Crypto isn't decentralized — it's actually run by a handful of big wigs exploiting low-paid workers, says long-time internet academic

Some people think that cryptocurrencies are an equal-investment opportunity.

A researcher named Catherine Flick calls the world of digital currencies, non-fungible token, internet organizations, play-to-earn video games, the metaverse and Web3 a — and she says it has what she calls a — — &

The people are sailing their ships across the sea to get there first and plant their flags to make the money.

She said that the laborers are paid less than their fair share of the profits. The artist behind the hit Bored Ape Yacht Club collection, which features 10,000 pieces of art, said her pay was definitely not ideal according to an article.

A number of critics have come forward recently to warn investors against getting caught up in the hype of technology. Dan Olson, who had a video that got 6 million views on NFTs, called the scam a bigger scam than the one he was portraying.

There is a glaring discrepancy. No single person, company, or government is in control, as one of the key tenets of the coin is. She said that it may be a ruse, as we have seen the recentralization of so much of the theoretically decentralized stuff.

Yuga Labs, the team behind Bored Ape Yacht Club, acquired the popular NFT collection of coins. The group now owns two of the most valuable NFT projects.

In response to the news, Molly White, who runs a satirical Twitter account called "web3 is going just great", said, "nothing really says decentralized like one company controlling the priciest and most."

NFT exchanges are an example of centralization, where buyers and sellers can trade digital collectibles. It should be easy for people to sell NFTs on their own. Society doesn't work that way.

People need it to be easy to use, and they need to be able to see what's for sale, and they don't understand it, so centralization is what we see. They do not want to comprehend it. She said that they don't care for the most part.

In the last few years, cryptocurrencies have gone mainstream. In 2021, the market cap of the digital token topped $3 trillion, but it was pulled back after sales of NFTs surged past $40 billion.

The wild gains will inevitably collapse, according to Flick.

The people who win are the people who got in early. The people who lose are the people who are left with the bag.