Learn more about crypto with this collection
Understanding the basics of blockchain technology
The benefits and challenges of using blockchain
The future of blockchain technology
Are NFTs bad for the environment?
NFTs are at least partially responsible for the millions of tons of carbon dioxide emissions generated by the cryptocurrencies used to buy & sell them.
Cryptocurrencies are built on a system called “proof of work” to oversee transactions.
The system forces "miners" to solve complex puzzles for a reward.
The process is incredibly energy inefficient on purpose, making the "miners" use up inordinate amounts of electricity (that they have to pay, for making it less profitable for them to mess up).
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How do NFTs work?
They use the same blockchain technology that most cryptocurrencies use.
Most NFTs are part of the Ethereum (a crypto...
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What is an NFT?
NFT stands for Non-fungible token.
- cannot be exchanged/replicated/replaced because they are unique.
- allows you to buy & sell ownership of unique digital assets.
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Selling NFTS
The creator just gets a shit ton of money and still gets to enjoy copyrights of their work so..... Win-win situation 😉.
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What‘s the point?
Selling NFTs could be like selling a van Gogh painting, except instead of getting to appreciate a physical copy of something, you get a trading card.
People will still be able to access & distribute the asset that you bought but you own it (
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Wtf?!
The founder of Twitter sold his tweet as an NFT for under $3 million.
Someone paid almost $390,000 for a
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Fungibility (no it has nothing to do with fungi 🍄)
Fungible→ something replaceable/exchangeable.
- Currencies & goods are fungible because they are interchangeable with items of the same value.
- Ex: exchanging one 5$ bill with five 1$ bills because both have the ...
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Buying NFTs
NFTs are designed to give you something that can’t be copied: ownership (though a creator can still retain
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CURATED FROM
CURATED BY
Just a queer, brown, psychology undergraduate ranting about random things I come across. I organize my thoughts in little, informative chunks and try to cite my sources. #psychology #society #marxism #philosophy #leftist #LGBTQ #gay #trans #queer
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#4 Digital Currencies Are Bad for the Environment
Some cryptocurrencies employ a consensus mechanism that uses computational power and large amounts of energy to verify and validate transactions.
Mining farms requires massive amounts of energy.
- high environmental impact. if en...
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