The Wacky new world of NFT and how you too can destroy the planet!

There are a myriad of articles talking about the new fad of NFTs, standing for “Non-Fungible Tokens”, NFTs are the sort of thing only a high class redditor would even be a little bit interested in, and with big companies and celebrities getting involved due to FOMO (Fear of missing out) it’s a trend that literally just will not die.

Why are NFTs bad?

Many point out the absolutely insane and unnecessary level of power these things are taken just to mint one, imagine just constantly minting these over the course of weeks, or months, the power level that is used on this, well… NFTs take so much power because they involve constant and numerous transactions and executions of what is known as “smart contracts” in the process of minting, or bidding, or selling. The alleged power consumption has been compared to more electricity than an entire studio can use in two years.

So what’s the appeal of NFTs?

They are allegedly “rare”, meaning that if you buy artwork, jpgs, video clips, gifs or memes on the NFT marketplace, you are buying a rare item that you “own”, but do you actually own it? No, you own a hyperlink that technically only directs to the location of this item. If NFT services and servers shut down, who is to say that you didn’t just waste about 65k on an empty meaningless link that doesn’t go anywhere anymore?

NFTs aren’t just absolutely treacherous for the planet, but for the state of artists online as well. Those who call themselves “collectors” will go for anything, they aren’t after your beautiful art, they are after anything that is linked to a token, they want that token, and they don’t care what’s linked to it. Sure, you might get a few fans of your actual artwork enough to make some money minting NFTs on the various marketplaces… But, it’s also been revealed how blatantly easy it is to steal others’ artwork and place it on the market without permission, and there are no legal ramifications, there’s also no way to stop anyone from screenshotting an NFT they bought and then reminting it, making money off your intellectual property.

Just what kind of person would pay for the privilege of having furthered the destruction of the planet and also hates artists? Approximately over six hundred and fifty thousand users, and that’s just on Mintable alone.

There are more than one NFT marketplace out there, and more options to destroy artists souls (and the very planet we live on), but the biggest one is Mintable which was founded by 28 year old Zach Burks (and funded by billionaire Mark Cuban!)

Though the dream of NFTs taking off and you becoming a millionaire in a few days is a very vivid and real one, the reality of it is that you might be hemorrhaging money out of your own pocket to mint items that nobody will show any interest in, you have to already have an audience that would be interested in your work, meaning you have to be nearly “social media famous” or just retweeted by the right person.

I have a staggering 400+ followers on Twitter, and in order for me to gain any traction, I would have to have numbers in the thousands or above, or again, just get retweeted by the right person at the right time. Does this sound a little bit like playing Russian roulette? That’s because it is!

NFTs have been around in some form or another since Zach Burks founded Mintable in 2018, but didn’t take off due to the unpopularity of the upfront fees (These are known as “gas fees”), the fees are charged to be able to transact on the blockchain, and it can cost you up to one hundred and fifty dollars just to mint one piece of art… But there’s another way!

With absolutely no guarantee that you’ll be able to make back the money (or more) that you spent on the NFT minting process and many complaints by users of the marketplace that the fees were too expensive, Mintable released “gassless minting” in January, meaning you don’t HAVE to spend money you don’t have on a useless temporary item that anyone can steal. You can use gassless minting, and get your items up on the marketplace right away.

In march alone Mintable had more than 650,000 users, and well over 100,000 NFTs made. The amount of energy that has cost is entirely over my head, but with more and more huge companies and “notable” rich people like Elon Musk getting in on NFTs, this is a trend that just won’t die anytime soon.

Visit these beautifully written and well researched articles to learn more about what these little tokens are doing to our planet:

The Unreasonable Ecological Cost of #CryptoArt. Part 1

NFTs Are Hot. So Is Their Effect on the Earth’s Climate | WIRED

Climate-Positive Crypto Art: The Next Big Thing Or NFT Overreach?