Women in NFTs are finding NFTs to be unethical. Do fake NFTs circulate widely?
The December issue of the Journal of Responsible Technology features new research that explores fake non-fungible tokens, or fake NFTs, and blockchain technology from an ethical perspective for women in blockchain. It was discovered that there are no moral uses for NFTs that would support their use and trade for women in NFTs.
Since the preceding year, women in NFTs have been a frequently discussed subject. NFTs are uncopyable, singular identifiers that are stored on a blockchain. They serve as proof of legitimacy and ownership. It now refers to “a subculture in cryptocurrencies that allows someone to claim ownership of digital artwork. Although the idea of NFTs has been around since 2014, interest in them reached a high in 2021 when digital artists, celebrities, and tech billionaires all jumped on board to make and sell their own NFTs.
People have paid $6.6 million for a publicly available 10-second video clip, $200,000 for a LeBron James slam dunk, $2.3 million for Rick & Morty photos, and $200,000 for Jack Dorsey’s first tweet thanks to NFTs, which allow digital ownership of anything deemed artistic. The Nyan Cat clip ultimately sold for $600,000 despite being widely used for many years.
The phrase “NFT” and women in NFTs were used on the internet 11000% more last year as a result of an increase of women using NFTs. They evolved into status symbols that signify authenticity and ownership in terms of their use cases. Other NFT and blockchain skeptics have issued warnings about the ethical and environmental risks of employing these technologies.
By studying NFTs and their use cases through a defined Code of Ethics standard issued by the Association for Computing Machinery, situated in New York, the new study underlines these ethical concerns (ACM).
Questions have been raised about the sustainability of women in blockchain, environmental effects, and exploitative practices in this domain, as well as if there are, in fact, any potential socially responsible use cases for NFTs, according to the study’s author Catherine Flick. They want to “fill a gap in the literature around NFTs, primarily through a rigorous ethical study of the block chain technology and its development, deployment, and sustainability” using the framework provided by the ACM code.
The ACM’s code, which was most recently revised in July 2018, is “intended to inspire and guide the ethical behaviour of all computing professionals, including current and aspiring practitioners, teachers, students, influencers, and everyone who uses computing technology in an effective way.” It outlines 25 ethical principles that anyone working in the field of computing should abide by, such as protecting people’s privacy, preventing harm, creating secure computing systems, and being honest and reliable.
Since there has been a recent increase in interest in NFTs, there has been a major rush to tokenize non-fungibles; Taco Bell has even joined in with some taco GIFs. An NFT does not, however, grant you the only right to utilize a work. It doesn’t make it any better in any way. Except for the right to sell it, it doesn’t grant any valuable rights that you can use. Which can cause a spread of fake NFTs.
An NFT is simply extremely expensive, and environmentally harmful, for women using NFTs and the tech-bro equivalent of urinating on a fire hydrant. Yes, Ethereum, the platform on which the majority of NFTs are built, intends to change its proof-of-work paradigm to a proof-of-stake model, which would be more ecologically friendly for men and women in NFTs. But it’s taking so long that it might be years before the actual switchover takes place.
NFTs are likewise absolutely and utterly worthless, even putting aside the fact that they actively speed up our already breaking-the-sound-barrier race toward a catastrophic global climate change.