The Problem with NFTs (Part 1)

Garrett Mickley
5 min readFeb 17, 2022

“A large part of capitalism is built on artificial scarcity, and web3 is no different.”

Photo by Sammy Williams on Unsplash

Metaversian News Issue 007

Thursday February 17, 2022

Welcome to Issue 007 of Metaversian News.

Last week’s issue got skipped because I had an identity crisis.

I watched this video, Line Goes Up, which is a 2 hour documentary about a lot of problems with NFTs and web3 in general.

And then I wasn’t sure I even wanted to be involved in this stuff anymore.

I wanted to do a special edition of Metaversian News that was going to be a single essay response to the video.

But the more I research all of his points, the deeper into the rabbit hole I go.

The reality is there are a lot of problems.

With NFTs, blockchain, the metaverse, and web3.

I highly recommend watching the video (I watched it at 1.25x speed and it was still really easy to understand).

I titled this issue “Part 1” because I want to go through it again and follow up.

Hopefully it won’t be book length.


Let’s go!

Building the Metaverse

“It ain’t gonna build itself.”

We need to change the definition of “web3”.

Right now, when people talk about web3 they use it as a catch all for blockchain technology.

There’s cryptocurrency, built on blockchain.

NFTs are built on blockchain.

The metaverse is built on NFTs which are built on blockchain.

So, web3 is the internet run on blockchain.

I’d like to treat all of the web# eras as less about the technology and more about the problems they solve.

  • Web1 was all about solving the problem of getting information around the world instantly.
  • Web2 was all about solving the problem of getting communications around the world instantly.
Garrett Mickley

Privacy consultant. Clean up your digital footprint in 5 days (or less) with my free guide at YourSecure.Life/guide.