NFT’s and Earth’s resources
I'm trying to understand NFT's a bit more, and it currently puts a huge strain on Earth's resources. Please help me with this: With Climate change being such a concern, do we have the resources to use NFT's efficiently?
Non-Fungible-Tokens or "NFT's" — with limited understanding of this domain, my upfront thought is that it poses several challenges for the entertainment industry: 1) Legal correctness, 2) Heavy on natural resources for compute power, 3) Property is only within the domain of that specific blockchain both physical and digital.
As I am trying to understand this a little better I found this paper: https://www.researchgate.net/publication/336057493_NFTs_in_Practice_-_Non-Fungible_Tokens_as_Core_Component_of_a_Blockchain-based_Event_Ticketing_Application. It seems time, energy, and collaboration is what's obviously needed to bridge this knowledge gap and to figure out how to wield blockchain efficiently without draining Earth's resources — I truly believe that this is going to be a gamechanger for the entertainment industry but more importantly, in an egalitarian way, help developing cities (NFT claiming ownership held within a blockchain), but I question the demand it puts on our natural resources for compute power as both r&d and automation wars will be sucking up most of the activities to bridge this knowledge gap.