Perhaps one of the reasons why NFTs have grown so much in public visibility is the fact that so many celebrities have released NFT collections. From musicians tokenizing their album royalties as NFTs to many sports stars launching NFT options, they seem to have become a favourite of celebrities.
But one of these celebrities, Jack White, has expressed regret about his previous NFT collection. This has been revealed in a new interview with the Atlantic where he admits that he was never passionate about the collection and that it was mainly a cash grab by his band’s management.
Fans of Jack White and his band the White Stripes might remember that in April 2021, they released an NFT collection. This NFT collection included art pieces as the visualizer for the Glitch Mob remix of their famous song Seven Nation Army.
Now, over a year after the collection was released, White has admitted that he isn’t actually interested in NFTs and that it was more of a business move than an artistic one. However, he clarified that the band does not plan to release more collections in the future.
“I don’t want to come out and say ‘I had nothing to do with this. It is my band. We allowed it to happen. But it didn’t really interest me. It’s not something we’ll be doing very much of,” he said.
So, why did the band go ahead with the collection? White explains that NFTs had become another way for musicians and other creatives to make money. Sensing the opportunity and seeing how much money NFTs could fetch the band, they decided to go ahead.
“It gives off a vibe of ‘Well, if people are stupid enough to give me money for this, I’ll take it,” he added.
This is interesting given the fact that it is also a common claim by NFT critics. Many of them claim that NFT collections are just cash grabs on the part of their creators. But to an extent, this is to be expected.
Just with the boom in cryptocurrency in the 2010s, there will be people who will release projects in the space simply to capitalize on its popularity and make a quick profit. But over time, practical and valuable applications of the technology will rise to the top.
We can already see this in the innovative ways that NFTs are being used to deliver value. From being a way to access royalties to NFTs being used to raise funds for charitable purposes, they are fast outgrowing the reputation of being cash grabs.
While fans of the White Stripes might be disappointed at this revelation, it does serve to show those in the NFT space that not every collection is a genuine artistic effort.
Inevitably, there will be some NFT efforts that are purely about the financial gain but as the industry matures, these will hopefully become easier to spot by buyers and avoided.