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I understood NFTs better after reading this, what seems to me, fair and objective article and afterwards really don't see much utility in them. I can see how th

I understood NFTs better after reading this, what seems to me, fair and objective article and afterwards really don't see much utility in them. I can see how they might serve a purpose in a very narrow, specialized set of circumstances. https://www.ask.com/culture/what-are-non-fungible-tokens-nfts https://www.ask.com/culture/what-are-non-fungible-tokens-nft...

kranke155 5y ago
Is this a joke? This article continues with the fully absurd “carbon narrative” that’s been imposed onto blockchain even though huge amounts of NFTs are being minted on the Tezos chain, which used orders of magnitude below Ethereum’s energy usage. Minting an NFT on Tezos is something like turning your phone on in terms of energy usage. Please, let’s stop with the wild misinformation - not all NFTs are made the same way. The ETH NFT scene is what it is I know a huge number of artists who don’t participate in it because it’s dumb af.
- mwattsun 5y ago
  > Is this a joke? I don't think it's fair to call it a joke, but if your intention is to shut down discussion that works. There is a robust discussion about blockchain energy usage which doesn't appear to be ideological, but I don't know enough yet to say.
  - kranke155 5y ago
    There are multiple blockchain implementations, many of which now use virtually 1000x less energy than the previous gen. The whole point of the energy consumption was the so called Proof Of Work system, which has been replaced in multiple new blockchains (Polkadot, Tezos, Algorand) with Proof of Stake which has comparatively nil energy usage. Algorand has actually promised to be carbon Negative by buying up carbon credits. The Carbon narrative at this point is really only applicable to two blockchains - Ethereum and Bitcoin. Bitcoin has virtually no smart contract usage, while Ethereum is now in the process of moving towards a Proof of Stake system. The carbon narrative is just that, a narrative. I won’t even try to defend Bitcoin as I find it loathsome in every way.
    - mwattsun 5y ago
      Then it appears the complaint that NFTs using too much electricity that you see on Twitter a lot is about Ethereum doing proof of work, which it won't much longer as it transitions to proof of stake. I'm really interested in Chia, which is proof of space. I wouldn't give it much consideration except it's by Bram Cohen who did BitTorrent.
    - jollybean 5y ago
      "which has been replaced" - no, because people are still using the 'old way' in which case it's besides the point: blockains are still needlessly consuming copious amounts of energy. There is no 'carbon narrative' there is just a reality that BTC is consuming vast amounts of energy.
      - kranke155 5y ago
        BTC is its own problem. I am talking only about NFTs and chains that make them possible. Major NFT markets now exist in Ethereum, Tezos, Solana and Algorand blockchains. Ethereum is the only one that has this problem and it’s working on ending it through an upgrade.
        0xcde4c3db 5y ago
        > Ethereum is the only one that has this problem and it’s working on ending it through an upgrade. It might decline in popularity, but it's unlikely to actually end just because PoS is deployed. Someone will almost certainly rebrand the current PoW-based Ethereum chain+software and continue to maintain and promote it. This already happened once because the Ethereum principals rewrote history after their favorite smart contract turned out to have a major exploit [1] [2]. [1] https://en.wikipedia.org/wiki/The_DAO_(organization) https://en.wikipedia.org/wiki/The_DAO_(organization) [2] https://en.wikipedia.org/wiki/Ethereum_Classic https://en.wikipedia.org/wiki/Ethereum_Classic
        kranke155 5y ago
        That chain, Ethereum Classic, is virtually worthless and unused next to Ethereum itself.
- jollybean 5y ago
  BTC usage of enormous amounts of electricity is not a joke, no.
  - kranke155 5y ago
    Not relevant since BTC has nothing to do with NFTs.

kranke155 5y ago

Is this a joke? This article continues with the fully absurd “carbon narrative” that’s been imposed onto blockchain even though huge amounts of NFTs are being minted on the Tezos chain, which used orders of magnitude below Ethereum’s energy usage. Minting an NFT on Tezos is something like turning your phone on in terms of energy usage. Please, let’s stop with the wild misinformation - not all NFTs are made the same way. The ETH NFT scene is what it is I know a huge number of artists who don’t participate in it because it’s dumb af.

mwattsun 5y ago
> Is this a joke? I don't think it's fair to call it a joke, but if your intention is to shut down discussion that works. There is a robust discussion about blockchain energy usage which doesn't appear to be ideological, but I don't know enough yet to say.
- kranke155 5y ago
  There are multiple blockchain implementations, many of which now use virtually 1000x less energy than the previous gen. The whole point of the energy consumption was the so called Proof Of Work system, which has been replaced in multiple new blockchains (Polkadot, Tezos, Algorand) with Proof of Stake which has comparatively nil energy usage. Algorand has actually promised to be carbon Negative by buying up carbon credits. The Carbon narrative at this point is really only applicable to two blockchains - Ethereum and Bitcoin. Bitcoin has virtually no smart contract usage, while Ethereum is now in the process of moving towards a Proof of Stake system. The carbon narrative is just that, a narrative. I won’t even try to defend Bitcoin as I find it loathsome in every way.
  - mwattsun 5y ago
    Then it appears the complaint that NFTs using too much electricity that you see on Twitter a lot is about Ethereum doing proof of work, which it won't much longer as it transitions to proof of stake. I'm really interested in Chia, which is proof of space. I wouldn't give it much consideration except it's by Bram Cohen who did BitTorrent.
  - jollybean 5y ago
    "which has been replaced" - no, because people are still using the 'old way' in which case it's besides the point: blockains are still needlessly consuming copious amounts of energy. There is no 'carbon narrative' there is just a reality that BTC is consuming vast amounts of energy.
    - kranke155 5y ago
      BTC is its own problem. I am talking only about NFTs and chains that make them possible. Major NFT markets now exist in Ethereum, Tezos, Solana and Algorand blockchains. Ethereum is the only one that has this problem and it’s working on ending it through an upgrade.
      - 0xcde4c3db 5y ago
        > Ethereum is the only one that has this problem and it’s working on ending it through an upgrade. It might decline in popularity, but it's unlikely to actually end just because PoS is deployed. Someone will almost certainly rebrand the current PoW-based Ethereum chain+software and continue to maintain and promote it. This already happened once because the Ethereum principals rewrote history after their favorite smart contract turned out to have a major exploit [1] [2]. [1] https://en.wikipedia.org/wiki/The_DAO_(organization) https://en.wikipedia.org/wiki/The_DAO_(organization) [2] https://en.wikipedia.org/wiki/Ethereum_Classic https://en.wikipedia.org/wiki/Ethereum_Classic
        kranke155 5y ago
        That chain, Ethereum Classic, is virtually worthless and unused next to Ethereum itself.
jollybean 5y ago
BTC usage of enormous amounts of electricity is not a joke, no.
- kranke155 5y ago
  Not relevant since BTC has nothing to do with NFTs.