My thoughts on NFTs.

TL;DR: It's not going to be good. At all.

What's an NFT?
If you're wondering what an NFT is, it is a "Non-Fungible Token" which functions as a certificate of ownership that's stored somewhere on something called the Blockchain and is using the Blockchain, vast majority of NFTs being sold are on Ethereum, but NFTs can be implemented in other cryptocurrencies.

Why Ethereum?
NFTs can be created on the Ethereum blockchan which, according to Wikipedia, are "unique and indivisible tokens" (1) and cuz of the uniqueness of a newly created NFT, they can be used to represent, according to Wikipedia again, "digital art, sports memorabilia, virtual real estate, and items within games." (1) Basically, anything creative.

Ok, so what'd the big deal with NFTs, and why is it bad?
In 2021, there were some big NFT sales, from Nyan Cat (US$>600k) to music, to game content, to a 4K remaster of "Annoying Orange" (hey, remember that?) to here, Charlie Bit My Finger (Again), a video from 2007 that's on track to being completely wiped off Youtube all because of an NFT. In my opinion, this is just wiping off digital legacy that helped build the Internet. However, this is not the biggest problem, there is another issue that brings attention: the electrical [and enviromental] impact of NFTs.

The vast majority of NFTs are based around Ethereum, whose blockchain [and cryptocurrency] have been known to consume a large amount of electricity, about as much energy as Peru consumes [which is a bit above 5 gigawatts.] NFTs emit about 48kg of CO2 per average transaction (3), which contributes to the already big carbon problem in the first place. Did I mention that we're under a massive chip shortage due to these NFTs? Yup. Because of crypto mining, many needed components (semiconductors, cpus, the like) are becoming scarcer, and, thanks to supply and demand, short supply of computers components combined with the high demand from miners meant companies have raised the price of components to exorbantant prices (even external HDDs aren't safe).

Overall, NFTs are not a good way to make money, especially seeing how, if left unchecked, has the potential to be catastrophic to our planet's health. We're already emitting so much greenhouse gases it aint even funny at this point. From using the Ethereum blockchain (which itself uses a lot more energy) to pieces of Internet history going the NFT route, this is not a good idea -- at all.


(1) Wikipedia article on NFTs
(2) Cleancoin fact sheet
(3) NFT's enviromental impact --
NFTs, explained -- Verge

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