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The premise of ‘eco-friendly’ non-fungible tokens is shaky at best.
In the metaverse, your avatar, the clothes it wears and the things it carries belong to you thanks to blockchain.
Duncan Rawlinson - Duncan.co/Flickr
For the metaverse to work, people need to own their virtual bodies and possessions and be able to spend money. The same cryptographic technology behind bitcoin will make that possible.
Nike ad in New York in 2018, showing former San Francisco 49ers quarterback Colin Kaepernick after his 2016 kneeling protest. Could a corporation sell an act like Kaepernick’s ‘kneel’ as an NFT?
(AP Photo/Mark Lennihan)
When we see the high prices some are paying for NFT art, we must assume more performances, and potentially, acts of protest, could circulate as NFTs.
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NFTs don’t even exist in the real world, but the market around them has a big effect on the planet.