LIRIK announces NFT collection, receives backlash

Lirik is thinking about cancelling his massive NFT project.

Image via AT&T

During a Twitch livestream yesterday, variety streamer LIRIK discussed his plans to release a collection of NFTs on the Ethereum blockchain. With over 2.8 million followers on Twitch alone, LIRIK’s audience quickly became polarized on his involvement in the NFT space.

“I am doing a personal NFT collection with people from my community,” LIRIK said.

Digital art on the blockchain has become another avenue for Twitch streamers and influencers to further monetize and expand their brand presence. LIRIK believes NFTs may be valuable digital assets in the future, citing recent hype around a metaverse and the future of gaming.

Screengrab via LIRIK

The streamer clarified he is not collaborating with any clip-related NFT sites such as MyClipsTV, which recently shut down due to copyright issues. But many viewers spammed “scam” in his chat, accusing the streamer of swindling his fans. LIRIK was quick to refute the allegations and clarified his plans for the NFT collection.

“I’m not promoting a scam site…this is literally going to be sold off my website,” he explained.

On the price points for his upcoming NFT release, LIRIK said there will be 10,000 NFTs minted, and each one will be priced at $50. He compared the price point to buying a shirt from a merch store.

The sudden and intense backlash in response to LIRIK’s NFT collection has made the streamer possibly rethink his plans, however.

“Apparently there’s fucking blood in the water on NFTs,” LIRIK said.

NFTs, or non-fungible tokens, are tokens that exist on a blockchain such as Ethereum, where digital “smart contracts” verify the token’s unique identity. Because each NFT has a unique identity on the blockchain, they can be distinguished from other NFTs via blockchain technology, even if they appear the same.

In effect, NFTs are a way for digital art enthusiasts to verify the authenticity of an image they have purchased. NFTs are typically released, or minted, in batches, similar to how paintings can be released in a numbered series.