A coin that says NFT on a background that looks like a motherboard

Why I'm Not Buying NFTs

By CardiCorgi | CardiCorgi's Blog | 28 Apr 2021


Why I'm Not Buying NFTs

And why you should be wary

 

The NFT is the crypto sensation of recent months. It provides an easy way for artists to sell their work and even earn royalties on later sales of it, but I'm not buying into the hype like some people I know are. Here's why.

 

First off, the issue most people have is the lack of copyright protections. Nothing is stopping you from finding a piece of art from any random person and selling it for thousands. It might be possible to fix this through advanced smart contracts, but not much of that has actually been achieved.

The second large issue is energy consumption. Cryptocurrencies in general use a lot of electricity (and therefore are bad for the environment). The is especially the case with Ethereum, as its "ASIC-resistant" algorithm uses a lot of power. Fortunately, the Ethereum 2.0 update that is already going into effect will significantly reduce energy costs while keeping the network secure.

 

So that's it. That's why I'm not buying them. I hope you enjoyed reading this, and leave a tip if you did!

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CardiCorgi's Blog
CardiCorgi's Blog

I look into future blockchain possibilities beyond just investment and currency!

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