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This article by the author/podcaster Seth Godin [1] highlights the issues with Non-Fungible Tokens (NFT) [2], built on the Ethereum cryptocurrency. It extends t
by sradman 6y ago
This article by the author/podcaster Seth Godin [1] highlights the issues with Non-Fungible Tokens (NFT) [2], built on the Ethereum cryptocurrency. It extends the ideas introduced in an Everest Pipkin post [3]:
> Cryptocurrencies and NFTs are an absolute disaster for so many more reasons than the ecological.
The ecological issue is due to the energy consumption required to perform (some^) cryptocurrency computations.
[1] https://en.wikipedia.org/wiki/Seth_Godin https://en.wikipedia.org/wiki/Seth_Godin
[2] https://en.wikipedia.org/wiki/Non-fungible_token https://en.wikipedia.org/wiki/Non-fungible_token
[3] https://everestpipkin.medium.com/but-the-environmental-issues-with-cryptoart-1128ef72e6a3 https://everestpipkin.medium.com/but-the-environmental-issue...
^EDIT: added “(some)” cryptocurrency computations based on Tenoke’s comment
- Tenoke 6y agoExcept there are non-ETH NFTs which don't consume much electricity and the author is specifically talking about some of them - like NBA Topshots - while pretending they all have large consumption.
- deleted 6y ago[deleted]