A moral defence for the case of non-fungible tokens (NFTs)

• Main Author: Tiew, Yuki Hiew Foo
• Other Authors: Grace Boey
• Format: Final Year Project
• Language: English
• Published: Nanyang Technological University 2023
• Subjects: Humanities::Philosophy
• Online Access: https://hdl.handle.net/10356/171600
• Institution: Nanyang Technological University

I propose that Non-Fungible Tokens (NFTs) are not inherently unethical as it is a combination of human and systemic flaws that reduces our perception of NFTs to be unethical. I first establish a foundational understanding of NFTs. Next, I delve into one common ethical implication of NFTs – welfare loss, due to capitalism. Thereafter, we trace the systemic faults of capitalism back to human behavior, discovering the ouroboros nature between them. Consequently, I question if the fault is humanistic or systemic. Some argue that the fault is humanistic due to it being an emulation of success. However, I find such an explanation lacking and instead propose that the rich and powerful may instead be responsible through the introduction of false consciousness. Despite the initial ethical intentions of NFTs and Web 3.0, this system ultimately falls prey to our unethical capitalistic system. I thus conclude that the only way to achieve an ethical system involves the complete decoupling from economic systems and consequently capitalism. However, this ironically leads to a loss of incentive for adoption rendering it irrelevant. In conclusion, as much as we look to NFTs to transform the world into a fairer place, there is unlikely to be much progression.