2021-03-07T17:51:24+01:00

Some more interesting articles and quotes critical of the newly popular non-fungible tokens (NFT):

In a blog post on medium user everest pipkin claims that the “current ecological cost of cryptoart and cryptocurrency is very real and very large, and while steps can be taken to reign in some of that energy cost, the crypto- market is still based in a value system that fundamentally ties worth to spent physical resources.”

Author Seth Godin furthermore warns that NFTS are “a dangerous trap”:

The more time and passion that creators devote to chasing the NFT, the more time they’ll spend trying to create the appearance of scarcity and hustling people to believe that the tokens will go up in value. They’ll become promoters of digital tokens more than they are creators. Because that’s the only reason that someone is likely to buy one–like a stock, they hope it will go up in value. Unlike some stocks, it doesn’t pay dividends or come with any other rights. And unlike actual works of art, NFTs aren’t usually aesthetically beautiful on their own, they simply represent something that is.