Blockchain followers are under attack again! This time, NFT will be the source of revolution in the world of art, finance and law. In fact, NFT is a pseudo-innovation for speculators. It fails both as a certificate of authenticity for digital work and as a way to reward creators. But it is excellent in CO2 production.
NFT is something like bitcoin. The difference is that each bitcoin is the same, so we can freely exchange one with the other. We can divide it and sell half of it. In this sense, bitcoin is similar to traditional money. Unlike this digital currency, each NFT is unique. We can’t replace one NFT with another or break it down into smaller pieces, hence the name Non-funqable Token – non-exchangeable token.
The most commonly used use of NFT is to validate the authenticity of online work. This means that a photo or meme can be copied on the Internet as many times as it is impossible to distinguish from the original. “NFT is a certificate that the given file is genuine, available only in one copy,” we read on Spider Web. Therefore, in a digital work, it is something like the author’s signature. This is to make digital art works look like physical ones and allow them to be traded. At least that’s what NFT supporters say.
The bitter truth
Unfortunately, as with blockchain, the problem with NFT is a simple but misinterpreted technology that is difficult to understand. Proponents of NFT suggest that this technology digitally sign a photo or meme, such as a girl in front of a burning house, by the author or author, which confirms that we are dealing with the original file. Theoretically, thanks to this we can get a meme collection or a work of art.
In fact, NFT has nothing to do with the file that has to prove its uniqueness. Therefore, Martha Rentel, who influenced Poland, could use NFT to sell for 250,000. with your “digital love” in dollars. He can do this because a photo, meme, song, or love that is actually sold with NFT is created in the Ethereum hash blockchain, which is a set of characters that defines a specific set of data. Simply put, we get a set of numbers and letters stored in a database. True, this is unique and unmistakable, but it is not a digital work arbitrarilynor his rights.
NFT simply contains a link to the original file for everyone to download and copy. Moreover, NFT can be created repeatedly from the same work. You can also create them from a file that you do not allow. There is nothing stopping me from creating NFT paintings hanging at the National Museum in Warsaw. In any case, I was not the first to think so. In March of this year, the staff of the Global Museum of Art posted photos of paintings at the Dutch National Museum in Amsterdam on the NFT exchange without anyone’s consent. NFT does not protect authors and fails as a copyright certificate because it is independent of the copyright law that governs it.
Clown child of blockchain technology
Contrary to many years of promises, blockchain technology has not yet revolutionized the world. However, some of its products have some use value. You can buy pizza or weapons with bitcoin on Darknet.
What to do with NFT? Buy and sell them at a higher price. The buyer is expected to do the same. This is just speculation and does not necessarily change the world for the better.
I understand that in conceptual art, value can be separated from the object. For example, Salvatore Garau sold the “invisible statue” for 15 thousand. dollars. What aesthetic or conceptual value does the sequence of numbers and letters bring to the work (because that’s what NFT is all about)? Where exactly is the conventional spectacle of modern art? Either NFT buyers are speculating, or they are simply unaware that they are hashing, not a work of art.
NFT Weird Whales looks like this. Isn’t it beautiful? Source: https://weirdwhalesnft.com/
NFT is not completely hopeless. What he does great is to create artificial rarity. The purpose of NFT is to create the impression of uniqueness. Admittedly, burning unsold clothes to maintain the brand’s exclusivity is a skill similar to that of clothing companies. Okay, smoking clothes emit less weight CO2 into the atmosphere compared to NFT.
Of course, this technology has its bright sides. Tim Berners-Lee, the founder of the World Wide Web, sold the original code on which the modern Internet is based to NFT for $ 5.4 million. Earlier, he released the standard, which he developed under an open license, so that everyone could use it for free. Thus, the profit from the sale of NFT was a form of compensation for the creator who refused the reward for the work we all used. However, there are better ways to support artists. For example, you can buy the work of an artist instead of NFT of his work. This at least ensures that the money really goes to the creator. After all, one of the most popular NFT Strange Whales turned out to be plagiarism.
Bad idea for the future
NFT (like blockchain) is “not just a hopeless technology, but a bad idea for the future.” At the heart of both is a harmful philosophy that seeks to transform beliefs into pseudo-objective codes from democratically established institutions, established laws and customs. The hypothesis is to eliminate intermediaries such as banks or law firms. However, in practice, the blockchain community often seeks their help. It is naive to see a world in which public trust is based on computer code. It should be noted that even auction houses serving NFT use the help of lawyers to confirm the veracity of the case.
Moreover, digital goods are not competitive by nature. This means that consumption does not reduce their amount. I get a little fish when I eat fish, but the same number of people can still watch a movie on Netflix. NFT is a rude attempt to change this wonderful feature of the digital world.
This is an attempt that was completely missed until the original Mona Lisa is unique and different from your copies, this Mona_Lisa.jpg image stored in NFT is no different from the Mona_Lisa.jpg file on my desktop. What exactly is involved in storing your file in the blockchain (by the way, it should be noted that there is a certified NFT. The author of the Mona Lisa is technology blogger Terence Eden)?
NFT is essentially about ownership and disposal. Used for the production of exclusive intangible goods. In this respect, it is similar to other intellectual property protections, such as patent rights or licenses, although it deals with them declaratively. The blockchain startup community is trying to present itself in the light of anti-systemism and avant-garde. Unfortunately, experience shows something else. The proliferation of NFTs equates them with publishing houses that publish scientific articles behind the payment, or with the pharmaceutical industry, which patents to increase the price of medicines – these are the institutions that limit the development of the digital economy.
At the Jagellon Club, Mikojaj Dubak wrote, “This technology needs to be popularized. Otherwise, nothing will change. ” The opposite is true. If we continue to be fascinated by paper innovations for the spectacular, nothing will change.
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