Today's NFT market isn't about art


Eagle, CO

Last updated on May 15, 2023

Posted on May 15, 2023

I decided to figure out what the NFT market is about. So I looked at the top 20 sites in volume as of May 11 on on Then I went to their home pages.

Most of the sites are poorly designed. What I mean by that is there's no what-is-it, description of the problem being solved, or target market benefits written at a 3rd grade reading level. That these sites don't describe their operation reminds me of what Mark Twain once said, "I didn't have time to write you a short letter so I wrote a long one". It says they're not selling to anyone but those on NFT Twitter, a puny market of gamblers, traders, and sneaker heads who already get the game.

It also points to these projects wanting to jump in quickly, to rake up the money that was falling off the trees before the wind blew it away. I don't believe any of them thought much past mint. Not one of them appears to have a competitive advantage over the other.

7 of the top 20 are owned by two companies - Yuga Labs and RTFKT. So much for decentralization.

So what are NFTs about? It's a rhetorical question. They're certainly not about art, not according to the numbers or what's on their websites. Only 1 of the 20 is an art project - defined as their what-is-it on their home page. Looking at the top 20 sites the NFT market is about gaming, merch, gambling, and media - meaning, hoping they get bought by some tv channel. Never mind that no one but the older crowd watches tv.

I've been in this market daily since 2.22.20. IMO right now crypto is a market that routinely devours good people, is rife with scams, carnival barkers, and crooks. It's way past time, that people start calling it out for what it is.

tty next time,  

#20 - rektguy ‌‌
No what is it statement. Just this - "down bad but never dead". My best guess is they're about gambling.

#19 - Sappy Seals‌‌
No what is it statement. "Stake your Sappy Seal NFTs to start earning $PIXL (the in-game utility token of the Pixlverse) today!". They're about gaming and staking?

#18 - World of Women‌‌
"WoW’s vision is to build an inclusive web3 through its collection and community. According to research published in Nov. 2021, female artists accounted for just 5% of all NFT art sales in the prior 21 months. WoW is on a mission to change this. Together, we can create opportunities for anyone around the world to be owners, creators and contributors in this new era of the web.

"We believe in giving back from Day 1. With the WoW community, we’re taking action to increase diversity in the NFT space, educate and onboard the next generation of creators and builders, and create equal opportunities for everyone. The time is now".

It appears that the problem being solved is the fault of the target market - "5% of all NFT art sales in the prior 21 months". And that they're expecting the target market to solve the problem they're being blamed for? Or they're wanting to appeal  to a yet to be found new target market  by creating "opportunities for anyone around the world to be owners, creators and contributors in this new era of the web".

Their home page copy makes them a product in search of a market. Their business appears to be advocacy.

#17 - OnChainMonkey ‌‌
They have a quasi-hook statement. That's followed by a statement that starts with a benefit. The rest of the paragraph is their resume. Their message is centered about financial – "wealthy digital nation" is a prominent statement.

#16 - Lil Pudgys‌‌
They have a hook statement and what is it statement. The benefits are listed too. They're about content, merchandise, toys, and digital collectibles.

#15 - CryptoDickButts‌‌
"Collect 'em.‌‌Trade 'em.‌‌Hide 'em from your family.‌‌CryptoDickbutts represent the next devolution in the state of art as NFTs. Series 3 features 5200 randomly generated CryptoDickbutts priced at 0.052 ETH".

No description of the problem being solved. Looks like a site for kids. Their site looks to be designed to draw in the gaming or gambling crowd..

‌‌No hook statement or what is it statement. They're about "story-driven experiences with digital & physical collectibles" and becoming a "global entertainment brand".

#13 - Doodles‌‌
They talk about what they sell. But not why customers should care. Or what problems they solve for customers. They're in animation, toys and apparel, and digital collectibles.

#12 - Clone X (RTFKT)‌‌
Their home page doesn't describe what they do. I had to find it in the top nav, on the right under WTF (what the fuck?):‌‌"RTFKT is an eclectic, future-focused, creator-led organization. We use the latest in game engines, NFTs, blockchain authentication and augmented reality, combined with design and manufacturing expertise to create unique experiences with phygital fashion, sneakers, and digital artifacts.

"We are known to create viral sneaker designs, collectible exclusives, 3D & AR wearables, unique avatars and original art. RTFKT has maintained a reputation of being more than a little ahead of the latest cutting-edge technology, a rep that has many mystified, as RTFKT would appear to lack the resources and manpower to rival giants in terms of research and development in the birth of digital fashion".

A lot of copy talking about themselves. But nothing as to what problems they solve and/or why customers should care.

There's a lot on their site, they spent heavily on it. The goal of their design seems to be "look at us - our site is so fancy, we think that's reason enough for you to buy our stuff".

#11 - Beanz (Azuki - RTFKT)‌‌
Their website home page doesn't describe what they do. Their Manifesto link says this: "Breaking down barriers. Building open communities. Creating magic internet money with our friends".

#10 - Otherdeed for Otherside (Yuga Labs)‌‌
Home page: "Otherside is a gamified, interoperable metaverse currently under development. The game blends mechanics from massively multiplayer online role playing games (MMORPGs) and web3-enabled virtual worlds. Think of it as a metaRPG where the players own the world, your NFTs can become playable characters, and thousands can play together in real time". No description of the problem being solved. Gaming.

#9 - MONGS NFT‌‌
Their home page is this statement - "MONGS are a culture, a vibe. They believe that somehow this is new, and hip, and an attack on the powers of society.”

#8 - Moonbirds ‌‌
This is the best site so far. But their what-is-it isn't clear – "web3 art, culture, and technology". The problem being solved doubles as criticsm – "To some, the “art world” can feel daunting or stuffy; a cryptic pastime reserved for those with sufficient insight and deep pockets".

"It doesn’t have to be that way. We’re in the midst of a cultural revolution—a digital renaissance—in which art is being transformed into something everyone can appreciate, own, and share. Our goal is to create unique experiences for collectors to connect with artists to own and champion their art. And to have a lot of fun along the way".

They do list customer (Holder) benefits mid-way down the home page.

#7 - Bored Ape Kennel Club (Yuga Labs)‌‌
They don't explain their product, describe the problems solved or what their business is - because they don't have to. Everyone on NFT Twitter knows about apes. No one from outside the bubble would understand the site. This shows their lack of humility.

#6 - Meebits (Yuga Labs)‌‌
Their copy is written for NFT Twitter as well. "The Meebits are 20,000 unique 3D voxel characters, created by a custom generative algorithm, then registered on the Ethereum blockchain".

#5 - Pudgy Penguins‌‌
More copy designed for the existing NFT market. But they took the extra step of writing in all caps, just to make it even clearer they only care about NFT Twitter. "PUDGY PENGUINS ARE 8,888 UNIQUE COLLECTIBLE PENGUINS WITH PROOF OF OWNERSHIP STORED ON THE ETHEREUM BLOCKCHAIN".

#4 - DeGods‌‌
If there was a hall of fame of poorly designed sites, this one would be in it. "The #1 NFT community on the internet. We f*cked up and made original art instead of another derivative. Some of our holders are kinda Twitter famous".

#3 - Bored Ape Yacht Club (Yuga Labs)
More copy that no one else besides NFT Twitter understands. "A limited NFT collection where the token itself doubles as your membership to a swamp club for apes. The club is open! Ape in with us".

#2 - Azuki (RTFKT)
See #11.

#1 - Mutant Ape Yacht Club (Yuga Labs)‌‌
This is the best copy Yuga has. However no one outside of NFT Twitter understands what the "BAYC ecosystem" is and why it benefits them. "The MUTANT APE YACHT CLUB is a collection of up to 20,000 Mutant Apes that can only be created by exposing an existing Bored Ape to a vial of MUTANT SERUM or by minting a Mutant Ape in the public sale.

"The MAYC is a way to reward our ape holders with an entirely new NFT—a “mutant” version of their ape—while also allowing newcomers into the BAYC ecosystem at a lower tier of membership. Mutants represent the final tier of membership; everything going forward occurs with the intention of accruing utility and member’s-only benefits to Bored Apes foremost, but also Mutants, and to a lesser extent, Bored Apes with BAKC companions".

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