Google had admitted that the massive drop in search interest for cryptocurrencies was caused by the surge of people turning into NFTs. Yes, NFTs are now currently more popular than ‘crypto.’ But with the increase of fame, so as criticisms. That’s why we’ll be diving into the issues behind NFTs.
We are not financial advisors. The content on our website is for educational purposes only and merely cites our own personal opinions.
Also, we’ll reveal a gruesome incident related to a legendary comic book writer who fell victim to one controversial issue behind NFTs. Well, let’s begin.
Almost all NFT transactions were made thru Ethereum Blockchain. But this depends on a security mechanism called ‘proof of work,’ the process that makes NFTs fraud-proof. However, this requires a lot of computers doing a bunch of little calculations all day and night forever. And this uses a lot of energy, but generating electricity usually comes from power plants that burn fossil fuels, adding to the carbon emissions into the atmosphere, which is a big freaking problem.
Surprisingly, NFTs are not what exactly many people think of. Like when owning an NFT, while you do have virtual ownership. Still, it isn’t giving you rights over that design. So, it means that you can’t, it means that you can’t then start printing t-shirts with that NFT and selling them. Your ownership only just proves that it’s your digital property, and that’s only limited in the NFT space.
Opportunistic Bussiness Schemes
Though NFTs may have started out being made by an artist pouring their heart into their work. But right now, its no longer the case. Just like this, another collection of 10,000 unique, unbelievably expensive. And suppose you look closely at this collection. However, you’ll notice that they are just mass-produced computer-generated illustrations. Yes, as they found an NFT collection selling like crazy. They just literally picked another animal, then mass-produced another 10,000 unique NFTs. Taking advantage of the trend for a quick way of making money
Did you know that the Legendary Stan Lee supposedly came back to life just to promote an NFT collection? The man had already died in 2018, and some insidious people were still trying to profit by trying to make it seem that Stan Lee promoted embracing the new tech, such as NFTs. Undoubtedly, this is a blatant insult to the legendary comic book writer.
READ MORE: NFTs for BEGINNERS – Explained
To be continued…