This is a short explanation of why NFTs are bad. For more detailed explanations, the end of this article has links to detailed articles I have written on the subject.
In a nutshell, NFTs are bad for two reasons:
- They are bad for the environment, as they rely on cryptocurrencies that cause huge amounts of carbon emissions. They will continue to rely on these systems for security reasons (despite claims to the contrary about moving to other systems).
- They are only valuable as tools for money laundering, tax evasion, and greater fool investment fraud.
There is zero actual value to NFTs. Their sole purpose is to create artificial scarcity of an artwork to supposedly increase its value (it doesn’t do this, but the pretense that it does can be used for illegal purposes by those who recognise that fact).
More Information
I have written a much longer, detailed explanation of all the reasons why NFTs (and cryptocurrency) are bad in the article below.
Below are some more articles I’ve written, that are responses to specific articles on the web (Jisu’s article was a highly-shared article full of misinformation about NFTs, and so two of the articles below specifically respond to the points in that).
