About NFTs and CryptoArt from a former broker employee
I’ve been seeing some NFTs (Non-fungible tokens) and Crypto Art discussions on my feed here and Twitter (mainly there), and I can’t help myself but notice some conflicting ideas as I scroll more.
Cryptocurrency is a very complicated field even for me who has trading and working experiences in Forex & CFDs brokerage firms. But if you want to know basic stuff about NFTs, this article has explained all important details that even a high schooler can easily understand. Most articles that I’ve read are too wordy, some writers obviously have no idea how trading works, but they all used the same “Mona Lisa” analogy so I’m pretty sure they all came from one source (the irony).
Now I’m going to share my own unpopular opinion on things that are barely discussed anywhere AFAIK, and I’ll try my best to be as neutral as possible.
Why do online content creators, especially digital artists, engage in NFTs?
Potential income and Preservation. NFTs, similar to other cryptos like bitcoin, can be traded and sold, which means $$. Commissions and merch selling are not enough to feed an artist these days, so having another means to earn money is pretty attractive. Even those who make memes and shitposts can earn a living by mining NFTs.
The Preservation part is more beneficial if you’re a popular artist. Just like the “Mona Lisa” example in the article, you can easily manipulate the supply and demand chain. Y'know, basic economics.
Yes and No. Yes, because of what I mentioned above. No, because crypto is shady af, trading and mining are illegal in some countries, and it opens a potential online content theft - a topic that has been discussed almost everywhere.
Is it okay to block/unfollow an artist who does NFTs?
This is why I decided to make this post. See, cancel culture is very strong on this one, and I swear I’ve seen lots of people who went “IDGAF what NFTs are but they said it’s bad so imma cancel this bitch”. I’m not saying that you should not unfollow/block them - what I mean is, choosing ignorance over information can become a habit over time.
Tho IMO, one of the main problems that I’m seeing here, aside from art theft, is consent.
Most of these artists’ followers aren’t aware that they were being monetized this way, and the majority felt betrayed especially after learning how NFTs work. Some followers even learned that there were artists who are not only trading NFTs, but they’re also stealing other artist’s works.
Should I follow/unfollow my fave content creator who trades in NFTs knowing that they earn the more I interact with their content? It’s up to you to decide.
If fanarts can be stolen, can fanfictions too?
NFTs cover all digital assets - images, videos, texts - so that’s a big fat yes.
If someone stole my content, does that mean I lost the ownership?
No, you’re still the original owner. That’s why DMCA doesn’t work. They didn’t steal your work technically. These miners (I prefer to call them that than art thefts tbh) are just taking the digital certificate where you posted it and say “Look at this! Awesome, right? Now go check it out and spread the word!”
If we use the article’s analogy, your art is the “Mona Lisa”, your original post link is the “Lourve”, and these miners are the “visitors” who took a picture of your art and decided to make memorabilia or “tokens” out of it. And the more popular your art is, the higher the demand for these memorabilia. And the “buyers”? Those are your followers.
You as the “curator” still have the original “Mona Liza” and these people don’t.
How can I prevent my content from being mined?
Mine it yourself - if you can’t beat them, join them
Check your website’s TOS on their users and third-party users. Twitter doesn’t have any protection on their users, and sure as hell Tumblr doesn’t
Be a normie blog and pray that your content won’t trend tomorrow
Set your account to Private
Check your followers and block those who are sus
So far these are the things that I remembered not being mentioned by other posters.
