Web3 was supposed to be different. Decentralization, artist empowerment, true ownership – these were the buzzwords. Now, Gala Games is pulling the plug on The Walking Dead: Empires, and the silence from many corners is deafening. This is not just a lost game, this is a broken covenant. Emerging artists were lured into this space with promises of a new creative economy, and now they are left in the lurch.

Did We Learn Nothing from History?

Let’s be honest, the commercial art world can be a bit unforgiving. Galleries take huge commissions, gatekeepers control who gets visibility, and artists can barely afford to be artists. With the promise of direct connection to collectors and verifiable scarcity, Web3 looked like a lifeline. Gala's move exposes a harsh truth: centralized entities, even in decentralized spaces, still hold immense power.

Remember the dot-com bubble? Those dreams of a new internet age imploded, hurting thousands of investors and entrepreneurs in the process. Gala's Walking Dead debacle feels eerily similar. People invested actual cash, like their life savings, into these NFTs. They shared this vision, the vision of a persistent, player-owned world. Today, those “indestructible” assets are crumbling to digital dust.

The promise of “compensation” for such damages is the cruelest kind of slap, an unfunny joke. Exchanging irreplaceable land deeds for “mystery boxes” of uncertain worth is the opposite of an equitable trade. That’s akin to handing out a functional lottery ticket to a lottery winner, but only after you raze their home. The outrage is justified.

Southeast Asia's Creative Dreams Dented?

What worries me the most is what this all means for the next generation of artists from Southeast Asia. Many talented creators in countries like the Philippines, Indonesia, and Vietnam saw NFTs as a way to bypass traditional barriers and reach a global audience. They poured their creativity and resources into building assets for games like The Walking Dead: Empires, hoping to earn a sustainable income.

Consider the independent digital artist in Manila, carefully perfecting a set of in-game weapons, with the impression that they were creating a long-term value building asset. Now, that same asset is on the verge of becoming worthless. This isn’t merely a monetary loss – it’s a breach of trust, chance and an opportunity for Web3 to improve the lives of marginalized communities. This shutdown sends a chilling message to artists in developing nations. It continues to push the narrative that Web3 is nothing more than a get-rich-quick scheme for the entitled elite.

It would be easy to shrug this off as a mere crypto failure gone bust. The real world implications are dire. It hurts the credibility of the whole NFT space and creates a more challenging environment for the good, legitimate projects to get real traction. The dream of Web3 was to liberate creators, not fleece them.

NFTs Aren't Dead, But Trust Is

Let's debunk a myth: NFTs themselves aren't inherently bad. They're just a technology. That’s not the problem – it’s in how they’re being used – or rather, misused in this case. Gala’s shutdown isn’t a referendum on NFTs, it’s an indictment of a company that valued money more than their community.

To achieve this potential we must have accountability. Gala’s actions must be our wake-up call. Advocates are calling for tougher regulation, increased transparency and a renewed focus on governance by and for communities. Further, projects need to be upfront about what is risky about the endeavor. For now, all investors have been advised to do proper due diligence before investing in any NFT related projects.

  • NFTs can still be a powerful tool for artists, providing a way to create unique digital assets and connect directly with collectors.
  • Blockchain technology offers transparency and security, ensuring that ownership is verifiable and immutable.
  • The potential for decentralized art markets is still immense, offering artists greater control over their work and revenue.

Gala's Walking Dead fiasco is a setback, but it doesn't have to be a death knell for Web3's artistic promise. So let’s not repeat this dangerous mistake again! Together, we can build a more equitable and sustainable ecosystem that serves artists and collectors alike. If we don’t learn from these lessons, we will be doomed to repeat the mistakes of our predecessors. This might lead us to miss the broader opportunities that Web3 once promised to offer. We can’t let the walking dead destroy the optimism behind the movement towards a more artist-centric future.

What can you do?

  • Support artists directly. Buy their NFTs, engage with them on social media, and spread the word about their work.
  • Demand transparency from NFT projects. Ask questions, read the fine print, and be wary of projects that make unrealistic promises.
  • Hold companies accountable. Speak out against exploitative practices and demand fair treatment for NFT holders.

Gala's Walking Dead fiasco is a setback, but it doesn't have to be a death knell for Web3's artistic promise. We need to learn from this mistake and build a more equitable and sustainable ecosystem for artists and collectors alike. If not, we risk repeating the mistakes of the past and losing the very thing that made Web3 so exciting in the first place. Let's not let the walking dead bury the future of artist empowerment.