An NFT band that literally can never play

While reading this story on vice.com about Universal Music Group (UMG) — the powerhouse label that represents Lady Gaga, Ariana Grande, and Jay-Z — forming an NFT band made up of cartoon ape JPEGs “owned” by some guy, it has become clear that the NFT hype bubble has inflated beyond anyone’s wildest expectations. The sickest part about this story is that UMG will probably make some money doing this.

To understand just how stupid this is, have a look at my Sunday essay, Tokenomics: Understanding the Value of Crypto, NFTs, and DAOs. It will help you understand why this “cartoon ape” stunt by UMG is unfortunate.

Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it.

About Shelly Palmer

Shelly Palmer is the Professor of Advanced Media in Residence at Syracuse University’s S.I. Newhouse School of Public Communications and the CEO of The Palmer Group, a consulting practice that helps Fortune 500 companies with technology, media and marketing. Named LinkedIn’s “Top Voice in Technology,” he covers tech and business for Good Day New York, writes a weekly column for Adweek, and is a regular commentator on CNN and CNBC and writes a popular daily business blog. He’s the Co-Host of the award-winning podcast Techstream with Shelly Palmer & Seth Everett and he hosts the Shelly Palmer #CryptoWednesday Livestream. Follow @shellypalmer or visit shellypalmer.com.

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