A Direction in Development or Danger: Discussing media, metaverse and the mystery of NFTs

Our icons reminiscent of pixelated designs in crypto art or NFTS

Buzzwords like NFTs, metaverse, virtual reality are thrown around amongst the individuals of the 21st century. As topics of discussion in both our day-to-day lives, and online, the people engaging in said-discourse often lie on two extremes. Web 3.0 fanatics, or those unfamiliar, perplexed and often carrying misinformation that is expected with the newness of discussion.

The strides in technological innovation surrounding the current climate of media and its intersections with economy and cryptocurrency are impressive. Realistically, the world of crypto can feel exclusive and skewed perceptions are inevitable. The metaverse is one that fascinates many, from everyday people to specialized researchers alike. It involves the integration of the digital and reality, and where the realms of virtual and the augmented intersect, or blur.

AR, VR, mixed reality, and even extended reality encapsulates the extensive jargon of the landscape of technology. Transactions are moving onto a virtual means, often to enhance efficiency and security. With cryptocurrencies like Bitcoin, or other investments in Ethereum and more, we see the rise in digital solutions, answering to the problems that arise with traditional currency.

Seemingly, our world and notably, our young professionals seek digital assets and owning media that is technically their own. Thus, the all-too-familiar abbreviation NFT has caused both controversy and positivity in varied communities. Non-fungible tokens differ from cryptocurrency in that the latter can be shared or traded. NFTs often involve art, drawings, paintings, music and beyond, but these media or 'token's are non-fungible, irreplaceable, not replicable, and unique. The yearning for purchasing NFTs from artists stems from trends that originated with traditional mediums like paintings, or collecting fine art.

Mostly Gen Z individuals against the phenomenon counter and question the extent to which the digital art is truly 'yours' after spending a large sum in buying it, for the ease of copying and pasting the image or sound is undeniable. Another remark emphasizing the dangers of NFTs lie in the environmental impacts the practice erupts. Outrage arises in the ethics of the endeavor on both ends of the spectrum - for the crypto artist, or the consumer.

Astronomical describes both the high prices of the art, and of the energy used in the model. This highlights the need for transparency in these communities promoting new media and in the terminologies that often go unexplained.