NFT's?



  • Good points all around!
    I think they are worth something, it's not quite the same as selling an idea or hot air because it's connected to a token that can be verified online. The same way a baseball card is "worth" something. A digital collectible.

    I feel like the argument over it being terrible for the environment will continue for quite a while until that gets remedied, or lessened to an exponential degree.

    But I think NFT's are here to stay, even if this bubble bursts.



  • Count me in at waiting for a carbon neutral version of blockchain mining or whatever the proper term is. The environment doesn’t need any further damage for the sake of yet another gold rush, boom, bubble, and inevitable burst. If wealthy people have a hard time figuring out how to spend their money, they can donate to charity. At least they can get a tax receipt in addition to feeling good about doing good 🙂

    I came across a series of tweets an American comic book artist wrote yesterday about how NFTs won’t change the system we have of the “starving artist who is one broken leg away from setting up a go fund me page to pay for medical bills”.



  • @kylebeaudette Photoshop has just put out a NFT support tweet so I think there's no going back now.



  • @danielerossi yeah, DC or some other comic megacorp put out a statement to all their artists about how NFT's of their art for comics is not for sale by them and they are working on a 'plan'.
    Plan: we make 95% of the profit, you get a lil piece of the 5% left over.



  • @kylebeaudette We've talked about this a lot at work over the last month. it may be a little bit out of reach now (and was more accessible back in November), but it is totally still worth a try as an artist with a following!! I think to "mint" the NFT is anywhere between $40 - $100 on sites like Mintable: https://mintable.app and Rareable: https://rarible.com



  • I don't know if you guys follow Will Terry's youtube channel but I thought it was interesting that he posted this vid yesterday: https://youtu.be/Czh4ApSft5w

    Its a long video and he only touches on the subject for about 10-15 minutes of it but I thought it was interesting since this topic just hit the forum.



  • Just wondering where the information on the environmental damage of NFT's comes from?

    I've seen a few data reports and would like to see what other information has been going around. The research I have from years working in the crypto industry doesn't show NFT's to have had any impact on crypto-mining. I was a crypto-miner in 2017 to 2018 but they are bringing it to what's known as the ice age to make it more difficult to mine to curtail wasted energy and switch to something called proof of stake (uses a lot less energy). Blocks get mined regardless of whether someone mints one NFT or a thousand of them. So artists using the network or boycotting it wont make any difference because that isn't how it works - each block is the same size and gets mined regardless of what's in it. There's a brilliant visualiser of how transactions and mining interact at txstreet.com

    Global Bitcoin mining takes up around the equivalent of people with games consoles playing on their console for 4 hours a day. Ether mining uses less than half the power of bitcoin mining and has the same carbon footprint as YouTube. 51% of Bitcoin mining takes place in Sichuan in China and 90% of that is hydro-power by using the River Yangtze. They are ending using coal at the end of April in Mongolia (or so they say!) So on average its about 73-74% renewable energy at source. The report is on coinshares research site. I have a pdf if anyone is interested (bit dry).

    So yes it does use a lot of energy to mine crypto but nowhere near as much as other industries artists are involved in such as selling physical art, digital downloads, computer games or printing books and distributing them around the world via planes, trains and automobiles.

    Full disclosure: I do make NFT art and make money in the crypto industry so I want to defend it from being demonized. I'm constantly looking for ways to improve the NFT industry and finding ways to stop needlessly wasting energy. I hope upgrades in July that Ethereum will have made leaps and bound in reducing energy waste. Also, there are other platforms like TEZOS that mint NFT's a different way.

    I'm a digital artist and want to do it efficiently but also want to make art I can sell online and receive payment instantly and securely and get secondary market royalties paid directly into my wallet without chasing people up. Selling NFT's helps me do that. Not everyone it seems wants to right click save! There are people who want to pay too. Like digital patrons, plus secondary market sales are lucrative for them as well. Art goes in cycles but the tech is new and probably here to stay like when the MP3 disrupted the music industry. I got into it with investing in NFT concert tickets as the company wants to get rid of ticket touts! And so far they have been successful with all the concerts they have ticketed.

    Here is a good write up that questions the online debate about NFT's and I think puts things into perspective - https://sterlingcrispin.blogspot.com/

    Nftenergy.jpg



  • @sigross yeah, I think people have now made it the argument of 'well, you're joining into something that's harmful to the environment..'
    Not that the nft itself is creating more than what exists without you doing it, just that now you have 'dirty hands' for taking part.

    I talked briefly about making an NFT and my followers roasted me a bit😅



  • @kylebeaudette People can mint on Tezos and they are already on a system called proof of stake. Which is no different than uploading an image to the internet. Every digital artist is guilty of that!



  • @kylebeaudette btw I think your work would be great as NFT art. Smart contracts and digital tokens aren't going away, its an integral part of web 3. Worth setting up a shop collection on opensea.io - I would defo buy an NFT off you, if you minted any!

    If you wait till later this year to mint on Ethereum chain, they are implementing staking technology that reduces the energy consumption by 99.98%.



  • @sigross I think you have provided the most amount of information that I have seen yet. I've read a bunch of news and articles (for and against NFT's) that has stated that there is an environmental impact but none of them have given hard facts. Neither side has backed up their claims to justify their claims either. Thank you for explaining so well. Im going to do some more research. You have peaked my interest for more info and I may sway my stance.



  • @BradAYoo I'm glad you found it useful. 🙂 I definitely want to see improvements on energy consumption and it's worth looking at all sides of the debate. And to learn about the various platforms and tech I think a good blogger is the Digital Art Collector - https://digitalartcollector.com/nft-fear-uncertainty-and-doubt/
    with regards to NFT's in general with why they exist and advice on what's going to help artist's to last, it's worth listening to The Outer Realm (by Second Realm) podcast with Gary Vaynerchuk - https://www.youtube.com/watch?v=lLwq2Nufcgg on spotify too.




Log in to reply