem. It's a warning sign that the NFT space is losing its way. We need to wake up and remember what NFTs were supposed to be about. Before it's too late. Maybe you think I am too conservative. Maybe you think those values are old and outdated. But I believe them and I believe the NFT space needs a hard reset to return to the good old days.
