1/22/2024 0 Comments Pop tart cat nft![]() Multiply that to the nth degree, in a market driven by greed and the desire to keep up, and we could have a new form of environmental destruction on our hands. What do NFTs have to do with climate change? Put simply: the process of minting NFTs by adding the tokens to the blockchains, combined with the tidal wave of trading transactions (bidding, resales, etc.) results in a major use of energy. Many have pointed out the extreme ecological impact that an explosion in NFT minting and trading would have on a planet already wrecked by climate change, climate-change related disasters, environmental racism, and inequity. Once you peel back the initial layer of NFTs, a number of overlapping issues-ethical, logistical, and environmental, to start-arise. Are There Any Problems or Controversies Surrounding NFTs? But you can start on platforms like Nifty Gateway, where you can apply to create a project to be sold as an NFT on their marketplace. The process differs from site to site, and some charge a fee (to cover the computational "gas" needed for the transaction on platforms like Ethereum). Say you have a doodle you want to turn into an NFT, or a comic strip, or something like Nyan Cat, the animated cat with a Pop-Tart body and a rainbow trail, which just sold as an NFT for about $580,000. How to Make and Sell NFTsĪre you an artist or content creator of some kind, looking to make a buck (or potentially several million bucks) off of work that is otherwise not inherently monetizable? You could make your piece an NFT. Some say it's the future of concert-going, and can put more power back into the artists' hands. YellowHeart, the platform that Kings of Leon used to release their various album NFTs, is a music-centric platform that ensures authenticity of concert tickets and seeks to prevent scalping using blockchain. For NBA highlight collectibles, check out NBA Top Shot-where $230 million has already been spent trading tokens, or "moments." There are a variety of marketplaces on which to buy and sell NFTs: Nifty Gateway, MakersPlace, SuperRare, OpenSea, Decentraland, and Rarible are just a few of many. Anyone with an Internet connection can log on and see who owns that piece. Why should digital goods-like a Fortnite skin or an original Beeple-be any different? And so: Nifty Gateway-one of several upstart online marketplaces in a field that also includes sites called MakersPlace and SuperRare-mints a unique NFT, assigns it to a piece of digital art, and stores it forever in that company’s custodian wallet. If Nike went out of business, those sneakers wouldn’t suddenly disappear from your closet. When asked to explain NFTs, Duncan used this analogy: Imagine you owned a pair of expensive Air Jordans. Nifty Gateway was founded in 2018 by the absurdly named Duncan Cock Foster, twenty-six, and his twin brother, Griffin. ![]() To understand how that piece of art sells for the price of a one-bedroom apartment in Brooklyn, one needs a brief primer on something called nonfungible tokens, or NFTs-digital goods that are bought and sold on emerging websites like Nifty Gateway, which hosted the Beeple auction. Mickey Rapkin explains this concept in his Esquire article "‘Beeple Mania’: How Mike Winkelmann Makes Millions Selling Pixels": Why would someone pay $777,777 for an MP4? Couldn’t you watch that on Instagram for free? Theoretically, yes, but the crypto art scene uses blockchain technology to authenticate and identify a single, unique piece of digital art. NFTs are connected to the Ethereum blockchain like this: you buy a NFT (say a piece of art from Beeple Crap) and the unique bit of information about that artwork-including its smart contract-is stored on the blockchain. Picture a ledger that lives online, keeping a publicly accessible record of who owns what, similar to the kinds of networks that ground cryptocurrencies like Bitcoin or Dogecoin. So NFTs are a form of digital asset, whose ownership is recorded on a blockchain. ![]() But the deeper concept of NFT art is agreed-upon value and ownership even if anyone can see, download, print out and hang up a piece of digital art, only a select few can actually own that exact piece. Then, that piece of art can be seen, screen-shotted, and downloaded by anyone online. It's easy enough to wrap your head around the fact that a piece of art can be created and exist on a screen, be it your phone, computer, tablet, etc. To keep all the parts in place, there's enforced (artificial, but isn't everything?) scarcity. You possess the token that says you own something, like an art piece, and you can trade it, but if you do, you'll be getting an entirely different piece. NFT stands for "non-fungible token." This kind of token is like Bitcoin, except while you can trade Bitcoin and have more of the same thing that represents real money at a varying market value, each NFT is unique.
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