Gen Z Seems To Have Caught On To The Perils Of NFTs

A recent survey conducted by Tidio asked gen Z individuals to weigh in on trending topics across 2021. Best part of it all? The generation seems to actively mistrust NFTs, which honestly gives me hope for the future.

So, what are NFTs, where do they come from, what the heck does the word fungible even mean? These are all questions that have been plaguing netizens since 2021, ever since the form of currency exchange started gaining popularity. So, let’s break the term down and see what it’s all about (disclaimer: I don’t think I’m fully sure as to what these are either). So, an NFT stands for a non-fungible token, with non-fungible meaning that it can’t be replaced or stood in for. They’re essentially tiny little forms of data that act as proof of ownership or identity. For example, if you have a membership for a certain website, then the NFT can act as your ID card. NFTs are typically represented by pictures or GIFs, with some people comparing them to art due to their exclusive nature. Some people should also maybe cool their jets when referring to AI-generated nonsensical images as art. At any rate, NFTs are often stored on blockchain, which is the exact same storage unit used by cryptocurrency.

So, why is something like a simple image so harmful and controversial? Well, first of all, much credit goes to random dudes or uncles who keep ranting about blockchain and won’t shut up about how their investment in NFTs will make ‘em rich. That has got to be damaging to any image, really. Then there’s the issue of scams and environmental harm. Remember how NFTs are supposed to be non-fungible? Well, as a few smart individuals across the internet realized, an online image can be very easily replicated and doesn’t really require much effort to fake. Suddenly, that trashy looking artificial image seems even less valuable, doesn’t it? Worst of all, since NFTs rely on blockchain transactions, which are notorious for their excessive electricity consumption, the tokens are actively harmful to one’s environment as well, leaving an effective carbon footprint.

Tidio decided to conduct a survey with 2,000 gen Z individuals, and asked for their opinions regarding highlighted topics in 2021. Trump’s social media ban, the GameStop stock incident, and the Metaverse were all topics that were touched upon. 60% of the sample population actively called NFTs out for being scams, with only less than 10% of all individuals considered it to be a serious investment.

Read next: Cryptocurrency Market Value Continues To Soar, With An Estimated Total of USD $2.73 Billion By 2025
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