Connect with us

NFT News

The Environmental Impact of NFTs

Published

on

NFTs are a new and exciting way to invest, but the question on everyone’s mind is whether or not this technology will have an impactful environmental effect? Even with all of the buzz around NFTs there still remains some controversy surrounding them. One point often cited as criticism against these tokens- -and cause for hesitation if you were thinking about adopting it oneself–is their potential environmentally harmful result.

In a move that may have you reaching for your calculator, it turns out users on the Ethereum blockchain are more energy-consuming than Argentina. If we’re assuming this data is accurate (and so far there’s no reason to doubt), then someone who owns 1% of all NFTs in existence would use up 0-9 gigajoules each day just storing those assets online–more than what some countries consume.

The impact NFTs have on the environment is actually quite minimal when you consider that miners will still be producing blocks, even if there are no transactions. Secondly and most importantly for this article’s purposes – solutions exist to some blockchain’s consumption of energy.

Specifically, proof-of Stake blockchains are less energy-intensive because they do not require the use of mining. They can be up to two million times more efficient than Bitcoin and Ethereum in regards to their usage on this front – a major advantage.

But with the emergence of a more energy-efficient blockchain and plans to shift Ethereum from a proof-of-work model later this year, it is still estimated that millions upon billions worth of CO2 will have been released into our atmosphere.

Los Angeles-based artist Kyle McDonald is hoping to resolve this issue by launching his new NFT project, Amends. It’s a digital collection of sculptures representing CO2 emissions. The NFT project will be made available through three major marketplaces: OpenSea (a Venice-based art platform), Rarible(Toronto), and Foundation(London).

“We can either be irresponsible or take responsibility for our actions,” said McDonald in an official press release. “The science shows that even if we end all emissions today, humans still need to remove hundreds of billions of tons of historical greenhouse gases from the atmosphere and ocean.”

Advertisement

McDonald’s new line of sculptures is not only a representation of the three biggest NFT marketplaces in this world but also how each partner organization addresses CO2 emissions.
In partnership with Project Vesta and Nori, McDonald’s carbon removal artwork is designed by artists including strategist tenure Tradewater. The pieces are made from recycled materials such as plastic bottles shipped back home after being used overseas which helps keep them out of landfills where they contribute significantly to greenhouse gases. So, now you can buy these beauties and in so doing contribute to the cause.

The company Rarible is committed to the development and implementation of regenerative practices on farms. These techniques help turn farmland into CO2 sponges, which in turn improves growth rates for farmers’ crops while also improving soil quality across large areas.

Tradewater is a company that specializes in the disposal and destruction of refrigerants. They help keep our planet green by disposing of these dangerous gases before they can enter into Earth’s atmosphere. These organizations are using this auction to raise funds in order to fight climate change.

NFT News

Bored Apes Developer Sues NFT Counterfeiter

Published

on

By

NFTs

The corporation that is responsible for the Bored Ape Yacht Club has filed a lawsuit against conceptual artist Ryder Ripps because he sold replicas of the company’s non-fungible tokens, also known as NFTs. In the lawsuit that was submitted to a court in California over the weekend, Ripps is accused of engaging in a “calculated, planned, and willful” plot to hurt BAYC while simultaneously promoting his own work that is similar to BAYC’s.

Ripps and Yuga Labs have been in conflict with one another for a number of months, in part as a result of Ripps’ RR/BAYC NFT series. The series made use of BAYC photos, but connected them with a different cryptocurrency and sold them for the equivalent of approximately $200 each. This price was a steal in comparison to the real thing, which sells for a minimum of approximately $100,000 at the moment. “This is not some simple game of monkey see, monkey do. According to the lawsuit, this is an intentional attempt to cause injury to Yuga Labs at the cost of consumers by spreading doubt regarding whether or not these RR/BAYC NFTs are endorsed, associated, or connected to Yuga Labs’ official Bored Ape Yacht Club.

The lawsuit brings a variety of allegations against Ripps, including deceptive advertising and violation of trademark rights. It requests monetary penalties as well as a court order ordering that he stop infringing on BAYC’s work. Additionally, it requests that he be prohibited from using domain names that are “confusingly similar,” such as apemarket.com.

Ripps, who has also sold original NFTs, defined his work as a spin on appropriation art, investigating “the capacity of NFTs to shift meaning, establish provenance, and elude censorship.” Ripps’s work has also been shown in galleries and museums. He has been involved in ventures of a similar nature in the past, such as the sale of a CryptoPunk that had been subtly altered and was intended to make fun of the series. “The lawsuit grossly mischaracterizes the RR/BAYC project,” he stated in a statement that was published on Twitter. He asserted that consumers were fully advised that they weren’t purchasing an official Bored Ape product when they made their purchases.

The idea that the work was satirical criticism is one that Yuga Labs does not accept. It portrays the work as being a part of a longer-running vengeance against the corporation, against which Ripps has stated that the company is trolling its audience with racist overtones. Ripps has claimed that the BAYC series makes frequent mentions of coded white supremacist words and symbols. These include the pseudonyms of the show’s creators, the BAYC logo, and the decision to create humanoid apes, which Ripps claims is part of the larger racist tradition of comparing African Americans to apes.

The Anti-Defamation League has voiced some skepticism over his interpretations, despite the fact that he is not the first individual to make these allegations. Yuga Labs addressed the theory earlier this year, referring to it as “very unpleasant.” Additionally, Yuga Labs co-founder Gordon Goner provided a detailed response to Ripps’ charges in a blog post that was published on Medium.

Yuga has a lot more on his mind than just Ripps. A side project called the “metaverse” that was spawned by BAYC has run into some difficulties on the way to its introduction, and it is also being impacted by a larger decline in the value of the cryptocurrency market. However, because to things like a recent music video that Eminem and Snoop Dogg collaborated on to promote their album Bored Apes, it has achieved a level of prominence that most other NFT lineups have not yet achieved.

Advertisement

The work of Ripps and other copycat NFTs has brought up problems regarding the appropriate application of copyright law to cryptographic works of art. Ripps also makes mention of the fact that the terms of the BAYC copyright appear to be somewhat ambiguous and even conflicting. However, Ripps is not accused of violating any intellectual property rights in this litigation. It will therefore depend on factors such as whether Ripps was legitimately confusing people with his work — or whether people were buying into the project specifically because it wasn’t BAYC — rather than offering an early look at how courts will treat that issue. This will be the case rather than offering an early look at how courts will treat that issue.

Continue Reading

NFT News

NFTs & The Metaverse: Ready or Not Here They Come

Published

on

By

Metaverse

The way we interact with property is changing, and NFTs are at the forefront of this change. NFTs have revolutionized the way we buy and sell property, by making it possible to store data about ownership on the blockchain. This means that we can manage our personal data more securely, and that we can buy and sell property without the need for a central authority.

Web 3.0, the Metaverse, and NFTs are all interconnected through blockchain technology.

Blockchain is the underlying technology that enables NFTs to function, and it is also what allows us to create decentralized applications (dApps) on the web. The Metaverse is a vision of a future where the entire internet is built on blockchain technology, and NFTs are a key part of that vision.

When you buy an NFT, you are buying a token that represents ownership of a digital asset. This could be anything from a piece of digital art, to a virtual world, to a piece of music. The key difference between an NFT and other digital assets is that an NFT is stored on the blockchain.

The blockchain is a decentralized, distributed ledger that records transactions in a secure and transparent way.

When you buy an NFT, the transaction is recorded on the blockchain, and this provides proof of ownership. Because the blockchain is immutable, this means that the ownership of an NFT cannot be changed or tampered with. One of the benefits of storing data about ownership on the blockchain is that it is much more secure than traditional methods. With an NFT, you own your data – no one else can access it or change it without your permission. This is in contrast to traditional methods of buying and selling property, where a central authority holds all the data about who owns what.

Another benefit of NFTs is that they enable decentralized property buying and selling. Because there is no central authority controlling the blockchain, buyers and sellers can interact directly with each other. This means that there are no middlemen taking a cut of the profits, and it also makes the process of buying and selling property much more efficient.

Web 3.0 is the next evolution of the internet, where all applications are built on decentralized, open-source infrastructure.

The major benefit of Web 3.0 is that it is decentralized. Rather than using services run by centralized technology giants like Google, Apple, or Facebook, Web 3.0 allows users to establish and operate parts of the internet for themselves.

NFTs are the perfect way to represent and manage data on a decentralized web. Because they are stored on the blockchain, NFTs cannot be changed or deleted without the owner’s permission. This makes them ideal for representing digital assets like art, music, and other forms of media.

Advertisement

The Metaverse is a virtual world built on Web 3.0 infrastructure.

It is a place where people can meet, interact, and create together. The Metaverse is powered by NFTs, which are used to represent everything in the virtual world – from avatars to buildings. As we can see, NFTs, Web 3.0, and the Metaverse are all interconnected through blockchain technology. NFTs are the perfect way to represent data on a decentralized web, and the Metaverse is a great example of how this technology can be used to create a virtual world.

There is a good chance that NFTs or some form of this technology will become accepted within mainstream society. This is because NFTs offer a more secure and efficient way to buy and sell property, goods, and services. In addition, the use of NFTs can help to reduce fraudulent activities. After what the world went through as a result of the banking crisis in 2008, it may truly be promising to finally have an alternative to the traditional banking system.

Read more about NFTs here

Continue Reading

NFT News

NFTs Are Hampered By Reality

Published

on

By

NFT

The world of non-fungible tokens (NFTs) is reportedly just getting started, and it goes far beyond the realm of art, as stated by Sandra Ro, the CEO of the Global Blockchain Business Council.

At a recent conference, Ro gave a presentation that provided an insider’s perspective on where we are with NFTs and where we are headed. She had some significant commercial potential, but the solutions she proposed to the problems was not particularly convincing.

Everyone can find something that interests them here, from NFT artwork to digital injections.

According to Ro, “any social or physical thing can now have a unique identifier and proof of ownership that is verifiable on the blockchain” This statement was made in reference to the technology known as the blockchain.

Even though she acknowledges that the market is “extremely messy, as all new things are,” she is of the opinion that the underlying value that is being delivered is the one-of-a-kind quality of that personally verifiable token, in addition to the potential to “inject economics” into this situation.

She gave an example of purchasing and selling without any complications, as well as fractionalized ownership. In the latter scenario, a person who is in possession of a token that represents annual membership in a sports club has the ability to sell the remaining portion of their membership to another subscriber who is interested in joining the club.

It’s hardly the worst idea in the world. In many different countries, breaking an annual contract might be a real hassle. For contracts formed before January 2022 in Germany, for example, a three-month notice or proof of departure is required; therefore, if this simplifies such processes, I am all for it.

Advertisement

NFTs, on the other hand, have the potential to transcend well beyond transactional memberships in order to act as a catalyst for value addition.

Fans of many sports can have a better view of the action thanks to the use of NFTs.

Ro envisioned a scenario in which NFTs would make it possible for fans to communicate with one another, complete with unique perks such as inner VIP access and the opportunity for advertisers to develop “more stickiness” within their communities.

Ro asserts that one can make a significant amount of money engaging in sports and NFTs. It seems to make sense to me.

Although Ro acknowledges that “there are numerous intermediates, and they are still figuring it out,” I feel that it will be substantially more challenging to adopt NFTs in the context of stadium sports.

Fans in smart sports stadiums presently have access to sports commentary and can communicate with athletes via wearable technology. These stadiums also feature sophisticated fan apps that cover several industries, such as the food and beverage industry and the transit ticket industry.

It sounds like a lot of work to get these different verticals to cooperate with one another, even though they’ve already done it successfully in an existing product.

So the question is, how do we get from crypto enthusiasts and early adopters to mainstream apps that unite massive, diverse communities?

Advertisement

Would people use non-traditional trading methods?

Ro is optimistic about the prospects of mission-driven DAOs and uses Ukraine as an example.
The National Financial Token Museum (MetaHistory NFT Museum) is a blockchain-based narrative of Russia’s invasion of Ukraine that displays NFTs as examples of digital art. It was established by the Ukrainian Ministry of Digital Transformation.

Additionally, a lot of people are turning to NFTs as a means of generating income for Ukraine. Even if most people have honest motivations, I believe that the vast majority of them lack the digital auditing skills necessary to differentiate between actual accounts and fraudulent ones.

Aside from the possibility of being defrauded, there are other problems with the security of cryptocurrencies to take into consideration, as well as the obviously enormous carbon impact they have.

Regrettably, there are a lot of reasons to be concerned about this.

According to Ro, on the other hand, the Bitcoin network has never been successfully hacked. However, she does acknowledge that a large amount of energy is expended in order to provide that level of security. She was alluding to either secure cryptocurrency or an impact on the environment that had a low carbon footprint when she said, “What are you ready to live with?”

She also acknowledges that it is impossible to exclude all harmful actors. In addition, it is difficult to install safety barriers without stifling innovation. She acknowledges that accredited investors are “a very specific socio class who don’t need to create money,” but more legislation could restrict ownership of NFTs to only those investors who meet the requirements.

In my perspective, NFTs have the potential to be useful in a variety of applications. However, I am not confident that we will witness widespread adoption or the mainstreaming of their means of producing wealth.

Advertisement

My impression is that many of the same people are getting rich, with a few interesting anomalies tossed in for good measure. One such illustration is provided by JDL Street Art. The previous year, she set a record by selling artwork for a total of €2.9 million in bitcoin, and she gave one-third of that amount to a charitable organization.

Nevertheless, there is always a starting point for any activity. The essential goals of NFTs, which include integrating the physical and virtual economies, may just become a reality, despite the fact that I have my doubts that money will inevitably follow.

Continue Reading

Trending

© Copyright 2022 | All Rights Reserved RISK DISCLAIMER There is a very high degree of risk involved in trading. Past performance is not necessarily indicative of future results. Financial Wars and all individuals affiliated with this site assume no responsibility for your trading and investment results. All the material contained herein is believed to be correct, however, Financial Wars will not be held responsible for accidental oversights, typos, or incorrect information from sources that generate fundamental and technical information. Options trading carries significant risk. Futures and futures options trading carries significant risk. Trading securities, security options, futures and/or futures options is not for every investor, and only risk capital should be used. You are responsible for understanding the risk involved with trading options. Prior to trading any securities products, please read the Characteristics and Risks of Standardized Options and the Risk Disclosure for Futures and Options. The indicators, strategies, columns, and all other features are for educational purposes only and should not be construed as investment advice. Information for futures trading observations are obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. Your use of the trading observations is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the information. You must assess the risk of any trade with your broker and make your own independent decisions regarding any securities mentioned herein. Affiliates of Financial Wars may have a position or affect transactions in the securities described herein (or options thereon) and/or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. All of our partners or affiliated companies are in no way associated with the proprietary information provided by the Financial Wars Trading Method or software. All returns are based off buy side analysis and do not include commission costs. All projections are based on current returns. The projections do not account for any possible draw down effects on performance and performance projections. Actual returns and projected returns may fluctuate over the course of the service. "VIP" or "Lifetime" designation refers to the lifetime of the product only and not to be assumed to be the lifetime of any individual. Any person who chooses to use this information as a basis for their trading assumes all the liability and risk for themselves and hereby and absolutely agrees to indemnify and hold harmless Financial Wars, its principals, agents and employees. As a Student and Chat Subscriber, we ask that you please cross check the information posted here. We ask that you challenge any information you feel is incorrect. We do not guarantee any of the information that is posted in the chat. All company names are trademarks or registered trademarks if their respective holders. Use of a mark does not imply any affiliation or endorsement by them.

Social Media Auto Publish Powered By : XYZScripts.com