Are cats mooning?
If you've been paying attention to some part of the entertainment, crypto, and general news lately, you'd probably have heard about NFTs or seen them in relation to something or a huge amount of money.
I even wrote about one of such events a few days back, you could read about it here - here's why I think cats are gold diggers
Well, if you're a newbie in the knowledge acquiring department like me, you're probably wondering what exactly is an NFT.
What is an NFT?
This is short for non-fungible tokens. They are typically art that has value in cryptocurrency. More or less like art that has value in millions of dollars.
NFTs are cryptocurrencies like Hive, Bitcoin, and Ethereum, but they are 'non-fungible. Non-fungible means that they cannot be exchanged for other cryptocurrencies, they can only be gotten through an exchange of art.
NFTs can also be music files. They are digital assets. Instead of getting a physical property, what you get is a file.
To make this post short and easy to understand, I'll focus on - What NFTs are, where to get them, and what makes them controversial.
How to get NFTs?
NFTs can be gotten on sites like:
- Opensea
- Niftygateway
- Bakeryswap
- Foundation
- Superrare
- NFTshowroom
And a couple of other sites.
NFTs are part of the Ethereum blockchain, and like every digital piece available, there are originals and fakes.
What makes them controversial?
NFT creations are considered bad for the environment. They take a lot of energy to create, thereby emitting a high amount of carbon toxins to the environment.
The creation of a simple Gif could equate to the number of toxins produced in a small locale for weeks.
I have limited understanding of this part, however, what I do understand is that they are bad and they can cause more bad in years to come.
That being said, pretty much anyone can create an NFT and put it up for sale. Through a process called 'minting', digital arts can be turned into an NFT on the blockchain.
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Greetings, interesting information, I did not know it and I was very surprised about the polluting effect, thanks for sharing.
You're welcome, thank you for reading