It's not clear what's going to happen after the estate deleted its initial post about the project.
"On September 13th, David Bowie's influence will impact yet another new frontier as nine of the world's leading crypto-artists come together to celebrate his legacy and put #BowieOnTheBlockchain" was the since- deleted message.
The NFT project was set out to benefit a humanitarian nonprofit that the late rock star's wife Iman Abdulmajid worked with.
One reply said he was going to scream.
"Don't trash Bowie's legacy like this," another user said.
One user pointed out that the idea of using the estate to sell NFTs appears to be a "logical extension" of a scheme the superstar undertook when he was still alive.
According to a data standards expert, in 1997 the NFT was "invented" by the Bowie Bonds, which allowed you to directly invest in an artist's catalog and receive royalty payments based on their sales.
The concept was promising. Paying money for shares of an artist's catalog could be used to purchase their masters. The artist gets paid whenever one of their songs is played or sold.
The concept intrigued a number of other artists, including James Brown and Iron Maiden, who began issuing similar bonds for their own catalogues. The securities-backed assets were almost worthless because the music industry had become a public commodity.
"pump and dump" scheming, "obnoxious" evangelism, and even "share washing" were some of the perverse incentives listed in October 2021. The market was young at the time.
The data standards expert said that this was the logical end-case for the NFT craze.
He didn't say what incentives the NFTs would have, but he wrote that they would have even more perverse incentives.
There has been no news that the NFT project has been canceled, but you'd best believe they're under pressure.
The celebrities weremacked down over the NFTs without legal disclosures.
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