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I am all for profitable media, but I think editorial companies are using the wrong calculations to decide if the want to be involved with crypto currency. Right now it's a tech adoption model (which news orgs trends to have bad judgement with because of FOMO from ad tech)...On twitter.com
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* decide if *they* want to be involved * news orgs *tend* to have bad judgement with because ...Permalink On twitter.com
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I think use of the tech, or minting NFTs, should be considered on a model of advertiser affiliation. Journalism outlets should use the same model as to decide if they want to run content marketing for smoking, oil companies, gambling & other cos that prop up known harms...Permalink On twitter.com
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Some journalism outlets, legit ones, run ads or content marketing by these companies (even if that's a decision I wouldn't personally make) but that decision is made through a specific process that considers not just revenue but also reputational harm and audience reaction...Permalink On twitter.com
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As we're seeing on Twitter in the reaction to hex avatars, the reaction to use of crypto currency technology is *not* akin to the decision you'd get if... say... you moved your payment stack to Square, or decided to switch to WordPress. It's seen (correctly) as an ethical call...Permalink On twitter.com
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So adoption of crypto currency or web3 should face a different organizational calculation than the 'can we afford to try this model' that might be normally applied to journalism orgs testing new tech. It should be a question of 'what is, and can we afford the reputational harm?'Permalink On twitter.com
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I would say no, but also, there are choices news orgs make that I wouldn't, and I understand that. Journalism cos are businesses and therefore have their own models of risk, cost and return...Permalink On twitter.com
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But I think many news orgs don't realize the right model to apply is 'how many readers will this cost me through reputational harm and what is the conceivable monetary return with that accounted for?'Permalink On twitter.com
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Perhaps some news orgs will process it through *that* model & still decide to get involved. If so... well that's doing business I guess. But I don't think that's the model news orgs who have entered, or are considering entering, the space are using. And that's going to hurt themPermalink On twitter.com
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I think news orgs have started to see some blow back in ad tech tracking technologies and that's forcing them to reconsider what tech they use, and that's smart. Readers are increasingly engaged in our technology choices, and they're right to be so. All tech is political.Permalink On twitter.com
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It would be very smart if news orgs could avoid that cycle in regard to so-called 'web3' tech and do the proper consideration of reader, societal, and environmental impact *before* they burn reader trust and have to struggle to build it back up...Permalink On twitter.com
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I don't think it's an accident corners of crypto currency are into the tech b/c they are racist, antisemitic, or heavily opposed to/distrusting of existing media outlets and I would caution media orgs to consider that too, especially when deciding which entities to engage with.Permalink On twitter.com
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There are other factors to consider as well, but I think if the right model of assessment is applied, those risks will emerge to reviewers for consideration. But they have to use those models first, and I don't think most are. It's going to hurt them in the future if they don't.Permalink On twitter.com
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End of the day: the thing I think most media companies don't get is *using* crypto currency is perceived by many as akin to running a positive editorial about it. Once they realize that, I think many may find it a lot harder to imagine a future where it helps keep them profitablePermalink On twitter.com
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Some still may do the math and come out deciding it makes sense to get involved and, while I would personally be opposed to that, at least I can understand it. Because we live in the worst timeline and this is what capitalism does.Permalink On twitter.com
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Ok, that's the most reasonable & calm I'm going to get about this. I wish the answer to "should we use crypto currency/NFTs" would always be no, but we live in a capitalist hellscape and have to report on it so what can you do. PS: if you're a nonprofit, the answer is always no.Permalink On twitter.com
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If orgs don't know where to start when making these considerations, here's a good place: youtu.be/YQ_xWvX1n9gPermalink On twitter.com
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