I knew this would sell out.
But I didn’t expect it to happen in 5 minutes.
The artist literally told us in advance: “if i ever announce a pfp drop just know its a rug ahead of time.”
And still, millions of dollars flowed in.
I’m not criticising the artist for understanding the market. He understood it perfectly.
I’m questioning what the market is telling artists to become.
No meaningful innovation. No evolution of the PFP format. Just another highly effective speculative vehicle - and the market rewarded it with millions in seconds.
A few artists reached out to me saying “wtf are we doing?”
Some are genuinely questioning whether they even want to remain in this space.
That should concern us more than whether the mint was successful.
The market is free to reward whatever it wants. But we should be honest about what we’re rewarding.
If we keep rewarding speculation over experimentation, we shouldn’t be surprised when artists stop experimenting.
Eventually, we’ll have exactly the culture we paid for.