Brooke Germain / Nevada Sagebrush
An illustration of an ape in the art style of the Bored Ape Yacht Club hanging onto the top of a skyscraper.
Non-fungible tokens (NFTs) are, quite possibly, the worst creation to grace the internet.
NFT’s are licenses of ownership for digital files which cannot be traded. The files can be images, videos or audio files. NFTs that can be purchased through the use of cryptocurrency through various auction sites or individual artists.
The first terrible aspect of owning an NFT is the fact the buyer does not actually own the NFT. The buyer is the owner of a certificate stating they own a one-of-a-kind digital art piece. Their name appears on the blockchain as proof of their ownership. There is a major flaw with this appeal to art collectors: the art itself is easily replicable.
People online mock NFT owners by simply screenshotting their supposedly “one-of-a-kind” piece. The owner of an NFT doesn’t truly own the piece, just the receipt saying they bought ownership.
Cryptocurrency mining is not particularly environmentally friendly. The mining of cryptocurrency requires an obscene amount of energy. Ethereum, the cryptocurrency most NFTs are purchased with, emits absurd amounts of greenhouse gasses into the atmosphere and is not considered sustainable.
If NFTs become more popular, the climate crisis will be forced to face another issue to overcome.
Beyond the environmental impact of these meaningless licenses, the…
