The lie the media is selling you about NFTs
About a week or so ago a discussion came up among the employees of EOS DETROIT in our Keybase chat that we use from time to time. A growing number of stories are starting to proliferate the media about the environmental impact of NFTs. Pretty much every member of the team is invested in at least one NFT project as far as I know.
This recurring false narrative is the type of FUD that can ultimately make or break an emerging technology like NFTs. It was mentioned that it would be nice if there was a rebuttal article or post that we could direct people to when they bring up concerns about the green impact of NFTs.
As staff writer I decided to put my moderate talents to work and I came up with this post which we placed on the company Medium page.
I am pretty proud of it, so if you get a chance, I highly encourage you to jump over and read it.
If you don't, here is the TL:DR of it.
The majority of those arguments against NFTs and their impact on the environment are pointing to the ETH side of things. In fact, the real issue people have with ETH (besides the insane gas fees) is the amount of energy it takes to mine due to it being PoW.
I think it is pretty safe to assume that if you seen an article about the negative environmental impact of NFTs or something similar you can probably remove the word NFT and replace it with ETH and that will be a more accurate description of what the article is about.
Most of us here, know there are alternatives. Delegated Proof of Stake blockchains like Hive and WAX are significantly more cost effective to run, not to mention the TX speed and cost benefits.
The problem is, if I am a socially conscious artist who is looking to get into NFTs, I might be put off when I see an article like that. I might not even bother to read it, the title says NFTs are bad, so that is enough reason to keep me away.
What an unfortunate thing that would be.
Thus, the rebuttal post which hopefully some of those artists will see. Maybe even read it, and realize that there are alternatives to creating NFTs on ETH. Sure, they might not make the kind of money we are seeing fly around on ETH (yet), but if it really concerns them, their conscience should be a little clearer.
I don't think many of us who have been on Hive for a while are at all surprised to see the media grabbing onto the hot new trend and trying to stir up controversy over it. Controversy that honestly isn't even there.
If they were arguing the overall value of NFTs, I could maybe understand that. That's not the case here. They are creating a false narrative about NFTs as a whole, based on a single blockchain.
Talk about a tragedy...
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