The Anti-NFT Movement

The NFT ecosystem has been around since 2014 but eventually gained widespread attention in 2021.

The NFT market is expected to be worth about $80 billion in 2025.

The anti-NFT movement was founded to stop the growth of NFTs and ensure digital arts are shared for free and replicable.

The digital artists whose works are being stolen and minted as NFT founded the Extremely Fungible Token (EFT)

These individuals opine that digital artists should directly get their credit and payment for their artwork.

Collectors of EFT can donate to charity instead of paying those who are not the original creators of the artwork.

Some features of the EFT include; non-volatile, not unique, and it is a movement, not technology.

Keywords: NFT, anti, movement, virtual, digital, artwork, ecosystem, creator.


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For a market that has been available since 2014, the NFT ecosystem took the world by storm in 2021. It gathered enough buzz in recent times and surpassed all projections.

In 2021, over $41 billion worth of crypto tokens were spent purchasing NFT collections across all NFT marketplaces. It is expected that by 2025, the Nonfungible Token market will be worth $80 billion.

These statistics show the market's value and expectations for the nearest future. With these statistics, you do not expect everybody to be a fan of the NFT ecosystem. Some individuals and groups are against the entire NFT ecosystem and have created a community to go against the NFT.

This article will identify the grumbles against the NFT, the anti-NFT movement, and other salient issues surrounding the movement.


What Is The Anti-NFT Movement?

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The Anti-NFT Movement consists of digital artists and enthusiasts concerned about the growing trend of the Non Fungible Tokens (NFT) and are not pleased with how the ecosystem operates.

The arrangement in the NFT market allows the holders or those who mint the digital arts to sell the collection. The deal benefits the seller or holder of the NFT on the marketplaces.

This arrangement forms the basis of the disagreement and the sole reason for the Anti-NFT movement. The movement is a force geared towards seeking a different measure that will benefit the original creators of the virtual art pieces and collections.

In Non-fungible token, it is the individuals or groups that create the account on the marketplace places (like Opensea or raribles) that can mint an artwork and make it available for sale. The weakness of this arrangement is that you can steal an artist's work and mint it for purchase as long as the artist or any creator has never made such a piece available on the NFT marketplaces.

Those who formed the Anti-NFT movement opined that the original creators do not benefit from the sales of such artwork. Therefore, the entire NFT ecosystem shouldn't be allowed to thrive.

These sets of individuals said, "We all hate NFTs. They hurt the artists and the environment and are generally a bad idea." The statement further reads, ".... Many have been harmed by NFTs, stealing their jobs, so it's only fair that they get proper credit."

These individuals metamorphosed into a large community and launched the “Extremely Fungible Token (EFT).”


What Is The Extremely Fungible Token (EFT)

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The Extremely Fungible Token was launched by digital artists affected by the bad practices that characterized the NFT.

These individuals opined that the rise in the NFT market cap and the monetization of digital arts had increased the stealing of their works by people who, in turn, sell them on NFT marketplaces.

These individuals do not give the original creators proper credit and percentage of the proceeds.

The EFT is created for digital artists to make their works available in a virtual format and share them as wide as they can for free. The Extremely Fungible Token ecosystem hopes that payment for these artworks will be made directly to the community of artists.

The EFT community comprises independent digital content creators. In one of their viral press statements, they said, “.....Many artists came together to create something in the (graphic) style of some NFTs and profile pictures for you! But here’s the thing: they are 100% free. That’s right; we ask you to save them, take a screenshot and use them for anything you need. On the EFT collections page, you will find a link so you can donate to the artist who created each one. If you like their work, please consider supporting them.”

The statement shows that the idea behind the Extremely Fungible Token, an anti-NFT movement, is not to make money or enrich the creators but to empower the artists whose works have been stolen in the past and prevent the growth of the stealing practices.

Some essential details about the Extremely Fungible Token movement include;

- The EFT is a movement, and it is different from NFT, which is blockchain technology.
- The EFT is not unique; the digital artwork available can be copied, shared, and replicable.
- You do not need to mint Artworks in EFT, and this makes them environmentally friendly instead of NFTs that can damage the environment.
- EFTs are not volatile.


Conclusion

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There are several anti-NFT movements across several industries. The gaming sector has its Anti-NFT movement, likewise the digital art creators.

The Extremely Fungible Token (EFT) is a community of artists and enthusiasts who are opposed to the operations of the Non-fungible token (NFT) ecosystem. These individuals have been deprived of their rewards by unknown individuals who steal their works and sell them for huge amounts in NFT marketplaces.

While the movement has not gained enough attention to counter the buzz around NFTs, the movement is making progress bit by bit.

There are expectations that blockchain developers will come up with stringent measures to reduce the theft of people's artworks and that strict measures will be put in place to ensure proper tracking of the original creators of collections on NFT marketplaces.






Author: Valentine. A, Gate.io Researcher

This article represents only the researcher's views and does not constitute any investment suggestions.

Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.