It is time for media education to address NFTs scams

  • Sergei Glotov (Speaker)

Activity: Talk or presentationConference presentation

Description

NFTs (non-fungible tokens) have been around since 2017, however only in March 2021 they became a worldwide sensation following the highly publicized sale of NFT art collage by the artist known as Beeple for $69,3mln. Following that, hundreds of thousands NFTs were traded with celebrities, artists and corporations participating in the NFT craze. The main idea behind NFTs is that they are digital collectibles that function as a proof of ownership, but not of copyright.

While a lot of things can be sold as an NFT, its market is mostly associated with the art world. NFTs were supposed to protect digital art and support ordinary artists, while allowing them to bypass traditional gate-keeping systems such as galleries. However, in practice NFTs did not accomplish such. Instead, what NFTs are is a scam, designed to trick people into investing in cryptocurrencies and making those who are already wealthy even more rich.

The current research argues that NFTs in their current form are a scam that is largely facilitated through traditional and social media. This research discusses financial, artistic and ecological harm NFTs and cryptocurrencies bring, and appeals to include NFTs and larger cryptocurrency discourse into media education for supporting the development of digital media literacy and critical outlook.

Overall, the research urges media education not to dismiss NFTs as just a one-time Internet trend and look behind its façade to see the scam that uses the media to spread misinformation and trick people.
Period4 Mar 2023
Event titleGlobal Media Education Summit 2023
Event typeConference
LocationVancouver, Canada, British ColumbiaShow on map
Degree of RecognitionInternational

Country of activity

  • Canada

Nature of activity

  • Scientific