The phenomenon of NFTs art on an artistic level can be considered disruptive because they are not the kind of art we are used to. So, we wonder if 2021 will be declared by the United Nations as the year of the NFTs? Or will it go down in history as a simple fad during the COVID-19 pandemic?
The concept of NFT is simple, they are digital assets that are built on a blockchain platform and can be traded for fiat currency and/or cryptocurrencies. What is relevant is that they act as proof of ownership of a digital asset. Some NFTs incorporate “smart contracts” as part of the token that is executed when some events occur.
There has been resistance and strong criticism on this issue on the web. For example, Antsstyle, an artist and computer scientist, recently commented that NFTs are bad for two reasons:
- They are bad for the environment as they depend on cryptocurrencies, causing huge amounts of carbon emissions.
- They are only valuable as tools for money laundering, tax evasion, and more investment fraud.
Responding to this criticism, there are many major cryptocurrencies whose PoW (proof of work) protocols are migrating to more eco-friendly. The most important example of this change is the Ethereum network. To effectively switch to something more environmentally friendly, the developers of Ethereum are testing “The Merge“.
On the other hand, Binance CEO Changpeng Zhao recently said in an interview that
“… it’s great for the regulators to be coming in order to get to 10%, 20%, 80%, 99% [crypto] adoption. However, it’s just as crucial for regulation to complement instead of hinder crypto’s growth.”Changpeng Zhao
So that the main problem of cryptocurrencies can be solved in a short time, regardless of its distorting essence. They do want to protect users.
NFTs Art Museums
On November 10, 2021, the exhibition Aether Invisible, was launched and is mainly based on the concept of Metaverse, which allows users to create digital avatars and navigate the virtual site using electronic devices.
The virtual site looks like the interior of the historic St. Petersburg Stock Exchange, but the actual exposure has nothing to do with trading.
The works of art are not for sale; the cost is secondary. The intention of the project is to show users what digital art is. In addition, the museum curators made a selection based on understanding the essence of the NFT.
More and more sites are accepting digital exhibits, and exchanges are encouraged to submit their exhibits, such as Binance. But does everyone really accept NFTs as an art form?
What do Famous People Say?
The progression of NFTs continues, a technology that is increasingly being considered and that also moves a lot of money. However, it does not dazzle everyone.
In a recent interview with The Verge, The Matrix Resurrections stars Keanu Reeves and Carrie-Anne Moss were asked their take on the NFTs created for the upcoming film, which has turned out to be so popular that they have temporarily brought the website down in which they were sold.
Reeves, however, was not very fond of the idea “They reproduce easily” said the actor. Laughing, he commented that it doesn’t seem like something really original or unique and that really anyone can have the piece by downloading it.
Many celebrities have embraced NFT technology with enthusiasm, something that Reeves does not share. Figures like William Shatner, Snoop Dogg, Tony Hawk, Doja Cat, Grimes, and Eminem have endorsed NFTs.
Reeves is not against cryptocurrencies. He doesn’t understand the concept much, but he confessed that he owns cryptocurrencies. The actor who gives life to Neo commented that a friend of his bought him some and that he keeps them in a digital wallet. He hasn’t used them, but he expects their value to increase considerably at some point.
It is important to clarify that, unlike cryptocurrencies, NFTs cannot be traded or exchanged for equivalence. Neither divide. Cryptocurrencies, unlike fungible tokens, are identical to each other. so they can be used as a medium for commercial transactions.
So, Art or Money?