NFT marks another milestone for humanity, a milestone for the worse. Before getting into some of the problems, I’ll introduce you to NFTs. NFTs are essentially another form of digital currency but art. NFTs are similar to bitcoin, dogecoin, or other blockchains where each piece of art is unique. The buying and selling process also allows the seller to transfer the right to the artwork to the buyer. NFTs are seemingly the same as any other blockchain, so why is it getting so much hate? Well, anyone can right-click the picture and download the image.
This picture save flaw is fatal, as any other blockchain allows only one copy, but now suddenly, there are countless fake and copyright infringing NFTs copies flying everywhere. Usually, when a blockchain is replicable, it is no longer reputable and is prone to hacks, resulting in its price plummeting. The case with NFTs is a bit more complex. You see, there is still technically one real version, the version with the blockchain attached. This one copy is the only copy with the right to the artwork and blockchain, so it is the only one worth the money. However, the situation doesn’t just get more complex from here.
A central problem is copyright issues with the artwork. The artist could imitate or outright copy someone else’s intellectual property and sell it as their own NFT. This problem creates the question of whether the original artist owns the right to the artwork or the NFT creator has the right. In the world, it is the original creator who owns the rights, but in the NFT world, it seems the exact opposite. The creator of the NFT owns all the rights to the artwork, and there is nothing the original artist can do about it. This copyright situation is unfair for the original creator, as it is their intellectual property, but the NFT creators stole their work and ideas. There is no efficient way to address the problem yet because once the artist creates the NFT, there is nothing anyone can do to change it.
Another central problem is another copyright issue. In the world, art collectors buy artworks because they are one of a kind, but as I explained earlier, it is not the case for NFT. Every art is unique as they are all different, and no matter what someone does, it is different, but a JPEG file is always the same. NFT art collectors expect the same, but the reality is harsh and ruthless. There could be countless copies of the same NFT on the internet, and it is impossible to take any of them down. Even if they succeed at taking them down, a person could still have a copy on a USB hard drive somewhere. It has become a common joke that NFT art owners don’t “own” their art. This dilemma is not as common, as many buyers purchase NFT for the blockchain and value rather than the art itself.
On the subject of art, some NFTs are of poor quality. Some NFT look like the work of a kindergartener. Despite the poor quality, these NFTs could go for an extremely high price because of their uniqueness. This purchase habit could result in a worthless piece of art worth thousands. This problem has sparked outrage for many. Many people think it is unfair that such crude work could be worth so much. This problem has caused mass meming and resistance towards NFTs.
In my opinion, NFTs are clever. They are essentially cryptocurrency but reformed into the form of art. The problem is that the idea is too clever, so clever that there are too many detrimental problems to be fixed. NFTs are hanging on a thread of hope, hope for the NFT’s value. The truth is, NFT is just another tulip mania. Once someone realizes it is worthless, the bubble will burst, and everyone will lose their money. I cannot say, however, for certain, so we will let time play this out. What do you think?
