The lie the media is selling you about NFTs

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About a week or so ago a discussion came up among the employees of EOS DETROIT in our Keybase chat that we use from time to time. A growing number of stories are starting to proliferate the media about the environmental impact of NFTs. Pretty much every member of the team is invested in at least one NFT project as far as I know.

This recurring false narrative is the type of FUD that can ultimately make or break an emerging technology like NFTs. It was mentioned that it would be nice if there was a rebuttal article or post that we could direct people to when they bring up concerns about the green impact of NFTs.

As staff writer I decided to put my moderate talents to work and I came up with this post which we placed on the company Medium page.

I am pretty proud of it, so if you get a chance, I highly encourage you to jump over and read it.

If you don't, here is the TL:DR of it.

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The majority of those arguments against NFTs and their impact on the environment are pointing to the ETH side of things. In fact, the real issue people have with ETH (besides the insane gas fees) is the amount of energy it takes to mine due to it being PoW.

I think it is pretty safe to assume that if you seen an article about the negative environmental impact of NFTs or something similar you can probably remove the word NFT and replace it with ETH and that will be a more accurate description of what the article is about.

Most of us here, know there are alternatives. Delegated Proof of Stake blockchains like Hive and WAX are significantly more cost effective to run, not to mention the TX speed and cost benefits.

The problem is, if I am a socially conscious artist who is looking to get into NFTs, I might be put off when I see an article like that. I might not even bother to read it, the title says NFTs are bad, so that is enough reason to keep me away.

What an unfortunate thing that would be.

Thus, the rebuttal post which hopefully some of those artists will see. Maybe even read it, and realize that there are alternatives to creating NFTs on ETH. Sure, they might not make the kind of money we are seeing fly around on ETH (yet), but if it really concerns them, their conscience should be a little clearer.

I don't think many of us who have been on Hive for a while are at all surprised to see the media grabbing onto the hot new trend and trying to stir up controversy over it. Controversy that honestly isn't even there.

If they were arguing the overall value of NFTs, I could maybe understand that. That's not the case here. They are creating a false narrative about NFTs as a whole, based on a single blockchain.

Talk about a tragedy...


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@eos.detroit Staff Writer/BOID Team Leader

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15 comments
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The sale of the NFTs are just crazy. you said it correctly, why would the artist want to really understand and know the detail of the technology behind the NFT if they can just minted it on blockchain and be a millionaire?

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For sure. It is important that people know there are alternatives to ETH. It will benefit WAX and Hive if we can drive creators to these platforms.

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Just like anything the market will dictate how much things are worth as well as what the market can bear.

Personally with the massive amount of issues that are going on with the American dollar and other world currencies it is only a matter of time before more people switch over and start using blockchain technology seriously.

Just like always when new technologies come out you should be aware of them and invest in them

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Well said! I think there will be a general move to crypto overall as well.

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Thank you thank you very much I'm a big believer in blockchain technology.

you must adapt to the world or the world will grind you under its treads.

History is showing us this time and time again.

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This really bugged me too. Also have been spreading the word about why it's a false narrative!!

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Now that I am playing Rising Star, I am stacking lots of NFTs! They will for sure be huge in gaming and many other things! Maybe corporations can make less profit from them, so they play them down.

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For any good thing happening, there will always be some people working hard to bring it down, so people like you invested in it have a lot of work to do, like you are doing now to bring up the positives, eventually though the market is the determinant.

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I'm starting to really hate this environmental impact bullshit where they they want to put all the responsibility on the end consumers. Meanwhile for example, fishing boats can leave thousand tons of plastic fishing nets in the oceans and sell us overpriced tuna with eco friendly stamps.

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Yeah, I know. It really is a case of them cherry-picking to fit their narrative. The sad thing is the majority doesn't realize that and they just blindly accept the narrative.

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Ugh, the media, blah blah blah. I do agree that they could have put certain artists off with this negative, and actually, false narrative. Unfortunately, many people believe what they read and don't delve into the matter further.
!CTP

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Yeah, for sure. I think we need to let people know that there are green alternatives to NFTs. Especially since it will hopefully drive them to some of my favorite blockchains.

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