The rise of NFTs has had a lot of people claiming that it would finally allow digital creators and anyone else operating in the digital space to obtain more control over their work and potentially earn the amount of money that they deserve to earn from it at long last. Thanks to its decentralized and digital nature, NFTs could potentially allow artists of all kinds to create unique versions of their work that do not have to exist physically, but with all of that having been said and now out of the way it is important to note that it’s not revolutionizing the industry in quite the way anyone thinks.
A recent study published in Nature revealed that 85% of all NFT transactions are conducted by the top 10% of traders. If that seems similar to what happens in the real world, you’re not wrong. The gist of this study is that the NFT economy is just as unequal as the one that we all take part in in the real world. Rather than changing things and democratizing the industry, it has pretty much only digitized it with all things having been considered and taken into account.
The accessibility of NFTs has become a major issue. Instead of allowing more people to start enjoying the kind of financial success that decentralization and blockchain can provide, NFTs are giving the same old cohorts of financial traders and the like a new way to store their money. That doesn’t mean that the concept of NFTs themselves are flawed, it just means that the manner in which this idea is being implemented is not all that valuable if you are the sort of person that wants to see actual change occurring. There’s a lot that can be gained from NFTs if a greater number of people are allowed to participate in them.
A recent study published in Nature revealed that 85% of all NFT transactions are conducted by the top 10% of traders. If that seems similar to what happens in the real world, you’re not wrong. The gist of this study is that the NFT economy is just as unequal as the one that we all take part in in the real world. Rather than changing things and democratizing the industry, it has pretty much only digitized it with all things having been considered and taken into account.
The accessibility of NFTs has become a major issue. Instead of allowing more people to start enjoying the kind of financial success that decentralization and blockchain can provide, NFTs are giving the same old cohorts of financial traders and the like a new way to store their money. That doesn’t mean that the concept of NFTs themselves are flawed, it just means that the manner in which this idea is being implemented is not all that valuable if you are the sort of person that wants to see actual change occurring. There’s a lot that can be gained from NFTs if a greater number of people are allowed to participate in them.
