NFT’s took the internet by storm in 2021, making big tech companies take notice of them and try to implement them in any way they can. With billions of dollars being spent on these images, it begs the question what the craze is and why big tech companies such as Google and Twitter are trying to implement them, and the problems that have risen as a result of this popularity.
NFT, or non-fungible tokens, are in essence people buying the link to an image (not the image itself) with the backing of cryptocurrency such as Ethereum and Bitcoin. While on paper the idea sounds great with artists being able to sell their work and get paid a good amount, in execution NFTs are riddled with issues.
NFT’s are plagued with thieves that repost someone else’s work and make a profit before anyone can realize it. The other problem is simply that the art that is posted is ugly and are the same images, just slightly different.
The most infamous example being the bored ape yacht club image as most of the apes look mostly the same but with slightly different faces and accessories. But, people bid crazy amounts of Crypto, with it often hitting at least 10 Ethereum with a single Ethereum costing up to 3,000 dollars.
There is also the issue that not only NFT’s but cryptocurrencies in general are terrible for the environment. As shown below from Digiconomist, Ethereum itself consumes 112 Terawatts of power an hour, which is equivalent to what a single house uses for 9 days.
Overall if NFT’s are the future of digital art I fear for what the future holds. While there have been artists that have had money from NFT’s, due to the general abuse that the system has seen, proves that the entire system needs a complete overhaul. However, because the idea of NFT’s and crypto is that they are decentralized, there is likely going to be no change unless senators try to control the system.
