Mike Shinoda Responds To The Claims About NFTs Being A ‘Pyramid Scheme’

By January 14, 2022NFT
Click here to view original web page at metalheadzone.com

Linkin Park’s Mike Shinoda recently posted a tweet in which he addressed the claims regarding NFTs being a pyramid scheme.

Apart from releasing new music material as a solo musician and making artworks as a painter and a graphic designer, Mike Shinoda is also interested in cryptocurrency. Since NFTs became a trend amongst musicians, he also found himself in the crypto business.

Listing his song ‘One-Hundredth Stream’ as an NFT, Shinoda previously made $30,000 from this release. Following that, he also released a song recorded during his Twitch streams, ‘Uncanny Mountain,‘ as an NFT.

Moreover, Shinoda uses his social media to inform his fans about NFTs and blockchain. Although some of his fans criticize him for not sharing posts related to his music, Shinoda sees the cryptocurrency business as the future of music.

Apart from that, his fans also criticize Shinoda about the NFTs not being eco-friendly. However, the musician stated he uses Tezos blockchain to protect the environment as it is a green blockchain. In a series of tweets, Shinoda recently touched upon this issue and said NFTs can provide a huge benefit to gamers.

Upon seeing this, one of his fans questioned the point of NFTs. Following that, Shinoda shared a link to an article that revealed some workers in the Global South make a living playing a blockchain game named Axie Infinity.

After reading the article, a fan asked Shinoda if he admits NFT is a pyramid scheme with this article. As a response, Shinoda said he is not firmly entrenched against his fans, and he is open to new ideas and new points of view as the NFT business is a complicated phenomenon.

One of his fans told Mike Shinoda the following:

“So you do admit that NFT is just a pyramid scheme? I mean, just read the article you just posted.”

To which Shinoda responded:

“Stop thinking I’m firmly entrenched against you. I’m open to being convinced about your point of view as it gets explored. It’s a complicated phenomenon, and people keep oversimplifying. There are communities taking stabs and showing where it does and doesn’t work.”

You can check out the tweet below.

Stop thinking I’m firmly entrenched against you. I’m open to being convinced about your point of view as it gets explored. It’s a complicated phenomenon, and people keep over simplifying. There are communities taking stabs and it and showing where it does and doesn’t work.

— Mike Shinoda (@mikeshinoda) January 12, 2022

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