NFTs also try to impose the values of a select few upon a medium (the Internet) that is designed for the many. When a small group of people tries to declare what’s “good” and “high value” by themselves and thrust that upon the world, well… that rarely goes well. Such an approach drives elitism and inequity. We’ve tolerated it in the world of high art because, well, really only a small number of people truly care (sorry). That NFTs try to create such distinctions in direct opposition to objective reality is the height of elitist hypocrisy (again, the digital art files are *the same*). So, it’s a hype primarily driven by those who want to be known as elitist tastemakers.
But artists need to be paid, right? First off, there aren’t many artists being paid adequately in the old system, so I can’t believe that sliding the values of the old system into the digital world will change anything. Secondly, the fundamentals of digital creation introduce new paths to monetization. Successful YouTubers (creators, gamers, and yes, educators) have taken advantage of the infinite replicability of digital content to build large audiences and make a (good) living. I want artists to be paid, but I want many more of them to earn a living wage. I don’t want a system where a select few get to make millions for their works. If this was the 17th Century, perhaps that’s the best way to do it, but there are far more artists than patrons, and very few will find a wealthy NFT benefactor. Creating a fake scarcity bubble with NFTs further encourages the cult of the “superstar” artist.
Finally, NFTs impose a hidden cost to all of us: they are bad for the environment. Seriously. They require enormous amounts of superfluous computation, which requires power, which takes natural resources. I’m not talking about your laptop, rather massive data centers run by corporations, where much computation is devoted to the number crunching required for crypto-currencies and crypto-art. A large data center can match the power requirements of a small-mid size city (100 MW). At least Bitcoin serves a purpose: it really can make digital financial transactions far more efficient and secure, which has real value. The only value of NFTs is imparted by human vanity: the small cabal of those who wish to decree something valuable and those who want credit for grabbing it “first!”.
Historically, systems based upon artificial scarcity haven’t lasted long, and this one won’t either. Instead, I simply propose this: pay for art. Purchase works that you enjoy. Buy subscriptions to content. Support digital creators via platforms like Kickstarter and Patreon. And when it’s safe, attend performances and events. Art should be an investment, but not one seeking a financial return… the return comes through a better understanding of both the human condition and oneself. And that is always worth investing in.