NFT market crash unveils tech’s limitations in addressing exploitative labor practices


The NFT market continues its ongoing plunge, reminding us that we cannot trust technology to save us from the exploitative labor market. According to a report by Alchemy, NFT trading volume in July fell by 29%, compared to June, to $632 million, and token sales fell by 23% to $3.7 million. Overall, this market recorded a steep fall of 95% in trading volume from the record in January 2022, which reached $17 billion. NFT is a device whose purpose is to answer the question of what ownership looks like in digital spaces. Technically, it is a certificate of authenticity on the blockchain system, which allows those who produce it to mark a certain digital asset as unique. The token comes in the form of a cryptocurrency, and every time that coin is sold its creator is supposed to receive royalties on the sale. This is in contrast to if a painter, for example, sells an oil painting they painted, then they will only receive their share in the initial sale. If the painting changes hands and is sold to different buyers, that painter will get nothing. The relationship between the NFT market and the media was mutual. The large amount of speculative money that flowed into the field drove media interest

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