Independent Artists Say NFTs Are the Bane of Their Existence (2024)

Back in November, a user with the handle VincentVanDough put up a non-fungible token (NFT) for sale with the title “Right Click Save This.”

It was yet another skirmish in the Great Right Click Wars, a simmering feud in which members of the independent and furry art scenes have been downloading and remixing NFTs — think the Bored Ape Yacht Club or the Lazy Lions — to make fun of both the concept and the execution, with NFT fans responding with similar vitriol.

VincentVanDough’s NFT, for instance, took the form of a collage of dozens of furry profile pictures — collected without the artists’ permission — with a Pepe frog lazily superimposed with a top hat and middle finger, along with a flashing caption that alternated between “LAWSUIT MATERIAL” and “CALL: 1800-SUE-ME.”

“This piece is dedicated to the furries,” read the NFT’s description. “They may not understand the value of provenance yet, but they will soon enough.”

The “Right Click Save This” NFT eventually sold for 20 ETH, the current equivalent of about $48,000 USD, on a marketplace called Foundation. While it was hit with a DMCA takedown notice earlier this month, the “Right Click Save This” piece currently remains on display.

At the core of the dispute is a dark irony: that much of the pushback against NFTs is coming from the artists that they were supposed to help. On a certain level, this bitter conflict between independent artists and NFT fans is just another a esoteric rivalry on social media. But it’s also a compelling microcosm of larger issues swirling at the intersection of art, technology and copyright law — and it could be a sign of things to come far beyond niche fandoms.

“What we've got are two communities using copyright to drive what they're doing creatively,” copyright attorney and Queen Mary University doctoral researcher Mike Dunford told Futurism. “I think we've got this complete clash of cultures with the two groups talking past each other because they value just completely different things.”

“Copyright law is a disaster zone in this area,” he added.

It’s true that some artists are making serious money on NFTs. But the majority are not. Half of NFTs sell for less than $200, and that’s before considering the fees for using a platform and minting the works, as well as the transaction costs required to turn any crypto revenue back into fiat currency. And larger sales, such as Beeple’s $69 million NFT, can start looking like infinite fractals of drama and schemes on closer inspection.

Many highly-valued NFT projects have also drawn criticism for their lack of artistic quality. That’s inherently subjective, of course, but some of the hottest profile picture NFTs, like the Bored Apes and Lazy Lions, are made by taking a base image and algorithmically adding randomized attributes to generate numerous lucrative new versions — a fun gimmick, but not necessarily one that’s bound to preserve a value of hundreds of thousands of dollars over time.

An even more trenchant critique is that many NFTs that do turn a profit are minted by scammers who stole someone else’s work for a quick payday — a grim inversion of the promise of the tech that’s led at least one independent artist to call it quits entirely.

“My art was stolen and minted as an NFT,” said an independent furry artist who asked not to be identified out of fear of further harassment. “If it weren’t for the person who minted it publicly taunting me, I would have never found out.”

“If your art gets stolen as an NFT, chances are you’ll have to send a DMCA to the site hosting it for them to even consider doing anything about it,” they added.

This type of theft can take on a ghoulish dimension. After an artist named Qing “Qinni” Han died earlier this year, her work was copied and sold as NFTs under her name.

“I can do the best I could do to address the art theft, but I can't invest too much of my energy into it because much of it is out of my control,” her brother told Wired.

Prominent artists including “Detective Pikachu” concept designer RJ Palmer have also had their work stolen.

“In the last 24 hours I have had to report 29 instances of my art getting stolen as NFTs. I am so very tired of this and it seems to be getting worse,” Palmer tweeted last month. “Every artist I know is getting their work jacked and [it’s] just not fair or right. What can we even do, it feels hopeless.”

Artists also have to look out for phishing attacks from people who want to hijack their accounts to push NFTs. Another artist told us that these schemes are “generally why most artists block NFT accounts on sight.”

In sum, it’s a whole bunch of bad news for artists that don’t want to enter the NFT ecosystem.

“It's like you're watching that car sliding down the hill,” Dunford said, leaving artists “wondering what it's going to hit.”

At the same time, right-clicking could be copyright infringement, according to Dunford, who views much of the Great Right Click Wars as performative. In the end, he says, nobody is going to have a firm playbook until there’s legal precedent.

“The problem is that none of this stuff we can know the answer to until it goes to court,” he said.

There’s also a sense that marketplaces could be doing more to proactively fight back against scams and stolen art. Longstanding independent art site DeviantArt, for instance, already sends users notifications when their work is copied as an NFT, but most NFT marketplaces have yet to implement such a feature.

OpenSea didn’t reply to repeated requests for comment, but Foundation said it’s aware of problems with theft and working to grapple with them.

Fraud/Misrepresentation is the act of outright stealing a work from a creator and pretending to be the actual creator of a work,” the company told Futurism in a statement. “This type of activity is prohibited on Foundation and merits an account/wallet suspension as well as removal of the artwork.” The company also said it’s working on a “social verification” system via Twitter or Instagram to encourage collectors to do their due diligence before bidding.

Many in the NFT community agree that platforms should be doing more to protect artists.

“We haven't seen a lot of real bold moves on OpenSea’s part to combat this stuff,” said Gabriel Allred, founder of the NFT company Bitlectro Labs. “They've got so much damn money, they're making so much revenue, they should be able to implement protocols or even technology fixes.”

At the same time, though, Allred thinks the tech will ultimately be a huge boon for independent artists, once the kinks have been ironed out.

“I don't think we're at a point yet where people are understanding the value of this, nor is it even openly discussed, within the NFT Twitter-verse or discord-verse like it,” he added. He’s not sure the rush for huge profits is helpful, though, “when everyone sees dollar signs around.”

And it is worth noting that many independent artists have fully embraced the concept.

“I never publicly shared my art before NFTs,” BruceTheGoose, a crypto artist and founder of NFThub and Nifty Pride, told Futurism.

BruceTheGoose credits their success to a global platform that enables them to share their art with a large audience. And if a few independent artists get trampled along the way, they say, that’s just the cost of doing business.

“Anywhere that you have groundbreaking tech, and [people are] making a lot of money or freeing themselves from the nine to five like you're gonna have bad actors,” BruceTheGoose added. “I don't think there's any way to really fully enforce or police or regulate any of it.”

More on NFTs:12-Year-Old Earns $400,000 Selling NFTs to Idiots


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Independent Artists Say NFTs Are the Bane of Their Existence (2024)

FAQs

Independent Artists Say NFTs Are the Bane of Their Existence? ›

“In the last 24 hours I have had to report 29 instances of my art getting stolen as NFTs. I am so very tired of this and it seems to be getting worse,” Palmer tweeted last month. “Every artist I know is getting their work jacked and [it's] just not fair or right. What can we even do, it feels hopeless.”

Why don't artists like NFTs? ›

Fees are so high for sellers, on average artists are losing money. Operates similar to Ponzi schemes. NFTs have been used in art scams. Grifters are mass-messaging artists to scam them out of money.

Are NFTs good or bad for artists? ›

The most prominent benefit of NFTs is that they allow digital artists to make each painting or design piece unique. Therefore, every digitally created work of art has value, and the buyer has a way of proving that they own the original and not a right-clicked copy—all thanks to the power of blockchain technology.

Does anyone care about NFTs anymore? ›

For now, at least, the market's outlook remains grim. A 2023 report from crypto analysis firm dappGambl found that 95% of NFTs are worth practically nothing. The report found that, following the immense hype over NFTs between 2021 and 2022, around 79% of all NFT collections have remained unsold.

Do you own the art if you own the NFT? ›

NFTs are likely not protected by copyright, because they do not meet the basic criteria for copyright protection. They basically represent data on a blockchain, which would not constitute an original work of authorship under intellectual property law. However, the artwork that you mint may be protected by copyright.

What is the biggest problem with NFTs? ›

Some artists have had NFTs of their artwork created and sold for large amounts of money without the artist being aware of or receiving any profits. As example, in January of 2022, an NFT trading platform announced that around 80% of the NFTs on their platform had been plagiarized.

Why are people against NFT art? ›

Perceived Lack of Inherent Value

A major source of NFT skepticism stems from the perception that they lack inherent value. To critics, NFTs seem like absurdly overpriced images or media that can be easily copied or screenshotted.

Do artists get royalties from NFT? ›

When an NFT is sold, the artist earns a percentage of the sale price, which is called an NFT royalty. The percentage of the sale price that the artist earns as a royalty is determined by the terms of the sale, which are typically set by the artist or the NFT platform.

What is the controversy with NFTs? ›

NFTs have been used as speculative investments and have drawn criticism for the energy cost and carbon footprint associated with some types of blockchain, as well as their use in art scams. The NFT market has also been compared to an economic bubble or a Ponzi scheme.

Does anyone actually make money on NFTs? ›

The direct and effective method of making money with NFTs is to create and sell them. Yes, you can create and sell anything digital such as arts, images, videos, memes, properties, etc., as NFTs. If you have a notch to creativity, you can monetize all your creations by selling them as NFT.

Why are NFTs not popular anymore? ›

Many of the benefits of NFTs, like artists being better able to access royalties, didn't materialize. Supply outpaced demand in a major way, and value cratered. “Like all frenzies, I think people just lost a lot of interest,” Patka says. Now, according to dappGambl, 79% of NFT collections are still unsold.

Is the NFT craze over? ›

The NFT market has dropped substantially since its peak in 2022, but the bottom seems to have passed. Recent sales indicate the market is stabilizing, with works from top artists consolidating value in the billions.

Why did NFTs fail? ›

There are many reasons why NFTs failed, but here are some of the main ones: NFTs were overhyped and overvalued. Many people bought NFTs not because they appreciated or enjoyed the content, but because they hoped to flip them for a quick profit. This created a speculative bubble that was bound to burst sooner or later.

Can you draw celebrity and sell it as an NFT? ›

No, you cannot create an NFT from a photo of a famous celebrity that you do not own the copyright to and sell it. Doing so would be a violation of copyright law, which protects the rights of the original creator or owner of the photo.

What is the most expensive NFT ever sold? ›

The most expensive NFT sold is The Merge, the NFT collection created by digital artist PAK that was sold for $91,806,516 within just 48 hours following its release on December 3, 2021, on the NFT marketplace Nifty Gateway.

Is it worth turning your art into an NFT? ›

For creatives out there, there has never been a better time to turn your masterpieces into 'non-fungible tokens'. They can be a great way for artists to display their creative prowess with the world. NFTs bring a stamp of authenticity to your work - essentially branding your art so nobody else can lay claim on it.

What is so controversial about NFTs? ›

Environmental concerns

NFT purchases and sales have been enabled by the high energy usage, and consequent greenhouse gas emissions, associated with some kinds of blockchain transactions.

How are NFTs affecting the art industry? ›

NFTs are changing the dynamics of copyright and ownership in the creative industry. By leveraging blockchain technology, NFTs ensure that a digital work's ownership is transparent and tamper-proof, which is particularly revolutionary for digital art, where duplication and copyright infringement are common issues.

What are the disadvantages of NFT in music? ›

Cost of entry: NFTs can be expensive to create and buy, depending on the platform and market demand. You may also need to pay fees for transactions and storage. Environmental impact: NFTs use a lot of energy and resources to generate and verify transactions on the blockchain.

What is a drawback of NFTs? ›

NFT Cons Explained

Investing in tokenized assets through NFTs can also come with disadvantages, including: Lack of market regulation: NFTs are an unregulated asset class with little to no investment laws and consumer protections in most jurisdictions.

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