The Lindsay Lohan NFT is the type of story we at CoinDesk strategy with a little bit of trepidation.
On its face, it appeared tawdry and inconsequential: A tabloid celeb cashing in on this bull market’s model of the 2017 initial coin offering bonanza, in partnership with a blockchain venture recognized primarily for its marketing stunts. Plus, by merely writing about it, we risked abetting an endeavor that was, at greatest, foolish. In a subject the place attention is almost as valuable as money, merely stating to our readers that one thing exists is usually misperceived as “pumping” it.
However cowl the story we did. Reporter Danny Nelson held his nostril and did a yeoman’s job of spelling out how the public sale of a non-fungible token by a former Disney moppet was an indication of the zeitgeist and market froth. He requested the fitting questions (was Tron paying Lohan? What exactly did the NFT entitle its holder to?) even when he couldn’t reply them with the restricted data offered by Justin Solar’s PR group. When the pandemic is over, I might be shopping for Danny many drinks.
Why cowl it in any respect, although? It’s a good query. Not for clicks. Nicely, not simply for clicks.
Marc Hochstein is CoinDesk’s government editor. This submit initially appeared in The Node, CoinDesk’s every day roundup of essentially the most pivotal information tales on the way forward for cash and Internet 3.0. Subscribe to get the total e-mail newsletter here.
Nonetheless, a fast Lohan write-up was value doing for a similar cause different circuses generally benefit just a few paragraphs. As famous, it’s a bull market, and on daily basis tens of hundreds of recent readers who usually don’t give a thought to cryptocurrency are coming to CoinDesk. When normies hear that Lindsay Lohan is hawking some bizarre funding, or that Elon Musk is tweeting about an digital foreign money with a cute canine mascot, they’re going to search out details about these items whether or not we prefer it or not.
So the query is: What would you like them to seek out?
Therefore, final month, when dogecoin was trending, tech reporter Colin Harper wrote a deep dive displaying how the canine cryptocurrency’s codebase had till just lately been uncared for like a stray mutt. And final week, as numbers saved going up, CoinDesk Analysis analyst Christine Kim and Analysis Director Noelle Acheson penned a 41-page report (and a shorter article) detailing the dangers of investing in two more-serious belongings, bitcoin and ether. (In addition they co-hosted a webinar on the subject.)
To be clear: These items didn’t have interaction in fearmongering, as a lot mainstream protection of our trade does. They handled the viewers as adults. Educated buyers assess dangers earlier than making selections, and we are attempting to offer readers a few of the rudimentary tools to do their own research. I’m pleased with these articles, and I’m pleased with the way in which we dealt with the Lohan story – with context, skepticism and merciful brevity.
All the identical, I’m glad we skipped the Charmin bathroom paper NFT.