Is crypto really a sin? The Christian protestors took the streets of Manhattan to protest against NFTs saying “Crypto is a sin”. These protestors raised these slogans in solidarity against NFTs. In this post, we will the truth about NFT protests.
On Monday 20 June, protests rock across the US against the NFTs. As the NFT market is going down and many NFTs are being stolen, protestors were seen on the streets of the US saying God hates NFTs. However, people are saying this is just a marketing stunt to make the NFT market go up again.
We will be discussing more on the NFT protest. Why are protestors saying God hates NFTs. is this the end of NFTs? Why are people going against the NFTs? So, without wasting time, let’s start.
Why Is NFT Protest In The US?
Yesterday, a strong pushback against non-fungible tokens (NFTs) was witnessed when people of the US took on the streets to protest against NFTs. NFTs were at the peak of their popularity in 2021, with “right-clickers” railing against “worthless jpegs.” The people said the unhinged picketing in the heart of New York during the annual NFT.NYC conference seemed like a step too far.
The majority of Twitter users started ridiculing the protestors without realizing that the joke was actually on them. Only a handful of users realized that the whole event was fake. It can be as a stunt to improve the NFT stats by making NFTs spark on the streets. As per the recent reports, many users are no longer using active wallets. This means that people are no longer interested in this anymore.
Co-founder Bobby Kim, who posted the viral video on his social media accounts, confessed that his company came up with the over-the-top slogans and hired actors. Without taking sides between crypto haters and supporters, Kim says that the whole thing was designed to “let off steam.” Now NFTs continue to attract more criticism after their prices collapsed in tandem with the rest of the cryptocurrency market.
Is The NFT Protests A Marketing Stunt?
The NFT.NYC event took place in New York on Monday. The streetwear brand cofounder used a unique way to attract the attention of the people. Kim staged a campaign in the form of the God Hates NFT protest, to draw attention and popularize his upcoming NFT collection dubbed Adam Bomb Squad. While now known to be a marketing stunt, the fake NFT protest by Kim drew out a varied reaction from cryptocurrency holders and skeptics alike. While several users commented that they thought that the protest was indeed a serious one, others ridiculed the idea adding that the protest doesn’t make any sense.
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Here we conclude our post on the NFT protest. This seems merely a publicity stunt to make the NFT run. However, the market is also down, we will have to wait and watch if the protection was a stunt or not.
Keep exploring our website to know more about NFTs.
Frequently Asked Questions
Q1. Have NFT Prices Dropped?
Bloomberg reports that the popular Bored Ape NFTs saw a 25% decrease in average price along with other “blue-chip” tokens.
Q2. Is NFT Safe To Invest?
An NFT can be a legitimate investment if investors understand what the NFT is being used for. “Making sure that you have something that has utility is a better bet for the long-term life of what an NFT is,” Donaraski says.
Q3. Why You Should Not Invest In NFT?
NFTs can be a risky investment, as it is a new type of digital asset with a lack of liquidity, making it a bit challenging for token holders who want to sell their assets. So, it is advised to thoroughly research how blockchain technology works and all the available options to approach these digital assets.