Line Goes Up – The Problem With NFTs

Line Goes Up – The Problem With NFTs is a 2022 documentary film written and directed by Canadian YouTuber and video essayist Dan Olson on NFTs, cryptocurrencies, the metaverse, and Web3. The video was published to his YouTube channel Folding Ideas on January 21, 2022.[1]

Line Goes Up – The Problem With NFTs
Directed byDan Olson
Written byDan Olson
StarringDan Olson
Release date
  • January 21, 2022 (2022-01-21)
Running time
138 minutes
CountryUnited States
LanguageEnglish

Contents

In the video, Olson traces the early history of Web3 through the 2008 Great Recession and the creation and early history of Bitcoin and Ethereum before going over the concepts, technologies, and economics of the space. Olson then goes over the history and technologies behind NFTs while arguing that they mainly exist to get more people into the cryptocurrency space.[2] Olson then spends the next segment of the video criticizing the current general lack of quality in NFT art and NFT art collections. In the later half of the video Olson goes over the Crypto and NFT community while also going over and criticizing blockchain games, the play to earn gaming business model, and decentralized autonomous organizations. He concludes the video arguing that the core of the upcoming web3 movement is a "turf war" between the top 5% and 1% and the market is based on the pitch of 'buy in now and you can be the next tech millionaire', calling it similar to pitches from multi-level marketing companies. He expresses a stance that, no matter how bad the current system is, NFTs, cryptocurrencies, and blockchains are the beginning of a worse system intent on making everything have a speculative price.

Production

In an Interview with Vice Olson stated has followed the rise of bitcoin hearing claims that it would reach mass adoption, though after using it, Olson believed that cryptocurrency was not functional and that it is only viable because its price kept on increasing over time. Olson later came to believe that the history of cryptocurrency was a story about the evolution of fraud. Olson later became skeptical of new developments in crypto technology viewing them as overpromising and this drove feelings of frustration and anger which lead to him making the video. Olson stated he started writing the video in April 2021 though his slow writing process lead to the video being delayed to release in the fall of 2021 before it finally released in January 2022.[3]

Release and reception

As of April 2022 the video currently sits at 7 million views with 306 thousand likes. Following the videos release it trended on Twitter.[3]

In an article for the Verge, Casey Newton noted "few of Olson’s criticisms are entirely new, though the collective force of Olson’s arguments is substantial."[2]

Economist and Web 3 investor Tascha Chein wrote a rebuttal article for Time's Into the Metaverse series.[2]

See also

References
  1. Olson, Dan (January 21, 2022). Line Goes Up – The Problem With NFTs (Video). Retrieved February 14, 2022.
  2. Newton, Casey (2022-01-28). "Three things Web3 should fix in 2022". The Verge. Retrieved 2022-02-14.
  3. "Meet the Guy Who Went Viral for Explaining How NFTs Are a Bullshit 'Poverty Trap'". www.vice.com. Retrieved 2022-02-14.
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