Artists are guaranteed copyright and moral protection over their artwork and identity. A problem that people aren’t aware of concerning NFT’s is that there is a network of investors who are paying with soft money and buying crypto-power. It is interesting how the money that was used to buy Beeple’s work was a result of doing business with other pieces of his work. It makes me wonder whether people are buying artwork for its purpose and artistry or for capital gain. The relationship between NFT’s and the real world are a bit hard to discern at the moment.
In the system, there is something called proof of work that is like a little puzzle that the computer solves. The process of “mining” is like a competition of trying to solve puzzles and get a “coin” through mining. There is no federal oversight for the amount of energy consumed by these “mining” endeavors. NFT’s are also not protected as intellectual property. It seems like NFT’s are a danger to many parties but the whole idea of making money off cryptocurrency is a fast and easy gain that people turn to. Furthermore, people don’t try to understand the hidden networking behind it and participate without much conviction.
Before reading these articles, I felt indifferent toward cryptocurrencies because it seemed too difficult for me to understand and something I would never participate in anyway. However, the problems seen in these articles make me wary of the mysterious and unregulated system of cryptocurrencies. I think I would still participate in currencies that are more environmentally friendly, but other factors also concern me such as the deep networking behind the money and use of artists rights.