S2 – E3 – WTF are NFTs?

S2 E03

Show Notes

In short, it’s complicated. Even for two fairly intelligent Gen Y and X journos we struggled to fully comprehend the ins and outs, the ethics, the structure and THE POINT of NFTs.

In this episode of Click Click, Bang Bang – A Photography Podcast we delve into the world of NFTs to try and understand the rise of this new digital ‘marketplace’. We discuss what NFTs actually are, how the marketplace works, the pros and cons for artists and buyers, the environmental impact that NFTs have, the frauds and the scandals! It’s a lot to cover so we’ve also given you some resources below so you can make your mnd up for yourself about NFTs.

Episode Resources

Relevant news articles covering NFTs - The good, bad and the ugly

Anil Dash is widely credited as the co-creator of the NFT. He writes in The Atlantic about the original purpose of his idea.
https://www.theatlantic.com/ideas/archive/2021/04/nfts-werent-supposed-end-like/618488/

Digital art is a billion-dollar business, with everyone from Paris Hilton to Damien Hirst trading in ‘non-fungible tokens’. But are NFTs just a get-rich-quick scheme masquerading as culture?
https://www.theguardian.com/artanddesign/2021/nov/06/how-nfts-non-fungible-tokens-are-shaking-up-the-art-world

Any way you cut it, the NFT ecosystem as it stands is a disaster – Top marketplaces facilitate epic amounts of theft and wash trading, scams are rampant, and the cringe is unbearable. Can it last? https://www.vice.com/en/article/xgdvnd/the-nft-ecosystem-is-a-complete-disaster
How NFTs are Benefiting Artists & Changing the Way We Sell Work https://urth.co/magazine/how-nfts-are-benefiting-artists
Cryptocurrency goes green: Could ‘proof of stake’ offer a solution to energy concerns?
Bitcoin relies on many computers to crunch difficult math problems. But it doesn’t have to. https://www.nbcnews.com/tech/tech-news/cryptocurrency-goes-green-proof-stake-offer-solution-energy-concerns-rcna1030
Artists outraged at website allegedly selling their music as NFTS: What you need to know: https://www.abc.net.au/triplej/news/musicnews/hitpiece-explainer–artists-outraged-at-website-allegedly-selli/13739470?fbclid=IwAR33CnxR5vYsrDEKHNb_iwakw6ro0NHNaPIdPsgF01TfAGwCJh7w0_KC1RI
Panic as Kosovo pulls the plug on its energy-guzzling bitcoin miners
This article is more than 1 month old
Speculators rush to sell off their kit as Balkan state announces a crypto clampdown to ease electricity crisis: https://www.theguardian.com/technology/2022/jan/16/panic-as-kosovo-pulls-the-plug-on-its-energy-guzzling-bitcoin-miners

Relevent Twitter Threads - Go Down The Rabbit Hole

NFT people absolutely cannot comprehend where i'm coming from, fundamentally do not understand that the very phrase "digital asset" fills me with revulsion
— eevee (@eevee) January 22, 2022

This is a pretty great description of NFTs. pic.twitter.com/ejFTeOtSJn
— Andy O (@Andy_Olsen) January 21, 2022

https://twitter.com/laraisuncool/status/1483874899470995459

7️⃣ What’s the impact of NFT fraud?

⭕️ Artist Dan Howard passed away in 2019 - but last year, an anonymous account started selling his work as NFTs.

🚨 When a fan alerted his family, they emailed @OpenSea, which removed the auction. But within weeks, more were up for sale. pic.twitter.com/6Xo0OH8mS0
— Thomson Reuters Foundation News (@TRF_Stories) January 18, 2022

This is an honest question for those in the photo NFT world: how can the space tolerate thoughtful criticism of the craft of photography without mindlessly celebrating everything that people produce? 1/
— RyanChristopherJones (@rcjonesphoto) January 16, 2022

How long will people continue to turn a convenient blind eye to the catastrophic issues underlying crypto and NFTs? What a heroic statement it would be to swallow some pride and step away. Others have done it. Will you? https://t.co/ldElPeU7me
— Jack Lowe (@MrJackLowe) January 16, 2022

Other Relevant Resources

Australia Resale Royalty Scheme

The British Journal of Photography Bait and Switch: “The British Journal of Photography sold out its twitter account with 250000 followers into a NFT marketing account called ‘art3’.

“On Oct. 23, 2008, I started the British Journal of Photography’s Twitter account. To see, years later, its owners do a bait-and-switch to promote their latest NFT biz venture – transferring 250,000 followers who trusted the historic brand, founded in 1854 – it’s gutting.” – @olivierclaurent

So The British Journal of Photography sold out its twitter account with 250000 followers into a NFT marketing account called 'art3'.

They started a new account for photography. Which has 836 followers.

And in doing so destroyed their reputation and reach. pic.twitter.com/KDI0HpT2fW
— duckrabbit (@duckrabbitblog) February 2, 2022

RIP the British Journal of Photography. A widely respected publication has committed suicide. https://t.co/kjbfESSTmu
— Andy Day (@kiell) February 3, 2022

Interview with co-founder of OpenSea Alex Atallah