Writer's Guide 101 (Wattpad Edition)

XIX. My Opinions on NFTs/Crypto (pt. 2)

NFTs/Non-fundable tokens

The NFTs, a specific type of cryptocurrency known as "colored coins/tokens," was made in 2017 when American studio Larva Labs developed CryptoPunks — a series of collectable digital characters traded through NFTs. 
They are actually used to own different kinds of stuff such as cars, artworks, music albums, videos, collectibles and real estate. Based on what I've read, they only own the receipt instead of the actual product.
Imagine if a single Lego piece on a space ship model or a one-second frame of animation literally cost $50. The only difference is it takes place on the Internet.

As I began to dig a little deeper into these two, I realize how unnecessary it is and felt that people on the Internet were just hyping it up too much. Whenever someone kept insisting I get into it, I'd just roll my eyes and chuckle out loud as I walk away!
    Here are some of my thoughts on cryptocurrency/NFTs:

1.) There aren't that many accessible sources in various communities — schools/summer workshops/remote places with little to no Internet services — so everybody in the world could be educated about them.

2.) It's obviously too complex for the average joe like me to wrap our heads around (not because we refuse to use our brains or just too dumb).

3.) It's a tricky gamble. This means the value of whatever type of cryptocurrency you have may sometimes go up or down.

4.) A lot of computers used to mine other virtual currencies like Bitcoin emit a huge amount of carbon emissions, thus causing harm to the environment.

(Image used for illustrative purposes. Source: https://amplify.nabshow.com/articles/nfts-blockchain-content-creation-ip-hollywood/)

5.) In the art community, NFTs are pretty much hated considering how a lot of original works are being turned into these NFT artworks and claimed by its creators as their own. NFT artworks are like copies of existing works or images made out of these pixels.
How would you feel if your artwork — that you put a lot of time and soul into — is being claimed and distributed by a copycat?

6.) Just because everyone is able to do it, it doesn't mean I should, too! Remember how we're taught back in primary school that we should always respect each other's quirks and interests? Trying to shove it down people's throats just makes you an obnoxious prick.

7.) Unlike an actual bank where you could still get all of the remaining money in your account once they shut down, the server/s won't be able to return your virtual money. This is why people save their money in USBs or other hard drives.

8.) What if the servers got hacked and robbed? Like I said, cryptocurrency doesn't leave any tracks while IRL banks do. The authorities aren't very much geared to dealing with criminal activities online so it's advisable you still have a real bank account as backup.

Sources:

• Cryptocurrency on Wikipedia
https://en.m.wikipedia.org/wiki/Cryptocurrency

• What's the Environmental Impact of Cryptocurrency? (Investopedia)
https://www.investopedia.com/tech/whats-environmental-impact-cryptocurrency/

• NFTs, explained (The Verge)
https://www.google.ae/amp/s/www.theverge.com/platform/amp/22310188/nft-explainer-what-is-blockchain-crypto-art-faq

• NFT meaning: crypto art tech explained, what is a non-fungible token, where to buy them – and best marketplace (National World)

https://www.nationalworld.com/lifestyle/money/nft-meaning-crypto-art-tech-explained-what-is-a-non-fungible-token-where-to-buy-them-and-best-marketplace-3163733

• A CELEBRATED ARTIST "QING HAN/QINNI" HAS HAD HER WORK STOLEN AFTER HER DEATH AND SOLD AS NFTS
https://www.talenthouse.com/articles/nft-scam-fraud-twinci-qing-han