Considered as the digital equivalent of collectibles these tokens have already hoovered up millions of dollars worth of investments in a variety of NFTs and NFT-related products. NFTs are touted to be the new frontier in the high-growth crypto investment space. And more machines often means more pollution. The underlying argument is NFTs could significantly drive up the value of Ethereum, thus incentivizing more intense, and considerably energy-hungry, mining for profit, thereby multiplying the number of machines miners use. Greater demand and more NFT transactions indicate profit-making opportunities for the miners which could then lead to increased emissions. It is claimed, the digital token already uses about as much electricity as the entire country of Libya. Platforms that sell NFTs typically need buyers to use Ethereum to make their purchases. NFTs are Ethereum-based tokens that are part of the Ethereum blockchain. But in addition to generating buzzy headlines, it’s also creating an unintentional byproduct that’s keeping environmentalists up at night: massive energy consumption adding to the overall carbon footprint created by cryptocurrencies, Ethereum in particular. The soaring popularity of non-fungible tokens (NFTs) has drawn multi-million dollar trades and celebrity attention.
0 Comments
Leave a Reply. |