this.
I’m speaking about paid NFT mints as that’s what I know best, but they are almost always seen as an extraction of money from the space. How do you expect projects to build in a market where a collection's lifespan is 2-3 days?
“They can launch a free mint and build off royalties.” You mean the free mints that end up with a <0.01 ETH floor price and don’t have the chance to earn these royalties?
I’m not against paid mints that serve a purpose and are not “just for the art, the memes, etc.”
My usual saying, “Never Fade Free Mints,” is something I have stuck by since 2020 and has never failed me, as it’s quite literally a risk-free opportunity for minters. But in this market, it’s so incredibly tough to launch anything without the minters suffering.
All paid mints are not extractions, but there are bad actors in the midst of other hyped/good launches. The Abstract Chain is a good example of this.
Time to have an honest conversation about “extraction”
There’s a lot of dummies on this website that seem to think businesses making money = “extraction”
Question for all of said ppl - where exactly are the businesses going to make money other than providing services that people are willing to pay for?
Do we call McDonald’s selling hamburgers to hungry people extraction? No.
Do we call Pudgy selling plushies in Walmart extraction? No.
Do we call Hyperliquid making insane daily fees on bad perps traders extraction? No.
Do we call ico making money from infofi posting about Polkadot or any number of other projects extraction? No.
Do we call Disney making a movie and charging people to go see it extraction? No.
Do we call Nintendo making a video game and charging people to play it extraction? No.
So why, oh why, do we seem incapable of understanding that projects and teams that produce *entertainment* products are wholly within their rights to sell access or take fees without labelling it as “max extraction”?
I genuinely do not understand how some of your brains work.
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