Talking NFTs and Grift with Neil Turkewitz & David Lowery
Feb 9, 2022
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Artist bor is interviewed about ripoffs of visual art on OpenSea. David Lowery discusses the HitPiece ripoff. Topics include the definition of NFTs, fraud in the NFT market, environmental impact, motives behind NFTs, regulation, and the negative aspects of the crypto scene.
NFTs have led to unauthorized distribution of digital art, exposing the lack of safeguards and creator consent.
NFTs rely on hype and speculation, with concerns about their environmental impact and absence of a legitimate marketplace for creators.
Deep dives
NFTs and the Illusion of Value
NFTs, or Non-fungible tokens, have become a popular topic of discussion in the unregulated market. NFTs are essentially unique digital tokens associated with some form of digital asset, such as music or artwork. However, the value of NFTs is questioned, as they are not actually the content they represent but rather entries in a blockchain ledger. The NFT market has been plagued by fraud and scams, with artists and creators often not giving consent for their work to be turned into NFTs. The NFT craze initially focused on digital art, with claims of liberating artists from intermediaries, but the reality is that many creators have been left without authorization or compensation. The NFT space is filled with chaos and lacks proper regulation, leading to concerns about its long-term viability.
Plagiarism and Fraud in the NFT Space
Plagiarism and fraudulent conduct are prevalent in the NFT space, as highlighted by artist rights advocates. NFTs have provided a platform for distributing digital art without proper consent from creators. The myth that NFTs are liberating for artists has been shattered, exposing the reality of unauthorized distribution and lack of safeguards. NFT platforms claim to disintermediate the distribution process but fall short due to the absence of creator consent. The NFT ecosystem benefits those interested in monetizing chaos, rather than addressing the chaos itself. The space is rife with scams and fraudulent behavior, with no clear mechanisms to protect creators' rights or ensure a legitimate marketplace.
Musicians and the NFT Scam
Musicians have become targets of the NFT scam, with sites selling NFTs of popular music without creators' permission. Hit Piece, a website scraping Spotify, offered NFTs for sale without any authorization from musicians. These NFTs did not even provide access to the music itself, only a picture of the album artwork. Celebrities and influencers promoting NFTs without disclosing their financial interests have further fueled this fraudulent market. The value and legitimacy of NFTs are being questioned, as they largely rely on hype and the illusions of wealth creation. The NFT bubble is supported by major investments, but skepticism from artists and creators is growing, highlighting the need for transparency and protection against scams.
The Flaws and Unsustainability of NFTs
NFTs are facing criticism for their lack of value and inherent inefficiencies. The NFT market is seen as a pyramid scheme, where the value is mainly driven by hype and speculation. Blockchain technology used for NFTs consumes significant energy, contributing to environmental concerns. The creation of artificial scarcity and the absence of a legitimate marketplace for creators raise questions about the long-term sustainability of NFTs. The push for disintermediation and empowerment of artists through NFTs is exposed as a disguise for profit-driven schemes by technology companies and venture capitalists. Calls for regulation and transparency are necessary to protect artists and prevent further exploitation in the NFT space.
