The Dark Truth of NFT's
Last week, I wrote an article about NFT’s. I an entire week researching and writing the article. It’s a piece of work that I am very proud of.
The more I learned about NFT’s the more excited I became.
But now the tide is shifting. Now, as I am learning how much power NFT’s use on the blockchain, I am finding myself pretty horrified at the damage they will cause.
The amount of electricity they use is astounding. One transaction uses as much electricity as a single household over the course of 2 weeks. It is not sustainable.
I enjoyed Seth Godin’s blog post this morning. It gave me a new perspective.
If the new purpose of creating a work of art is the mint it as an NFT, then what happens to the original purpose of creating art? There is a real possibility of the creative process getting hijacked. This has “bubble” written all over it.
You can’t be a climate change advocate and an NFT advocate at the same time. If you are participating in NFT’s, you are willfully ignoring the externalities they produce.
It’s one or the other. You can’t be both.