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NFT Drawbacks

NFTs are unique — each unit has its own identifier. They are rare and indivisible, stored only as a whole. These tokens are widely used in the crypto sphere. However, despite a number of advantages, NFTs have their disadvantages:

A large amount of electricity is needed to produce each particular token. Blockchain servers work around the clock and consume a lot of electricity, increasing the amount of released carbon dioxide. Many eco-activists believe that such technology brings global warming closer.

Most NFTs are associated with the Ethereum cryptocurrency. According to experts, its servers consume more energy per year than Iceland. The creators of Ethereum have been promising to switch to a more eco-friendly way of working for many years, but to no avail so far.

Following the hype surrounding crypto art sales and purchases, many artists were attacked, which prompted their works in the public domain to be illegally assigned NFT codes. 

Thus, scammers managed to appropriate lots of different works, grossly violating copyright. After that, thieves started actively selling the stolen paintings.

Here are a few simple rules which can help you avoid getting scammed: save the original file with the source code of your art on an offline medium and do not upload the source files to the network. The crucial proof of the authorship is your ability to demonstrate the process of working.

Don’t forget that AMEPAY is launching an NFT market, which means you will be able to buy and sell NFTs easily! While you’re at it, we will ensure your safety and security!