The Dark Side of NFT: Art Theft and Environmental Damage

by George Philip
Published: Last Updated on 0 comment

NFTs have definitely enriched many members of the crypto community by also allowing criminals to profit from the work of legitimate authors.

Art theft

The cause of such crimes is the controversial copyright regime. While selling works as NFTs may seem like a quick and easy way to make big money, this isn’t always the case. In recent years, NFT creators have repeatedly reported works being stolen or sold on the NFT platform without their permission or knowledge.

Cases of art theft are growing exponentially. Property infringement on the NFT platform is a very serious issue. Even though each NFT is unique, fraud is still possible due to the anonymity aspect of the blockchain, which makes it impossible to determine who is the true owner.

How are NFTs destroying our environment?

The Ethereum blockchain uses Proof of Work technology, and NFTs are very popular for deployment on this network. Each transaction requires the power of high-performance computers for verification. Significant use of computing power requires a lot of electricity, and this leaves a “carbon footprint”.

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NFTs are used almost everywhere on the planet and are accompanied by hundreds of thousands of transactions per minute. No one can appreciate the extent of the negative impact of NFTs on our world.

When a piece of NFT is put up for auction, every bid, sale, and purchase, in other words, every transaction from wallet to wallet, takes place on the blockchain, burning a significant amount of energy. The environment pays a high price for investors’ profits. Perhaps this is enough to appreciate the extent to which the NFT is wreaking havoc on our planet. With every penny, we are polluting our planet more and more.

Non-fungible tokens are certainly a valuable investment, but they also come with high risks. But when you are willing to take risks, you should be aware of the downside of NFTs, which can leave you with nothing if you are not lucky.

There is more; continue reading

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