Crypto and NFTs

I've written in the past about NFTs - Non-Fungible Tokens, as they're called, and Mark has written about cryptocurrencies and the scams that surround them.

This week, David Farrier, of Webworm published an excellent article on the topic, mostly written by part-time artist Josh Drummond.

It is an excellent read, highlighting the problems with NFTs and Cryptocurrencies in general.

“Here's the simplest way to put it: Proof-of-work cryptocurrencies are monetized pollution. They might be the most asinine example of late-stage capitalist absurdity yet invented. I wasn't always this cynical about it; years ago I even did a bit of freelance work for some really good people at a crypto outfit that used a less environmentally ruinous approach called “proof of stake”. But after watching the field for a decade or so and seeing the technology produce nothing useful, I just kind of tried to ignore it.“

Jumping onto the NFT bandwagon this week was Webb's auction house. They auctioned off two original glass plate negatives of pictures of celebrated artist C.F. Goldie, who is best known for his images of Maori dignitaries.

The images went for well above their expected price - achieving around $51,000 and $76,000.

The buyer(s) would receive an NFT of the image that would be sent to their digital wallet, a framed print, as well as the original glass plate negative.

In an astounding proposal of vandalism and wanton destruction of art, the original bundle was to include a small hammer with the suggestion that the winner of the auction could smash the original glass plate to ensure that the image was only available digitally.

Thankfully, they backed down on that proposal:

The original bundle included a hammer, which Ninow had previously suggested might be used to smash the negative as a commentary on whether the aura of an artwork WAs captured in its physicality or in the idea of the work.

In hindsight, giving people a hammer was a slightly too provocative way of explaining that.

Everyone will be pleased to know we will not be including a hammer.

We should be concerned about the rise of cryptocurrencies and NFTs and their energy-hungry operation.