Okay, 19,000 Clone X NFTs went poof. Vanished. Gone. For a few hours, anyway. They are returned now, safe and sound in Arweave after their pesky server migration saga. All of this failure and disorganization just shouts monopoly louder than a dial-up modem in 2024. Web3’s current trajectory is a clarion call for something different. For it to succeed, it requires a major course correction that is led by the workable, community-minded vision taking hold in Southeast Asia.
Million-Dollar JPEGs, Dollar-Store Infrastructure?
Let's be real. Clone X. RTFKT. Nike. We’re not just discussing any collection here, but one that at one point in time had well over a billion dollars of secondary market volume. I mean, we’re talking about Nike here, for god’s sake! The digital images underlying these apparently immutable resources were still living on a precarious, photocopied system. One simple cost-cutting move, such as moving to a free Cloudflare plan, could bring the whole house of cards tumbling down. This would be like trying to build a hundred-story skyscraper on an ever-shifting foundation of sand.
That’s a huge slap in the face to all the artists, creators, and thought leaders who bought into the NFT hype. It’s an affront to the same ideals of decentralization and permanence that Web3 claims to uphold. Is this truly the future we were sold on? An ecosystem where digital ownership only extends as far as the magic number on a corporate ledger?
Let’s not forget the value crash. From a million-dollar zenith to a paltry $300 availability. It’s another example of hype over substance, flash over function. It's the Web3 equivalent of Beanie Babies, and honestly, it's embarrassing.
Southeast Asia: Building Bridges, Not Castles
Here's where Southeast Asia comes in. Meanwhile, the West has been busy trying to catch up to the latest big pump and dump schemes. At the same time, a distinct Web3 revolution is peacefully brewing all over the region. We know that it’s a revolution based on community, use, and access.
Imagine the dynamic contemporary art scenes in places such as Indonesia, the Philippines and Vietnam. This isn’t artists just minting JPEGs so they can flip them for cash. They're using NFTs to connect directly with their fans, to build sustainable communities, and to fund projects that have a real-world impact.
I’ve witnessed like one of you the trend of SE Asian developers looking to focus on real use cases rather than speculative positive hype. In fact they’re developing NFT-based solutions to everything from supply chain management to microfinance, generating real-world value for their communities. They're not interested in building digital castles in the sky. They're focused on building bridges that connect people and empower them.
The Clone X outage isn’t merely a technical excel; it’s an important wake-up call. Indeed, it’s a hopeful indication that the current Web3 model largely controlled by Western venture capital and hype-fueled, get-rich-quick schemes is not sustainable.
As we look to the future, we need a different vision, a vision rooted in community, utility, and accessibility. We require a new vision—a vision based in practicality and materiality, intent on making real, not abstract, value for people. And that vision, I’d argue, is already in the process of being realized in Southeast Asia.
| Feature | Western Web3 (as exemplified by Clone X) | Southeast Asian Web3 |
|---|---|---|
| Focus | Speculation, Hype | Community, Utility |
| Infrastructure | Centralized, Fragile | Decentralized, Resilient |
| Value Proposition | Digital Scarcity, Status | Real-world Impact, Empowerment |
| Accessibility | Exclusive, Expensive | Inclusive, Affordable |
Artists, Users, It’s Time to Build Better
So, to all the artists, developers, and users out there who are disillusioned with the current state of NFTs, I say this: don't give up. So don’t let the failures of projects such as Clone X get you down. Instead, look to Southeast Asia for inspiration. Follow their lead, adopt their style, take on their values. Help them make a better, cleaner, and fairer Web3 while you’re at it!
The future of Web3 shouldn’t be focused on million-dollar JPEGs and dodo birds. It’s about equipping communities with the tools and knowledge to drive creativity, innovation, and connection, while creating a more inclusive and equitable digital landscape. Building from the ground up It’s time, at long last, to build from the ground up—and Southeast Asia is leading the charge. Are you ready to answer the call?
So, to all the artists, developers, and users out there who are disillusioned with the current state of NFTs, I say this: don't give up. Don't let the failures of projects like Clone X discourage you. Instead, look to Southeast Asia for inspiration. Learn from their approach, embrace their values, and join them in building a better, more sustainable, and more equitable Web3.
The future of Web3 isn't about million-dollar JPEGs and fleeting trends. It's about empowering communities, fostering creativity, and building a more inclusive and equitable digital world. It's time to build from the ground up, and Southeast Asia is showing us the way. Are you ready to answer the call?
