nft

In a surprising turn of events, it turns out that 95% of NFTs are worthless. I’m shocked. To make things even worse, all of these dead NFTs are consuming energy just by being maintained on the blockchain. That energy adds carbon to the atmosphere to the equivalent of “2,048 US homes, 3,541 US automobiles, or 4,061 passengers flying from London, UK, to Wellington, NZ” per year. NFTs were fun when we were all locked down, but can we move on and put a stake through the heart of this vampire?

This article on The Register about NFT was great in their usual cheeky way. NFT is extremely interesting from a number of perspectives. Like currency (and Bitcoin), NFTs are worth something because a large enough group of people think they are worth something. At present, they are valuable only because they make the owner feel good and might have some sort of financial return. Think of a painting. We have some nice art in our house which might be worth something (I honestly don’t know), but I would never sell it because I’d rather look at it on the wall.