Enjin Co-Founder Highlights Cultural Significance of NFTs

Amidst environmental concerns and criticisms against the emerging industry, Enjin Co-Founder highlighted the cultural significance of NFTs. He also gave a commentary against the narrative currently propagated by the media.

“Non-fungible tokens (NFTs) have been receiving a lot of scrutiny lately, which seems a little shortsighted and feels more like a ‘first line of attack. Of course, we must look after our environment, however, consolidating our processes takes time,” Radomski told BeInCrypto. He also condoned how creators fall victims to the cancel culture for depicting their art as NFTs.

Enjin co-founder defended the NFT industry against false narrative and cancel culture. Credit: Bitcoin News

Radomski is not alone in defending the NFT industry. Influencer and artist Jackson Dame also asserted that the environmental concerns over NFTs are just a form of attack meant to discredit NFTs. On October 25, he tweeted, “The NFT hater mob isn’t gonna stop when it’s all environmentally friendly. That was just their first line of attack and they find new ones pretty quick.”

Radomski and Dame believe that the “environmental card” is just a ploy against the NFT industry. It looks like history is repeating itself because the early days of crypto were also not smooth sailing. Between regulatory bans, tales of scams and bad PR, it was a roller coaster of emotions for early crypto believers.

Enjin’s Co-Founder: Is the cultural significance of NFTs sufficient?

Radomski’s comments are very timely. Recently, Discord’s NFT plans were dashed after heavy community backlash. Unhappy users flooded Discord’s website after its founder and CEO hinted that it would be integrating NFTs into the platform.

Amidst the sea of disapproval, the top sentiment is how a vast number of scams already permeate Discord Channels. So integrating NFTs, will further encourage and entice. Some cited the environmental impact of minting NFTs.

The result? 

Discord has now backtracked on its plans to introduce NFTs to its platform despite previous hints from Citron. He replied to the negative feedback by stating: “Thanks for all the perspectives, everyone. We have no current plans to ship this internal concept. For now, we’re focused on protecting users from spam, scams and fraud. Web3 has lots of good but also lots of problems we need to work through at our scale. More soon.”

What makes NFTs great

First, let’s put things into perspective. Why are the critics drilling down on the environmental aspect? Well, it is easy to measure the energy consumption of blockchain technology through its electricity use. Meanwhile, the energy consumption of traditional industries remains unclear.

Despite his strong words in favor of NFTs, Radomski is not disregarding sustainability and going green. In fact, Enjin will utilize Polkadot’s Proof-of-Stake technology to build their own Efinity parachain. This will allow Enjin’s energy consumption on the Polkadot to be a tiny fraction of that of Ethereum or Bitcoin.

The good news is that none of the criticisms are show stoppers. In addition, critics can eventually change their minds and be a supporter. For example, real-life Wolf of Wall Street Jordan Belfort is now an NFT Enthusiast!

In 2018, Belfort was very vocal in criticizing Bitcoin. In a Youtube video, he said that ″Bitcoin is all based on the Great Fools Theory. There’s no fundamental value, it’s all based on the next guy and the next. Get out if you don’t want to lose all of your money because … there’s a very good chance it’s going to crack.”

Fast forward to 2021, the controversial trader expressed his astonishment at the NFT Space and vowed never to leave it. He even changed his profile picture to Cryptopunk #6033!

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This article is educational material.

As always, make your own research prior to making any kind of investments.

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