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I looked at it, learned about the environmental impacts, and decided I couldn't go through with it. There are plenty of articles available but here's one easy link: https://www.cbsnews.com/news/nft-art-environmental-costs/

Proponents will argue that some currencies are moving towards sustainability, but they haven't done so yet.

Plus like Britt said, there are going to be winners and losers with this—you have to pay $70-100 to mint your work and create this artificial scarcity. Had there not been environmental concerns I might've wanted to mint a piece or two as an experiment, but I don't believe the whole idea of NFTs makes any sense at all from a buyer's perspective. It's all based on people wanting to own rare shiny things, not good art. At least when that happens with collectors offline they have a tangible, actually unique item.

Jenn

On Wed, Jul 21, 2021 at 10:57 PM Britt Griswold <[log in to unmask]> wrote:
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I read an article (NY Times?) that suggested these is a steep hockey shaped curve on NFTs. With a few people making money and most not making much of anything.

Here is an interesting article that provides an overview on NFTs: https://www.technologyreview.com/2021/03/25/1021215/nft-artists-scams-profit-environment-blockchain/

 

From: SciArt-L Discussion List-for Natural Science Illustration- <[log in to unmask]> on behalf of Molly4130 <[log in to unmask]>
Reply-To: SciArt-L Discussion List-for Natural Science Illustration- <[log in to unmask]>
Date: Wednesday, July 21, 2021 at 10:22 PM
To: <[log in to unmask]>
Subject: [SCIART] OT: NFTs

 

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Hi All,  

 

I've been meaning to post asking if any of you have ventured into the world of NFTs (non fungible tokens)? 

 

I won't post links but there are primers on different creative blogs (ie dribbble/"what the heck is an NFT"). It got press (and my attention) a few months back with the Beeple $69M Christie's auction. Simply stated the artist creates scarcity by digitally "minting" an asset that marks it as the unique "original."

 

I know next to nothing about cryptocurrency and this seems to be a low-risk way to learn. One detail that I found compelling (if I understand correctly) is that the minting process bakes in some residual rights for the creator, who receives compensation whenever the NFT is sold from one party to another in the future.

 

I still don't fully understand how this will unfold as a sustainable market, but a couple of my contacts seem to be doing well with it for now. 

 

Thanks as always for your help and always-interesting perspectives. I found this group years ago while considering schooling for scientific illustration--while I did not go that route this remains my favorite design-community discussion group--in fact it has remained relevant through every phase of my freelance design life. I've learned lots from you all. Thanks again  and all the best! Molly

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