NFT could almost stand for Not The Future

Most artists are not making money off NFTs and here are some graphs to prove itKimberly Parker
These numbers do not show the democratization of wealth thanks to a technological revolution. They show an acutely minuscule number of artists making a vast amount of wealth off a small number of sales while the majority of artists are being sold a dream of immense profit that is horrifically exaggerated. Hiding this information is manipulative, predatory, and harmful, and these NFT sites have a responsibility to surface all this information transparently. Not a single one has. […]

Truly the most shocking thing about these numbers is that they look ordinary. They look just like every other market. Everything about this is run-of-the-mill, banal, predictable capitalism. That is exactly the point. Despite the promises of revolution, equality, and “lifting artists up” this technology has changed nothing: the few people at the top continue to have the greatest amount of wealth.

The cost of a single tulip bulb surged to the same price as a mansion 400 years ago: are NFTs the ‘tulipmania’ of the 21st century?The Art Newspaper
The value of an NFT work, having no physical existence, is umbilically dependent on the price of Ethereum. If Ether is on a high, then Ether art is on a high. It’s all about the digital money. “Christie’s auction wouldn’t have been a success if it hadn’t accepted Ether,” Bourron says. “That was the key.” For the moment at least, with the price of Ether having more than doubled since the beginning of the year, it is onwards and upwards for NFT art. […]

To be sure, new technology has brought us enormous benefits, but certain aspects, such as speculation in cryptocurrencies, also bring risk. The Nobel Prize-winning economist Paul Krugman, writing in the New York Times, has called Bitcoin “a bubble wrapped in techno-mysticism inside a cocoon of libertarian ideology”.

Author: Terry Madeley

Works with student data and enjoys reading about art, data, education and technology.

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