Tag Archives: NFT

How the Porsche NFT Drop Crashed and Burned

Collectors called the expensive NFT mint “clueless” but the sports car brand went ahead anyway, yielding a Web3 wreck in progress.

Porsche’s project focused on the German automaker’s iconic 911 sports car, with a planned drop of 7,500 Ethereum NFTs that would celebrate the vehicle and allow holders access to events and exclusive merchandise. It would also let crypto-savvy car junkies vaguely “help design Porsche’s future in the virtual world.”

https://decrypt.co/119912/porsche-nft-drop-crashed-burned

Web3 and the Trap of ‘For Good’

Because decentralization doesn’t necessarily mean redistributing power, Web3 must make values integral to the architecture.

The application of a “for good” framework to Web3 brings its own complications. “X for Good” projects within the tech and social impact sectors are essentially built on the theory that the right tool applied to the right problem will result in large-scale social benefits. The “X” in these projects has historically involved tools such as artificial intelligence, data, virtual reality, or games, or social media and communications platforms, among others. At its best, the “X for Good” framework allows for community-led development of appropriate tools that help create positive social impact in areas such as poverty alleviation or social justice movements. Too often, however, it results in tech solutionism and the imposition of tools on a community, neither designed with nor by communities. As Mark Latonero says, “​​The deeper issue is that no massive social problem can be reduced to the solution offered by the smartest corporate technologists partnering with the most venerable international organizations.” Read more