To quote this article by Uproxx, “In one instance, the 10 seconds it took to sell six NFTs consumed 8.7 megawatt-hours of energy, comparable to the amount of electricity used by a household in a single year.” Because of the large amount of computing power needed to create NFTs, an INSANE amount of energy is used, creating a LOT of pollution. However, the most damning and negative side effect is its environmental impact. ![]() (linked is a very good infographic on the topic by Cabeza Patata on Instagram.) It is an incredibly inaccessible and fluctuating market, and works like a pyramid scheme.That basically means that anyone can take your digital art and sell it as an NFT. Shitty, I know. For one, you do not need to prove that you are the original artist or creator of the digital art to tokenize it.NFT’s are controversial for several reasons. Here is a video by the Wall Street Journal that does a good job of breaking down what an NFT is. All the buyer gets is the unique digital metadata that is attached to it. Anyone else can view and save the original image/file. However, buying an NFT does NOT give you ownership of the file, or even exclusive access to the file. ![]() It’s complicated, but in theory, it’s meant to be like fine art auctions, but for digital art. Basically, think of it like a Bitcoin that is linked to or attached to a. ![]() What is an NFT?Īn NFT (non-fungible token), also known as Cryptoart, is a unit of unique data that represents a digital item, typically digital art, music, videos, and other digital files. TL DR: Gorillaz have announced that they are producing NFTs, a form of crypto currency attached to digital art that wastes more energy than most people’s homes do in a year. So I’ve decided to compile a ton of info in a post for people who are confused, and tips on how to help! I’ve had some people reach out to me today about NFT’s, and why it’s bad that Gorillaz is involved.
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