Emerging Tech·137 discussions

[kees_b]

How can NFTs become more sustainable?

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Ethereum is the leading blockchain platform when it comes to creating NFTs. Sadly, this used to consume as much energy as a small country. With the Ethereum Merge that happened recently, however, the platform may reduce its carbon consumption by 99.5% by switching to a proof-of-stake system.

Other blockchain platforms that consume less energy have also emerged. NFT gaming marketplaces and the like may also move towards layer 2 solutions like Polygon which submit transactions to the blockchain as a batch, putting energy resources under less strain.

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• This topic was modified 2 years ago by kees_b.

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[peteranderson11]

Reply To: How can NFTs become more sustainable?

In reply to How can NFTs become more sustainable?

NFTs have an image problem. While non-fungible tokens (NFTs) are increasingly popular, those who care about climate change balk at the vast amount of energy required to mint one of these digital collectibles. Indeed, one calculation suggested that an edition of 100 works was responsible for more than 10 tons of CO2, or more than the annual footprint of a person living in the EU.
Now, thanks to OneOf, Dapper Labs, Tezos, and others, the NFT market is becoming more sustainable, innovative, and expansive.

What is an NFT anyway?
Non-fungible tokens (NFTs) are digital collectibles ‘minted’ or created by artists for sale or trade. These can be images, videos, GIFs, or even music or other artwork. NFTs are created as digital assets that are encoded and can be authenticated and permanently tracked on a blockchain (a virtual ledger).

Not all blockchains are able to handle NFTs though. This is because some, like Bitcoin, are only designed to work with a single asset or token. Other blockchains allow developers to build apps on the network, and it is this versatility that paved the way for artists to create NFTs.

Most early NFTs were created on the Ethereum platform. Many still are. But now that the tokens are becoming more mainstream, other decentralized networks have also become popular with creators. Examples include Algorand, Tezos, Polkadot, and Hedera Hashgraph.

The beauty of all this innovation is that creators are no longer tied to the energy-intensive Ethereum network. This means that each NFT has the potential for a much lower climate impact. Some NFT marketplaces, such as SuperRare and Nifty Gateway, continue to operate on the Ethereum blockchain, however.

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• This reply was modified 2 years ago by peteranderson11.
• This reply was modified 2 years ago by kees_b.
• This reply was modified 2 years ago by kees_b.

Did you read that article that NFT was also a form of MONEY LAUNDERING?

In reply to How can NFTs become more sustainable?

While we know that art was used to launder money, now we have NFTs too.

Let’s be honest. NFT was an interesting idea but appears to have collapsed faster then a popped balloon. Also, a RUG PULL OPERATION!!!

“SudoRare NFT exchange rug pulls for $820,000

A bright lime green circle with the text >s< in monospaced font(attribution)
Six hours after its launch, the team behind the new SudoRare NFT exchange took the money and ran, deleting the project website and social media. People had already warned about issues in the project contract that signaled it could be a scam, but those were either unseen or unheeded by the people who put a collective $820,000 of various tokens into the project.
At least one of the scammer wallets interacted with the Kraken crypto exchange, a U.S.-based exchange that requires KYC, so it’s possible that Kraken could help identify the scammers—though they’ve not made any public moves to do so.”
– https://web3isgoinggreat.com/?tech=nft&id=sudorare-nft-exchange-rug-pulls-for-820000

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