While reading this story on vice.com about Universal Music Group (UMG) — the powerhouse label that represents Lady Gaga, Ariana Grande, and Jay-Z — forming an NFT band made up of cartoon ape JPEGs “owned” by some guy, it has become clear that the NFT hype bubble has inflated beyond anyone’s wildest expectations. The sickest part about this story is that UMG will probably make some money doing this.
To understand just how stupid this is, have a look at my Sunday essay, Tokenomics: Understanding the Value of Crypto, NFTs, and DAOs. It will help you understand why this “cartoon ape” stunt by UMG is unfortunate.
Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it.