NFTs and the Danger of Loss

Abstract

This research contributes to the discussion around the importance of the long-term preservation of non-fungible tokens (NFTs) and minted digital artworks. The paper is based on a review of the literature on blockchain in art and heritage management and conservation, with particular attention to references related to the production, marketing, maintenance, and distribution of NFT-based digital art. The aims of this paper involve anticipating potential problems in the oversight of NFTs and setting out good long-term management principles and practices as well as specific preservation strategies. Despite the fact that it also discusses issues over authorship, copyright, creative commons, and open access, the paper is particularly devoted to raising concerns about the high energy consumption associated with blockchain technology and its impact on climate change. It also highlights how the preservation of NFTs cannot be neglected, despite the belief that they last forever. Most studies dedicated to analysing the impact of blockchain technology on the cultural heritage sector ignore the most important issue: preserving not only the minted digital artworks themselves but also the respective blockchain networks. Overall, this paper seeks to foster a collective awareness of the need to reflect on blockchain-related art practices and their implications for the long-term protection of cultural property.