As of last month, the age of NFTs was officially on us. It may be on its way this month. Average prices have fallen by as much as 70% since a peak in February, according to BloombergHowever, that hasn’t stopped big names in streaming and esports from announcing their own NFT collections.
This week, two video game lifestyle establishments, esports organization 100 Thieves and streaming superstar Turner “Tfue” Tenney, announced NFT collections. NFT, if you need a refresher, is short for ‘non-fungible token’. Thanks to blockchain technology, these cryptographic tokens are technically unique, they come with a “proof of work” that says so much. Some have sold for millions of dollarsHowever, many people sell NFTs from pre-existing images and videos – things you could easily download in JPG or GIF form for free. questionable value to the whole company
100 NFTs from thieves are in the form of “Unique artworks” that focus on the logo of the organization, which also occupies a prominent place in the clothing line. Several 100 Thieves NFTs have already been auctioned, all for between $ 4,500 and $ 6,200 worth of Ether, a popular cryptocurrency on the Ethereum blockchain. The rest is there given away to members of the organization’s community for the next 24 hours.
Tenney’s NFT set, the “NFTfue King of Gaming Collection”, went on sale last night. The animated art takes a little more effort than the 100 Thieves offering, depicting a digital Tenney as a character in settings based on Fortnite Duty, and MinecraftThe clips are cute and smart and make nice use of their looping format. People have already bid $ 2,100 in Ether on them, although most copies are currently around $ 400. I just downloaded all of them as MP4s, just to be able to say I did.
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There is also a fourth “special edition” NFT that shows the three digital Tenneys in a confrontation with each other. The winner of that particular auction will also meet Tenney in Tampa, Florida for “an epic day of streaming, gameplay, vlogging, jet skiing and more”. It sounds like a dream come true for one of Tenney’s younger fans, but it’s unlikely any of them can afford it, as someone has already bid over $ 3,000 on the special edition NFT.
This follows NFTs from other esports figures such as Conor “Diamondcon” Johst, a Duty pro currently plays in the official of Activision Duty Competition for the New York Subliners. Johst announced its NFT kit last month and has since posted a video of a mockup, but it doesn’t seem to have gone on sale yet. The popular streamer Ben “ProfessorBroman” Bowman too released an NFT of a GIF of himself back in February. Only one of the 50 copies has sold, for about $ 20 worth of Ether.
The environmental impacts of NFTs (and the blockchain in general) are well documented at this point discovery of artist and creative technologist Memo Akten that a single NFT – the sale of which often spans multiple transactions – can have a carbon footprint roughly equivalent to more than a month of electricity consumption for someone living in the EU. This has sparked endless discussions in the arts and blockchain communities, as well moves towards more sustainable NFT transactions
Speak against KotakuTenney acknowledged the environmental concerns surrounding NFTs and said trying to reduce the toll they take was a big priority in making his set
Unfortunately, we live in a world where millions of tons of carbon dioxide emissions are produced every year, ”Tenney, who also noted that he has been in cryptocurrency for about a year, said in an email. Unfortunately, this was also the case long before the NFT boom. That doesn’t mean we didn’t think of this when we developed NFTfue and as a team insisted that we use a carbonneutral and –negative designer who takes pride in using renewable energy and technology in his creative process. I look up to people like Beeple who take the same measures and commend them for it. “
Kotaku also reached for Johst and Bowman for more information on why they decided to make NFTs despite the environment concerns, but they did not answer. 100 Thieves declined to comment.
Some fans are not happy that the streamers and organizations they’ve been following for years are getting into NFTs.
“Not a fan,” one viewer said on Twitter in response to Tenney’s NFT announcement. “I hope you think about it again.”
“I just found out that one of my favorite streamers supports NFTs. I’m gonna fucking lose it ”, a fan, who’s also an artist, tweeted in reference to Bowman’s position on NFTs. In a DM to Kotaku, the fan added that their concerns stemmed from “the impact on the environment and also the fact that for me it is at least so clearly a plan, because people are now losing a lot of money on it”.
Another problem with NFTs is that technically anyone can make an NFT out of someone else’s work, rights, or no rights. At this point, if you search the names of several popular streamers on NFT marketplace OpenSea, you will find numerous tokens using their images. There is, for example a whole set of “Non-Fungible Streamer” cards based on Tyler “Ninja” Blevins, Timothy “TimTheTatman” Betar, and the couple behind Girlfriend Reviews, Matt and Shelby. There are additional card sets which also target different streamers. An NFT of the original Pogchamp emote is currently on sale for five Ether, or more than $ 10,000. A simple pixelated piece based on Imane “Pokimane” Anys recently sold for about $ 100. There’s also an NFT of it Anys “claps after saying N word.” And of course there is an NFT of her feetNo one has bid on that yet.
Some streamers, viewers, and even Twitch employees speculate that this is just the beginning.
“NFTs have the potential to disrupt subscriptions and ads for monetization across all creator platforms,” said Twitch senior manager of strategic partnerships in esports Jason Hitchcock, who said Kotaku he’s been in the crypto space since 2014, said on Twitter“NFTs are not just art or clips. Viewers buy membership tokens that unlock perks for being a member of the community and also directly support the creator. The possibilities are endless. “
In a DM to KotakuHitchcock came up with additional ideas: “Imagine a creator sends a special token to anyone who owns 5 or more of their art NFTs, and this token gives the viewer access to a special Discord, a calendar of private events for super fans. and discounts on merch from their store. “
Others have suggested that emotes and other visual elements of the streaming ecosystem make sense as streamer-specific collectibles. These, in turn, can help streamers maintain themselves without Twitch cutting off the top. While some streamers have embraced this idea, many aren’t thrilled.
“Fuck right away,” said Twitch partner RadderssGaming in response to a question about the future viability of streaming NFTs. I’m trying one less impact on the environment than I already do. “
Twitch Partner Bread weaving, who answered the same question by simply saying, “No, bad”, clarified her position Kotaku“It’s yet another example of how we are willing to destroy our planet if it means money, money, money,” she said in an email. “From my perspective, so many people step into NFTs to feel like they are on the bottom floor of a new crypto trend, without regard to the damage it can do. The greenhouse gas emissions generated by NFTs are ridiculous. They are inexcusable. I see the technological innovation behind it, really, but superimposed on that is just the greed of late-stage capitalism. “
Hitchcock agrees that environmental issues should be a major concern, but he still believes there is potential in NFTs for esports organizations, streamers and other industries.
“I understand the sentiment behind environmental concerns,” he said. “Bitcoin mining consumes a lot of energy. I think every industry should prioritize the environment while working … Ultimately, Ethereum is here to stay, it is growing fast with a powerful network effect and we are seeing services that people are using like NFTs and Defi. The genie is out of the bottle, so if you are really interested in curbing the environmental impact of Ethereum and bitcoin, then you should get involved in the community with your voice and energy to help these technologies become more efficient on the long-term. “
If the NFT market continues to shrink, of course little will matter in the long run. But when it stabilizes –as experts suggest it could– and big names like Tenney and 100 Thieves continue to buy, ethical questions will become much more pressing, as will fundamental questions about whether or not people want to buy NFTs from streamers and esports teams. In the art and sports world, celebrities have been able to make millions from NFTs, but with smaller names it didn’t work out so well. Will the same pattern repeat in streaming and esports? Plus esports itself has some bubble-like properties of its own. If NFTs also become a bubble, then you have a bubble within a bubble – not exactly a solid foundation on which to build.
Breadwitchery sees the appeal of an additional revenue stream due to the overall inconsistency of streamer pay, but even then, she’s wary of streamers going all-in on NFTs.
As a Twitch streamer, can NFTs help you make more money without having a large company withdraw some of your earnings? Sure, ”she said. ‘But you are harming the environment for profit, just like that big company. You buy in the same business mindset as them; you just feel more individualistic about it because you have yours. “