The dark web land grab of arts and culture[1]
Consensual Hallucinations, NFT artwork by Australian artist Serwah Attafuah | (Powell, 2021)
Review
I had wanted to review this article which I find rather drab to read. However, the author does point out certain issues during his long rant. Though, I quite like his use of wording in the title which we’ll get back to at the end.
NFTs or non-fungible tokens are quickly changing the faces of ownership and distribution. Like two sides of a coin, I thought I’d jot down a few pointers about the dull and bright sides of NFTs you may want to consider.
On the bright side
1. Enhanced by the increasing connectivity and need to go online due to the effects of COVID-19, anyone anywhere, having initial investment funds can auction their work or product to anyone anywhere.
2. There may be x costs now, but websites like Rarible and Nifty Gateway should become less exclusive in the long run. Allowing for seller and buyer to cut costs on transportation, storage, et cetera (this does not include the infrastructure and systems required to store and transport the selling of physical items).
3. It’s kind of like a win-win situation here. The owner gets property rights of say an avatar, and at the same time anyone can view or screenshot it. Meaning that the exclusivity of accessibility would go down, allowing increased viewership. I think a really exquisite example is Melodysheep. We all get to see his shorter-duration creations because they are NFTs.
On the dull side
1. The environmental impact of blockchain (like Bitcoin and Ethereum) carbon footprints.
The rising price of Ethereum currency, along with the need for “Ethereum gas” (the term for the extra computing power needed to mint NFTs to blockchains) will encourage miners to put more resources into mining.”[2] Note that NFTs “represent a very small portion of Ethereum transactions overall”[3] and make up of about “1% of the Ethereum network”.[4]
Thus, NFTs share an indirect relationship with carbon emissions. On the large scale of how much carbon emissions we produce per minute, this remains insignificant. No one person or company is responsible for climate change.
In my opinion, carbon offsets in such an ambiguous economy is complicated to distinguish. But that’s not to say that as technology develops and increases its production and revenue, that sustainable solutions are not worth implementing. A solution or alternative method will need to be developed as many future societies will be digitally-enhanced, leading a technology-based lifestyle that will visibly require tremendous computing power (such as the current proof-of-work processes cryptocurrencies run on). Which type of energy is used, where and how it is sourced is another question. Of course, nothing is ever certain. Viable solutions and projects take decades of research, solutions won’t turn around the corner smiling at you in a week.
Thinking about the environment cannot be of futile time. But who remembers after the hype dies down? No one stopped cars and planes, they are a utility. Likewise, NFT’s future may take on the same trajectory.
In technology years the blockchain technology NFTs run on is still a baby, launched just about 10 years ago. As digital collectibles, NFTs range from all sort of things, like Pokémon and Yu-Gi-Oh! trading cards. I find it somewhat low-key hilarious, though smart and highly-profitable on owners/sellers, to have auctioned popular GIFs and memes like ‘Nyan Cat’ and the ‘DEAL WITH IT’ sunglasses. Simultaneously, NFTs are revolutionising the assets of the gaming world (a common but good example is Decentraland).
Is it a fantasy world? Well, the digital world can be.
The value of the NFT market and cryptocurrencies have surged within a year, between March of last year to this year. Having to stay indoors did play its part. It’s hard not to think of everything that happens in the world to that of a chess game. Checkmate, you lose.
Is crypto art environmentally unethical?[5] It doesn’t make a difference really. The “monopoly, monetisation, and censorship”[6] of data through the digital distribution and ownership of NFTs is bound to take place. But what else can it offer?
The exclusive rights to a piece of digital property? Yes it can.
But let’s get back to the title. Why does ‘Tales from the Crypt(o)’ sound strange but true? I think it’s because the cyberspace of NFTs is digitally fantastical and hard to explain. Like tales of a very long story with several characters and numerous plots interweaved into the storyline. Buckle in, NFTs are one hell of a ride.
But’s it’s also because NFTs run on cryptocurrency. Somewhere mafia-like in the under layers of the darker side of the web. Imagine Don Vito deciding to hand over his entire cryptocurrency empire to Michael? NFTs could make a good thriller; pop in espionage and murder along with underground networks, some secret vault, and thousands of Ethernet cables destined to somewhere on earth.
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References
[1] Powell, N. (2021, April 3). Tales from the Crypt(o). Retrieved April 19, 2021, from https://wsimag.com/art/65344-tales-from-the-crypt-o
[2] De-Mattei, S. E. (2021, April 14). Should You Worry About the Environmental Impact of Your NFTs? Retrieved from ARTnews: https://www.artnews.com/art-news/news/nft-carbon-environmental-impact-1234589742/
[3] “Ibid.”
[4] “Ibid.”
[5] Calma, J. (2015, March 15). The Climate Controversy Swirling Around NFTs. Retrieved from The Verge: https://www.theverge.com/2021/3/15/22328203/nft-cryptoart-ethereum-blockchain-climate-change
[6] “Ibid.” [1]
Image Source
Powell, N. (2021, April 3). Tales from the Crypt(o). Retrieved April 19, 2021, from https://wsimag.com/art/65344-tales-from-the-crypt-o
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