A website selling the most popular Twitch clips in history as NFTs came under some serious scrutiny from both streamers and fans alike — and now they’ve announced that they’re shutting down entirely.
NFTs — short for Non-Fungible Tokens — have become a hugely popular market on the blockchain, with collectors buying digital artwork for hundreds of thousands of dollars.
We’ve seen top influencers like Nadeshot and Logan Paul invest millions of dollars into NFTs, with the hopes that they increase in price over time and become even more expensive commodities to own.
While the technology is still very young, one website started selling Twitch clips as NFTs, and it very quickly garnered a lot of attention for all the wrong reasons.
This twitter account seems to be selling twitch clips as NFTs? pic.twitter.com/ZbJQFauaxZ
— Dexerto (@Dexerto) August 31, 2021
With popular streamers like Mizkif hitting out at the practice, MyClips was forced to reconsider their business strategy. Despite saying that the money goes to the streamers, this has not been verified nor advertised by said creators.
After being shared far and wide, the website officially announced on September 1 that they would be shutting down, thanking the community for voicing their concerns.
“We wanted to experiment with a new way to donate to streamers, but we clearly missed the mark,” they explained in an apologetic tweet. “For that we are truly sorry and we apologize for all the frustration this has caused.”
Thanks to the community for voicing their concerns. In light of this, we’re closing the site. We wanted to experiment with a new way to donate to streamers, but we clearly missed the mark. For that we are truly sorry and we apologize for all the frustration this has caused.
— MyClips.tv (@myclipstv) September 1, 2021
Selling Twitch clips as NFTs definitely isn’t a terrible idea, but the execution has to be perfect and, more importantly, the original creators have to be on board.
While MyClips is closing down, don’t be surprised to see more Twitch clip NFTs pop up in the future, as creators seek to capitalize on their online success.