They want to isolate us? The Bank for International Settlements (BIS) really wants to quarantine digital assets? Seriously? Identical to their attempts to enclose the internet in a walled garden. It's not just naive; it's dangerous. And in regard to NFTs, well, if that’s your take, you are way off base with the whole concept. My name is Sokha, and I’m NFT trend editorial producer. Read on to understand why the BIS is not just wrong but is really trying to extinguish a revolution.
Art, Not Just Assets, People!
The BIS sees "digital assets." They see volatility, risk, and potential instability. I see art. I see community. I look forward to see artists being compensated fairly for all their work. Have they not considered the astounding creativity erupting, of all places, in the NFT space? We aren’t just referring to 8-bit gorillas, mind you (though some of those are admittedly excellent). We’re referring to immersive digital art, trailblazing music experiences, and live performance new mediums of narrative.
Take for example the [Insert Hypothetical NFT Artist Name] project. Or the fact that these artists were selling these stunning digital worlds for the price of an actual small house! Or consider the musicians using NFTs to fund their albums and connect directly with their fans, bypassing the gatekeepers of the traditional music industry.
These aren't just "assets;" they're expressions. They’re mirrors to our society, our aspirations and anxieties. As the BIS has such a huge emphasis on spreadsheets and financial modelling. In the process, they lose sight of the emotional impact, of the awe and wonder that these digital works evoke.
Myths Debunked: Scams Aren't the Rule
Okay, let's address the elephant in the room: scams. Sure, there are rug pulls and questionable projects in the NFT space. Just like there are in every industry. Demonizing the entire NFT ecosystem as a place where scammers and grifters thrive is disingenuous. Most importantly, it is a slap in the face to the thousands of artists, creators and collectors who are busting their humps to build something genuinely wonderful.
And the BIS is right to be zeroing in on these outliers, these exceptions, these bad apples. They’re trying to scare you to support the humane treatment establishment’s campaign to keep them isolated. But what about the countless success stories? What happens to the artists that are just now, thanks to NFTs, able to make a sustainable living through their work? But how about the communities that are building up around these new digital creations, communities that are driving new innovation and creation through their collaboration?
NFTs are democratizing the art world. For centuries, the art world has been controlled by a select few: galleries, collectors, and critics. These gatekeepers were the ones that decided who got recognition. They dictated who got a platform and who got to make a career.
Empowering Artists! A New Dawn
NFTs are changing that. Today, artists have unprecedented ability to reach their audiences directly, sell their work without intermediaries, and maintain control over their work. This is empowerment, pure and simple. This is a revolution.
Just the other week I was on the phone with a digital artist who had been trying for years to get on people’s radar. She was good, hard-working, but always passed over by galleries. Then, she discovered NFTs. Within months, she was selling her prints for thousands of dollars and amassing a devoted following. Her life changed. And the BIS wants to put an end to that?
Christopher Perkins is right. Equating crypto to communism? That’s not only a terrible comparison—it’s an offense to our intelligence. Crypto, and NFTs specifically, are all about access. They’re about democratizing finance and art, providing equal access to everyone to be a part of the conversation—no matter who they are, where they come from.
The Internet vs Communism? Seriously?
The internet didn't destroy the world. It connected it. And crypto, especially with NFTs at the forefront, has the potential to do the same for finance and art.
Perkins really hit it on the head with the operational tempo mismatch. Traditional finance operates on a 9-to-5 schedule. Crypto never sleeps. Particularly as the world has become a 24/7 global marketplace, always evolving and innovating.
24/7 Innovation: BIS Can't Keep Up
The BIS has been hampered by a slow-moving, bureaucratic process and outdated regulations. They are overwhelmed and intimidated by what they don’t understand and scared by what they can’t control. Rather than seeking to nip innovation in the bud, they should be fully welcoming it.
Their current concern is the macroeconomic instability created by stablecoins, particularly in developing economies. What about the actual real people, living in those economies, using stablecoins to circumnavigate hyperinflation and financial repression?
Stablecoins: A Lifeline, Not a Threat
For them, stablecoins aren’t a threat to their interests. They’re a lifeline. They’re a way to protect their savings from inflation and engage with the global economy on their own terms.
Christian Catalini is spot on. In this sense, the BIS report feels like an agenda from a different age. We need to update our regulatory and supervisory frameworks so that we can stay ahead of the fast-moving digital financial architecture. Obsolete regulations can’t curb this expansion. They must be overhauled.
Modernize, Don't Isolate!
We require regulators who understand the full promise of crypto and NFTs. Let’s work together with the industry to help them build a safe, equitable, and sustainable ecosystem. In this critical time, we need our leaders to be visionary, looking down the road — not nostalgic for the past.
The BIS is fundamentally out of touch with the NFT revolution because they’re stuck staring in the rearview mirror. They're so focused on the potential risks that they're blind to the incredible opportunities. They’re so afraid of change that they’re okay with suffocating innovation and creativity.
This is far beyond the dollar return. This is about art, vocation, community empowerment, and social engagement. It’s about empowerment. It’s about telling the untold stories. It's about building a better future. The BIS, stuck in their 20th century ways, are the ones blocking their progress.
It’s time for them to get hip and smell the digital coffee, so to speak. The NFT revolution has arrived, and it’s not going anywhere.
They need to wake up and smell the digital roses. The NFT revolution is here, and it's not going away.
