I enjoy art. I enjoy making art. I am not just talking about paint on canvas, but movies, music, typography, digital art, photography and architecture.
In my family, my siblings and I are known for our collective love of creating, but there is just one problem.
Recently, family members and friends have all discovered this great opportunity for us. People are making thousands; no, people are making millions.
Suddenly, my brother and I “should really look into NFTs.”
Non fungible tokens, or NFTs, are non-replaceable digital tokens and, despite a few outliers, the internet is going crazy over them.
I am not trying to blindly hate something just for kicks, so let us get one thing straight.
My biggest issue with NFTs and cryptocurrency is the impact it has on the environment.
I know–a lot of people bring this up, but they hardly ever explain further. You might be wondering, “What environmental impact?”
NFTs and cryptocurrency use tons of energy and create a considerable carbon footprint.
“Bitcoin ‘mining’ already generates 38 million tons of CO2 per year,” according to brightly.eco.
For reference, the country of Slovakia had a footprint of 26.4 million tons of carbon dioxide in 2020.
“Bitcoin mining is the process of creating new bitcoins by solving extremely complicated math problems that verify transactions
in the currency,” according to bankrate.com. “When a bitcoin is successfully mined, the miner receives a predetermined amount of bitcoin.”
NFTs create a similar impact due to the energy-intensive computer transactions needed to sell, store and authenticate each token.
That impact does not include the production of the hardware needed to make those transactions or the specialized computers used for “mining.”
What if we set all that aside for a moment?
Even if there were no negative environmental impacts, why is everyone so obsessed with owning everything?
To be clear, I understand the appeal of art collecting. After all, there is only one original “Mona Lisa,” despite tons of copies and prints.
So, if we are talking about art, I understand the appeal to a degree. New technology allows people to distinguish between the original and a copy. Blockchain is a permanent digital record that makes it possible to authenticate a file as the original.
People can now collect original digital art and there is excitement in that.
But NFTs are more than just original artworks. It also comes in the form of music, videos and GIFs. A video of LeBron James delivering a slam dunk sold for $208,000 last year.
With that said, do you really need to own a digital certificate representing someone else’s song, video or outfit?
Are you really going to spend thousands on a small icon just so you can say you did?
Everyone else can still watch that video, listen to that song or look at that photo. I mean this in the nicest way possible, but all the owner really has is bragging rights, although, personally, I wonder if it is anything to really brag about.
NFTs are just another form of cryptocurrency.
Bitcoin alone has an annual carbon footprint of 97.14 megatons of carbon dioxide, according to digiconomist.net.
Between the negative effects on our planet and the weird obsession with ownership, I would rather steer clear.
