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NFTs Are A Scam – Bobby Hundreds’ NFT Manifesto Bobby Hundreds’ NFT Manifesto
Bobby Hundreds, the founder of the Adam Bomb Squad NFT project, is now calling NFTs a scam. The fiery commentary is meant to grab attention – it’s part of a longer title for an upcoming collection of essays written by hundreds entitled “NFTs Are a Scam/NFTs Are the Future”. What do we know about Bobby Hundreds’ new collection of essays?
Why did Bobby Hundreds call NFTs a scam in his new essay collection?
Bobby Hundreds launched his NFT project in the bull market of 2021. He writes that the 25,000 part project sold out on under in just 40 minutes. Unfortunately, Hundreds claims, the majority of buyers were opportunists looking to make money and not actually interested in joining the project’s community.
This left a sour taste in the streetwear legend’s mouth. His clothing and lifestyle brand grew an organic community over 20 years. After that experience, Hundreds felt disappointed when he saw that NFT buyers did not share the same patience or love for the actual products.
In addition, Bobby Hundreds also felt that the zero royalty era ushered in by Blur’s NFT platform was a major setback for the industry. He believes: “This is bad for the longevity of the space. You want to pay artists and creators, because if they’re not incentivized or compensated for their work … why would they continue to work on projects? Eventually they’re going to leave the space because they cannot or will not work for free.”
Image credit: Adam Bomb Squad
Does Bobby think Hundred’s NFTs are completely useless?
However, NFTs are not all bad. For example, Bobby Hundreds thinks token gating with NFTs is a great application for the technology. Furthermore, he also believes that some projects will become highly sought after collectors’ items in ten years or more. He points to retro sneakers and clothing brands making a comeback as precursors to this prediction.
It seems that the title of his essays is more intended to stir up controversy and build engagement than anything else. Bobby Hundreds says he’s continuing to build the Adam Bomb Squad NFT project, and while he believes NFTs have a lot of room for improvement, he’s optimistic about their future.
