Forum > General discussion > "Cryptoart"?
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""Cryptoart"?", 14th Mar 2021, 1:49 AM #1
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This article was the first time I ever heard about "cryptoart". And it sounds...awful, really:


Cryptoart is a piece of metadata (including, generally- an image or link to an image/file, the creator of that file, datestamps, associated contracts or text, and the purchaser of the piece) which is attached to a “token” (which has monetary value on a marketplace) and stored in a blockchain.

An individual piece of cryptoart is called an NFT. You can think of each NFT as a trading card or a collectible with an individual value that is also affected by the general market value of NFTs as a concept, the Ethereum network and cryptocurrency in general. Like beanie babies without the beans.

Cryptoart is bought and sold with- and has its value calculated in- Ethereum, a 6-year-old cryptocurrency that was (at the time of writing, 2 pm March 2nd 2021) trading at 1 ETH = $1476.21 USD.

Several artists have written about the specific environmental costs associated with cryptoart. Numbers vary, but minting artwork on the blockchain uses somewhere between weeks, months, years, (and in rare instances decades) of an average EU or US citizen’s energy consumption.
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14th Mar 2021, 2:05 AM #2
Venture Capitalist
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I assume this is one of those hard drugs them speculators turn to when trading in collateralized mortgage obligations doesn't get them uh excited anymore.

Me? I'd rather invest in tulips.
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14th Mar 2021, 4:56 PM #3
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It's also an art theft machine while it's busy destroying the environment, since twitter bots can run wild "lazy minting" everyone's works or memes while the soulless investor looks for which one might make them even richer still.

For everyone else though, it's a pyramid scheme. You need to pay to get in, pay to build, and the supporters surround any post criticizing it like hounds/MLMs going "but you're afraid of progress" or "this is great for the art community we're giving you an opportunity to make money off of any work" or "we'll fix the environmental issues in 2 years but you want to get in the trend now, don't you?".

As a bonus, rich artists (which will never be truly affected by the climate change multiplier this is) are trying to turn this into cries of cancel culture, after all, this NFT really really could be what pays their house and you're starving a "poor" artist with your drama and mean tone. But they'll suddenly go silent and block when it's brought up that they were happy being mean to minority artists every time their hashtags started trending.

I love being an artist on social media.
17th Mar 2021, 2:00 AM #4
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Yes, there is also the art-theft aspect.

Honestly, everything about cryptoart sounds terrible, and I can't understand why somebody would be willing to support this kind of stuff.
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17th Mar 2021, 7:28 PM #5
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Some people are wired to gamble on opportunities. Sometimes they are explorers and this is how new discoveries and innovation happens. Maybe it's all delusional but they've convinced themselves it's the future.

https://editorial.superrare.co/2021/02/27/why-we-believe-in-cryptoart/

Originally, one of the principal goals of blockchain was to cut out corrupt governments, greedy banks and payment processors in order to democratize transactions and wealth.

Etherium has been pretty bad at that, but it's eventually upgrading to Proof-of-Stake algorithm, which should use 10 to 100 times less energy. Still, seems like more energy wasted than in 20th-century transactions.
17th Mar 2021, 7:33 PM #6
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I think that any tool that benefits art thieves is a big NO for me. It's hard enough to protect your art online. I don't want another means to worry about.
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17th Mar 2021, 10:14 PM #7
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More like cryptoshart lol
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20th Mar 2021, 7:36 AM #8
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Can someone tell me how a digital art piece can damage the environment? Serious question, I cant seem to really grasp it but crypto anything confuses me anyway....
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20th Mar 2021, 7:46 AM #9
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@OujaAkuma basically, it’s along the lines of power drain- like when you play a really intensive video game and your PC gets super hot? The process of minting a new crypto token is kinda like that. The art is a separate thing, and the crypto token is just like a certificate that gets attached for ‘authenticity’

All the wild anti-duplication stuff thats put in bigger bills of paper money gets made in digital format. Idk the exact process but the computing software is so intensive, it’s not possible to do on your average home computers. The companies that ‘mine’ bitcoin have supercomputers the size of a bus running at maximum power, 24/7, for literally nothing lol.

An airplane uses wildly damaging amounts of energy too, in the form of jet fuel being burned, but at least with an airplane you’re moving somewhere fast. Cryptocurrency is like a super fancy birth certificate for a neopet lol
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20th Mar 2021, 8:52 PM #10
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According to digiconomist.com, a single Ethereum transaction uses the same energy that an average house uses over 2.1 days. That's better than 10 times less than Bitcoin, but still sucks.

So for a single NFT, in the 1st transaction, it needs minting, then needs auctioning, and each bid is another transaction, and selling and reselling add more, and in the end all transactions add up to several days worth of energy wasted and huge carbon footprint, all for a tiny PNG or whatever.

The blockchain pros hand wave away all that and say it's gonna happen anyway because the blockchain gets processed with or without the transactions at the same rate. Maybe they don't care? They're heavily invested in cryptocoin so they're biased.

10s of thousands of miners process transactions during the act of mining coins, which requires each of them to download the entire multi-gigabyte blockchain ledger and process it day and night, over and over, and repeatedly cross-reference the ledger with other miners on the network to ensure consistency and validity. So, technically the artist minting and selling NFT isn't using the energy, it's the miners. I don't think the miners make lots of money because they have to pay extraordinary bills (although this estimate says otherwise).

The Ethereum blockchain has to grow with each new transaction, so the files get bigger, require more disk space and ram, more CPU power to process, and so theoretically the energy consumption will continue to rise the same way Bitcoin's has.
13th Apr 2021, 12:22 PM #11
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Whelp, I heard AAA games are getting into the NFT space now, so I guess this will settle into mainstream soon enough. It's a good fit for trading cards and card games already, and I guess full-length comicbook NFTs aren't far behind.

It's tempting to make NFTs of my comics or whatever, but I don't wanna use the Ethereum network. Seeking a better platform like Stellar or Waves maybe?

It's a topsy-tervy world we live in now.
11 days ago, 6:43 PM #12
-3-

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A bit of random perspective:

Once you get into NFTs, cryptoart, cryptocurrency, etc.,., you can no longer justifiably complain about Big Oil or anybody else destroying the planet for profit. You've decided to join the practice.
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11 days ago, 6:56 PM #13
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Something I've noticed is that none of the articles talking about "x famous artist sells NFT of whatever" ever mention the environmental impact at all. It's like the entire sphere of rich jerks getting into it are just being completely willfully ignorant about it

It's pretty anxiety-inducing tbh
10 days ago, 1:05 AM #14
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bharts:It's like the entire sphere of rich jerks getting into it are just being completely willfully ignorant about it

They've found a way to digitize money laundering, why would they care about the environmental impact? As long as they don't have to pay taxes on their ill-gotten gains amirite~ (And let's be honest, that's the only reason this is taking off. It's not about art, it never was.)

And if you want another reason to facepalm? The "lazy minting" mentioned above doesn't even "certify" the art. It "certifies" the URL the art is currently stored at. If the link breaks down the line? Tough beans, you registered the URL, not the PNG.

Basically, there's nothing about NFTs that inspires the slightest whiff of confidence for me.
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10 days ago, 2:05 PM #15
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Gorillaz getting into it was pretty ironic, considering the environmentalist themes in a lot of their music...sigh

I think I saw someone describe ownership of an NFT as basically there being a back room no one ever enters in a museum with a tiny plaque in it that says you own a piece in another room lmao

The whole thing is just asinine
10 days ago, 10:50 PM #16
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As someone who literally knows nothing about crypto other than buy big money when low, sell when high, as I have no care for it whatsoever, what is the actual danger on the theft side of NFT'S? As @Iris-Grimoire stated, there are twitter bots that scan twitter 24/7 for art to steal; now I don't use twitter, but it still doesn't stop someone from, for instance copy/paste your work and then it would get picked up by a bot. Is there any way to feasibly protect your art from this other than copyright protection? I know a lot of people say NFT'S are just a passing trend, but this is becoming a legitimate concern for many. How WOULD one protect their art from this?
"Cryptofart.", One week ago, 8:48 AM #17
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StellarTrueDude:As someone who literally knows nothing about crypto other than buy big money when low, sell when high, as I have no care for it whatsoever, what is the actual danger on the theft side of NFT'S? As @Iris-Grimoire stated, there are twitter bots that scan twitter 24/7 for art to steal; now I don't use twitter, but it still doesn't stop someone from, for instance copy/paste your work and then it would get picked up by a bot. Is there any way to feasibly protect your art from this other than copyright protection?


There’s no protection for it, besides blocking known scraper accounts on whatever social media accounts you use. Even copyright protection can’t cover you yet, because these are still legally-untested waters.
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One week ago, 9:01 AM #18
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glass animals getting into NFT killed a piece of me on the inside. nothing like "alt" bands doing the LEAST alt thing possible! same thing re: gorillaz for that matter.

jack black also really had this super positive thread going around on twitter about him and then the next day announced NFTs

i just

i
i just

E: "it's cancel culture!" im gonna cancel my self restraint and shove my FOOT up your ASS
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One week ago, 10:22 AM #19
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Jack Black too, huh? : (

Well, guess I shouldn't be surprised. I've gotten so cynical about any super famous person by this point
One week ago, 10:23 AM #20
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I have seen it mentioned elsewhere that these crypto currencies have a fairly high carbon footprint somehow. Is it the amount of time computers have to be chugging away to mine the currency? I don't really understand it.

This whole thing raises so many questions...I mean. You pay for this "unique" piece of digital art but surely CtrlC and CtrlV still work...right?
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Forum > General discussion > "Cryptoart"?
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