Escape to Art

golden hour

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david, commission. 2019

i am aware that this piece of mine has been re-posted a thousand times, but now you can re-blog it from the original artist! :~D

Cloaked in nature~

veiled in the wilds

jelly

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day 651

Part of it is that when they’re selling these things, they’re selling in cryptocurrency. They need to exchange the money for crypto, then spend it on your NFT. You need to create each of the NFT’s, then put up offers for each of them, then if you get a buyer you need to turn that crypo back into money.

You’re charged for every step of this process. Turning the money into crypto costs money. Turning the crypto back into money costs money. Creating each of these NFT’s costs money. Putting up each of the offers money. Accepting each of the offers costs money. So on and so forth. They bleed you for every step of the transaction. 

Which means if you are one of the people who has some eccentric rich followers willing to spend $6000 on one of your NFT’s because they think the blockchain is the future or whatever, then you can make some quick cash while the trend is hot (I'm pretty sure it’s not hot anymore).

But if you’re somebody who’s selling your NFT’s for cheaper, you pretty quickly realize you’ve lost money on the whole venture. The money’s all gone into the pockets of the guys who control the crypto.

There is also the nature of ownership, buyers do not actually own the image when they buy it, they buy a link to it and a certificate saying they own it, the seller still can do whatever they like with the image, including getting getting rid of it. This isn't counting the fact that NFTs a incredibly easy to steal as well as the fact that many, many of the images you see are in fact stolen from artists who don't want their work turned NFTs, and there are no real regulations to stop. You know the mantra of ‘If it’s on the internet you lose ownership and I can take’ you see with people repost art, well turn that up to eleven with the people who sell stolen NFTs.

There's also the fact that popularity of NFTs coincides with the American government announcing it would be cracking down on money laundering via physical art sales. Can you wonder why an industry all about anonymous art sales with really extremely high prices would become suddenly so popular.

Cryptocurrency's themselves are a bad investment as their are no regulations surrounding them and their value can fluctuate wildly, more than any other commodity, not including the fact that some countries are looking to or already have banned them.