Bobby Hundreds, the founder of the Adam Bomb Squad NFT project, is now calling NFTs a scam. The incendiary comment is meant to capture attention– it’s part of a longer title of an upcoming collection of essays penned by Hundreds titled, “NFTs Are a Scam/NFTs Are the Future”. What do we know about Bobby Hundreds’ new essay collection?
Why Did Bobby Hundreds Call NFTs a Scam?
Bobby Hundreds launched his NFT project in the bull market of 2021. He writes that the 25,000-piece project sold out in under in just 40 minutes! Unfortunately, Hundreds claims, the majority of the buyers were opportunists looking to make a quick buck and not actually interested in joining the project’s community.
This left a sour taste in the streetwear legend’s mouth. His clothing and lifestyle brand grew an organic community over 20 years. After that experience, Hundreds felt disappointed when he saw that NFT buyers did not share the same patience or love for the actual products.
Additionally, Bobby Hundreds also felt like the zero royalty era ushered in by Blur‘s NFT platform was a major setback for the industry. He opines, “This is bad for the longevity of the space. You want to pay artists and creators, because if they’re not being incentivized or compensated for their work…why would they continue working on projects? Eventually, they’re going to leave the space because they can’t or don’t want to work for free.”
Are NFTs Completely Useless?
NFTs are not all bad, however. Bobby Hundreds does think token-gating with NFTs is a great application for the technology, for example. Furthermore, he also believes that some projects will become highly-sought collectibles in ten years or more. He points to retro sneakers and clothing brands making comebacks as precursors to this prediction.
It seems that the title of his essays are more meant to stir controversy and build engagement than anything else. Bobby Hundreds says he is continuing to build the Adam Bomb Squad NFT project, and even though he thinks NFTs have much room for improvement, is bullish on their future.