Why Is NFT Bad for Artists

NFTs promised to revolutionize how artists sold their work by offering a direct line to collectors. But the reality has not lived up to the hype for many. What was supposed to be a game-changer introduced new challenges: NFTs.

NFTs were meant to empower artists but ended up having little to do with the creator and more about hopping on trends. The market is oversaturated; most creators struggle to stand out, and only a few ride this wave of hype.

Environmental Concerns

The environmental concerns surrounding NFTs are widely known: the amount of energy consumption in minting and trading them is massive. This makes the carbon footprint left behind by these tokens enormous. For artists who advocate for such matters, this aspect sucks.

High Costs and Risks

Minting NFTs is costly owing to the high transaction fees, and the market—uncertain. Many artists are spending more on charges than they earn: a risky investment.

Copyright and Ownership Issues

With NFTs, art theft has become a significant issue as — stolen works are often minted without permission. Enforcement of copyright in the decentralized blockchain space is next to impossible: this exposure left artists.

Market Volatility

The instability of the NFT market causes prices to fluctuate erratically. Such volatility can make it hard for artists to depend on NFTs as a steady source of income and will snuff out creativity.

Centralization and Gatekeeping

Whether or not it is claimed to be decentralized, the NFT space is controlled by a small number of major platforms that determine which artists are visible. Success is often dependent on presence in social media and not on talent.

Focus on Money, Not Art

NFTs have changed the focus from the value of art to being a source of money. The commodification of art in this way can be rather depressing, particularly for new artists trying to make it big.