A quote from Gregory Sholette’s essay:

“I cannot help but recall here the not-too-distant wave of ‘art-flipping’, whereby the rapid and repeated reselling of a single canvas by a relatively unknown painter catapults prices several hundred percent over its initial value. Art flipping has made some emerging artists into overnight sensations. And just as suddenly, this same phenomenon has crashed many newly minted art stars back down to terra firma. NFTs might indeed be meting out a similar fate. After all, as cryptographic entities go, NFTs are not all that different from bitcoins: financial instruments with notoriously erratic market peaks and troughs. In addition, all types of cryptographic production turn out to be environmentally unsound as their digital minting process produces more harmful carbon emissions than a major commercial airline or several million combined automobiles. And while it is true that nft art is generally less polluting than digital currencies – utilizing about the same energy equivalent as a standard European household over two-months – the actual sale of these digital art works typically involves Bitcoin or Ethereum, thus adding even more carbon to our greenhouse gas conundrum.”

Download the essay here: Sholette_NFT–Fever–Electra 14 EN_Update