We applaud the emergence of NFTs, the potential of art to be democratized and shared, a new world of digital ownership. OpenSea, Rarible, Crypto.com – these names slide right off the tongue like the household monikers of the tech titans of a new era. If not, are we just kidding ourselves and building a dystopia? Or are we just creating the golden cage, while some people pay for it?

Who Pays For Digital Dreams?

Let's be blunt. Although the NFT trend may seem fantastic from the perspective of the top creators taking profits, it’s decidedly deepening the divide of inequity. For instance, we’re told Rarible and Binance NFT are “best for beginners” due to user friendliness. What of the millions who aren’t able to consistently access the internet, let alone afford the prospective gas fees.

I'm thinking specifically of places like Ghana, where I've seen firsthand the struggle for basic digital access. Picture being in the vanguard of the “future of art” while your home internet access sputters out like a halting heartbeat. In Silicon Valley, a speculator can turn a digital ape into millions because of an elite infrastructure. Yet, for millions of others, that same opportunity is still a luxury and a dream.

It's not just about access. It’s also about digital inclusion, on investing in the skills and know-how required to operate in the often intimidating universe of crypto wallets and blockchain technology. We’re proud of our work toward “democratizing art.” At the same time, we are creating new walls rooted in privilege and access. Isn't that angering?

The Green Elephant In The Room

Then there’s the environmental cost—which, despite its growing presence, remains the green elephant stomping around in our shiny new digital playground. Yet, every NFT transaction, every minting process, requires energy. But here’s the rub—the very blockchain technology that undergirds this revolution is a major driver of climate change itself.

We’re all concerned about our carbon footprints and we dutifully sort our recycling. At the same time, we eagerly plug into a system that uses energy more closely resembling a hellfire. The irony stings, doesn't it? Think about the anxiety this contradiction creates. How can we claim to be building a better future when we're actively contributing to its destruction, especially when those in countries like Ghana are disproportionately affected by climate change. They have begun to experience droughts, floods, and forced migration. The NFT boom has to seem like a cruel joke at their expense.

Whose Art Is Really Being Sold?

The ideal future of NFTs lies in both having direct ownership over artists work and providing fair compensation. As reality usually is, it is not that simple. SuperRare and Foundation might curate high-end digital art, but countless artists are struggling to be seen, to be heard, to get a fair price for their work.

I worry about this being a new digital colonialism. Artists in Global South countries are particularly vulnerable to exploitation by intermediaries and platforms that take an exorbitant percentage of their revenue. They are dazzled by the glimmer of worldwide distribution. Instead, they start to realize that they are caught in a labyrinth of law and policy designed to protect those who currently have power and resources. This is injustice. Just imagine the disappointment if they get stolen and they have no recourse to chase them down.

Now imagine the accompanying sorrow. It’s a travesty that your art is being resold for big millions on Nifty Gateway while you’re still just doing okay. The current system benefits a select few to become fabulously wealthy, while the rest—especially inclusive of Black and Brown people—are left behind.

This is not to say we should throw NFTs out with the bathwater. It's a call for responsible innovation. That’s why we should support policies and initiatives that ensure equitable access to this new technology. Further, these offsets have to counteract harmful effects and safeguard the rights of creators and users alike.

The future of NFTs could instead be strikingly different. It won’t be if we fail to respond to these deeply held, legitimate concerns. We need to demand better. We need to hold these platforms accountable. We must make the ongoing digital revolution about the many, not just the few. Let’s stop allowing the marvelous nature of technological innovation to blind us to its human cost. We need to act now before the invisible harms of digital ownership are permanent.

Here is what needs to be done:

  • Government investment in digital infrastructure: Expanding internet access in underserved communities is paramount.
  • Educational programs: Providing digital literacy training for artists and consumers.
  • Regulations: Implementing regulations to protect artists from exploitation and ensure fair compensation.
  • Sustainable blockchain solutions: Investing in energy-efficient blockchain technologies.
  • Transparency: Demanding transparency from NFT marketplaces regarding fees and artist compensation.

The future of NFTs doesn't have to be a dystopian nightmare. But it will be if we don't address these very real concerns. We need to demand better. We need to hold these platforms accountable. We need to ensure that the digital revolution benefits everyone, not just a privileged few. Let's not let the awe of technological innovation blind us to the human cost. The time to act is now, before the unseen costs of digital ownership become irreversible.