Why Do Some People Hate NFTs?

NFTs, or non-fungible tokens, have recently become a hot topic in the art world, so why do some people hate (dislike) NFTs?

Key Points

• People (often artists) view NFTs as a way for wealthy investors to make money off their art without contributing anything to the art world.
• They may also view NFTs as a way to commodify art and turn it into a financial asset rather than something that should be enjoyed for its own sake.
• Others have environmental concerns, feeling that NFTs are not a sustainable way to support the arts, as they require a lot of energy to create and maintain.

NFTs might also be seen as a threat to the traditional art world, as they provide a new way for artists to sell their work that does not involve going through galleries or other conventional channels. 

Why do some artists hate (dislike) NFTs?

Artists, in particular, may view NFTs as a way for wealthy investors to make money off their art without contributing anything to the art world. They may also view NFTs as a way to commodify art and turn it into a financial asset rather than something that should be enjoyed for its own sake. 

Some artists might also feel that NFTs are not a sustainable way to support the arts, as they require a lot of energy to create and maintain.   

NFTs might also be seen as a threat to the traditional art world, as they provide a new way for artists to sell their work that does not involve going through galleries or other conventional channels.

NFTs are sometimes seen as a way for rich people to get richer. Some people believe that NFTs are nothing more than a digital version of a “Ponzi scheme” or a “pyramid scheme.” 

NFTs are also seen as environmentally unfriendly due to the energy needed to create and store them.

Overall, some artists may simply dislike the idea of NFTs and everything that they represent. Not all artists feel this way – some have embraced NFTs and are using them to sell their work in new and innovative ways. 

Why shouldn’t you buy NFTs? (cons)

NFTs may ultimately be a waste of money because their value is not always clear, and it is difficult to pick the winners. Valuation problems aside, they also may be difficult to resell. While some NFTs have sold for high prices, it is difficult to predict which NFTs will be valuable in the future.

The financial risk involved is a good reason why some people hate NFTs.

Why do gamers hate NFTs?

There are a few reasons why gamers hate NFTs.

First, NFTs can be expensive, and gamers may be unable to afford them.

Second, NFTs can be used to scam people by selling fake or stolen items. Finally, NFTs may take up a lot of space on a person’s hard drive. 

Some gamers may also simply dislike the idea of NFTs, feeling that they are unnecessary and/or a waste of money.  

Why are NFTs bad for the environment?

NFTs are bad for the environment because they use a lot of energy to create and maintain. They also tend to be created and stored on centralized servers, which use even more energy. 

Creating an NFT usually starts with a mining process, which can be very energy-intensive. For example, the popular game CryptoKitties used about as much energy as the entire country of Ecuador in 2017. And that was just for a game!

NFTs also tend to be stored on centralized servers, which use even more energy than the mining process. So not only are NFTs bad for the environment when they’re created and bad for the environment when they’re stored. 

The bottom line is that many people perceive NFTs as not sustainable and bad for the environment. Another reason to dislike them.

Final thoughts

This article explained the main reasons why some people hate NFTs. Artists dislike NFTs because they view them as a way for wealthy investors to make money off their art without contributing anything to the art world.

They may also view NFTs as a way to commodify art and turn it into a financial asset rather than something that should be enjoyed for its own sake.

NFTs are also seen as environmentally unfriendly due to the energy needed to create and store them. 

Gamers have different reasons and may dislike NFTs because they can be expensive. They may be used to scam people by selling fake or stolen items. NFTs may also take up a lot of space on a person’s hard drive. 

Like anything in life, some people simply dislike the idea of NFTs and everything they represent. As always, there are two sides to every argument.

For more information on the costs of minting NFTs click here.