NFTs -Jacqueline Minelli

NFTs have been around for a long time, despite their recent media exposure. NFTs, or non-fungible tokens, have been all over the news recently. An NFT is a blockchain-based digital asset, commonly artwork, that works similarly to a JPEG file. The argument is that the value of NFTs comes from the fact that the buyer becomes the only legitimate owner of the original artwork created by the work’s developer. When an artist creates an NFT, all other copies of the artwork become just that: copies. As a result, the NFT’s market worth is connected to the blockchain that certifies the work’s legitimacy instead of just the work on it’s own. After reading the various informative articles on the effects of NFTs, I would say it is evident that there are both positive and negative effects of their role on the internet. An article that discusses these effects is a Forbes article written by Tyler Gallagher titled, “What Are NFTs And Are They Here To Stay”. A few positive effects he highlights in the article is having documents issued by the government or by the finance industry could be transformed into one-of-a-kind personalized tokens. He talks about how NFTs have a bright future in the rapidly growing virtual reality market. The emergence of decentralized virtual reality worlds may compel the usage of NFTs for the purchase and sale of genuine digital works. They might make it possible for players to buy and keep unique digital objects. Some bad effects of them on the internet would be being aware of con artists and scammers out there looking to profit from people’s ignorance. Gallagher mentions in the article his overall view on NFTs when he states, “There’s massive potential in issuing digital assets on blockchains… The future of NFTs could go in either direction, but the use cases for NFTs go beyond merely art ownership. I think NFTs are here to stay and aren’t going to die out anytime soon.” I agree with Gallagher’s statement because NFTs can be unpredictable but I do believe there is a market for them going forward, especially in the gaming and music industry. Another article that touches on the effects of NFTs is “NFTs Weren’t Supposed to End Like This” by Anil Dash. She mentions NFTs effect on artwork when she states in the article, “Technology should be enabling artists to exercise control over their work, to more easily sell it, to more strongly protect against others appropriating it without permission”. I agree it is easier for artists to tell their art without going through third parties in some instances but still has its flaws. As she mentioned in the article, “how will anyone verify whether the linked artwork is the original?”. If you’re only buying a link to the art work and not the actual how will you know. 

Jacqueline Minelli