How Legacy became a costly crypto bust for players and a business win for Peter Molyneux

After millions in NFT sales, the hyped “play to earn” game was effectively dead in weeks.

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[Wheels Of Confusion]

Who the hell trusted Peter Molyneux after the Godus debacle? Stop giving that guy money!

What gets me is that even the fucking name is stupid. "Godus."
Like, really? How was that not laughed down immediately during brainstorming?

 

[Wheels Of Confusion]

Doing due diligence is hard, but man if I'm about to drop 7 figures on something, I will at least take an hour to, I dunno, fucking Google the people in question?

That's the insidious part. People, even this doofus, don't typically go in "about to drop 7 figures." They go in for a smaller amount, and then keep throwing money at the problem.

 

[Wheels Of Confusion]

. . . and NFTs have scarcity of virtual resources that nobody actually needs.

This was the biggest nope from me when word was initially spreading about NFTs years ago. "You want to impose artificial scarity on inherently infinitely copyable items? And you think this is a good thing that the world needs?" Even before I fully understood how stupid the concept of NFTs were (and how divorced that concept was from the underlying "you don't really own a picture, you pay to have your name associated with a database entry on a network that might evaporate at any time and it isn't even an image file"), that alone was enough to put me off of them. The last thing the world needed, even back then, was more scarcity.

Edit: Here's one of my early reactions from 2021:

Frankly I don't see what "artificial scarcity" does for anybody other than those trying to monetize access to it, e.g. middle-men and gatekeepers. Like we need more of those. Somebody looked at the Internet and said "You know what the problem with this is? It's too damned easy to access something!"