Crypto & NFT's are Social Ecological Disaster


NFTs are SUPER hyped up right now and people seem to be chasing the hype without fully understanding what they're about. This is starting to generate some backlash and skepticism.

Essentially NFTs are a little like those name-a-star registries. You pay and they name that star whatever you want. They even print it irrevocably in a book... that no one ever consults and has no bearing on anything.Even if one of these registries becomes in some way important one day you still only own the entry in the registry. An "NFT of a piece of art" in that case is kinda like a signed print or a trading card, minus the physical object.

Blockchain technology a.k.a the backbone for NFTs, in of itself is potentially an extremely niche solution to a problem that has yet to be identified. At it's core, it's a database. That's it, it's like SQL, but millions of times less efficient, and with the ability to add entries, but not change or delete them.

Literally the only benefit to it is that it's decentralized, but the unbelievably ineffecient nature of it (SQL can process a transaction in a few microsections with almost no additional electricity cost, while the blockchain can take 10+ minutes to do a single transaction, and will use up as much electricity as a small town) combined with the inability to change or remove entries makes it completely useless for most applications that would need a database.

Cryptocurrencies are the only thing that reasonably would use that technology, but the actual usage of cryptocurrency itself is only working to benefit the megarich, huge corporations, and scammers.
Crypto + NFTs are a large scale ecological disaster, and are not benefitting almost anyone who isn't already at the top of the food chain, massively ethically bankrupt, or more often both.
There are certainly some viable use cases for NFTs, such as being an accompanying item doubling as proof of sale when purchasing high-end art; but in the current incarnation, NFTs are subjectively as worthless as those same 8-bit images are off-chain. It's very possible some of this stuff catches on and a sane stable market for NFTs emerges, but right now it feels like a crazy bubble.
Crypto & NFT's are Social Ecological Disaster Crypto & NFT's are Social Ecological Disaster Reviewed by Kanthala Raghu on January 25, 2022 Rating: 5

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