by Brandon Butler
NFTs are a massively dumb way to waste energy 3/25/2021

As seen on Daring Fireball, Seth Godin with ‘NFTs are a dangerous trap‘:

The rest of us are going to pay for NFTs for a very long time. They use an astonishing amount of electricity to create and trade. Together, they are already using more than is consumed by some states in the US. Imagine building a giant new power plant just to make Christie’s or the Basel Art Fair function. And the amount of power wasted will go up commensurate with their popularity and value. And keep going up. The details are here. The short version is that for the foreseeable future, the method that’s used to verify the blockchain and to create new digital coins is deliberately energy-intensive and inefficient. That’s on purpose. And as they get more valuable, the energy used will go up, not down.

It’s an ongoing waste that creates little in ongoing value and gets less efficient and more expensive as time goes on. For most technological innovations the opposite is true.

NFTs are the dumbest thing since the CueCat. Except NFTs — like all blockchain based digital currency — have the potential to do real damage to the planet as their energy use skyrockets. All so some rich asshole can say he owns a GIF, when in reality he owns a line on a blockchain ledger somewhere. We can only hope that, due to the high barrier of entry for NFTs, the fad will burn out before the energy grid does.