[HN Gopher] Why NFTs are bad: the short version
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       Why NFTs are bad: the short version
        
       Author : NicoJuicy
       Score  : 22 points
       Date   : 2021-11-19 18:08 UTC (4 hours ago)
        
 (HTM) web link (antsstyle.medium.com)
 (TXT) w3m dump (antsstyle.medium.com)
        
       | bitxbitxbitcoin wrote:
       | Lesson: HN likes the long version.
        
       | ilaksh wrote:
       | Several good cryptocurrencies with low carbon footprint such as
       | Algorand, and Ethereum soon transitioning.
       | 
       | The obvious advantage for artists is cutting out the middlemen
       | for distribution of their work by taking advantage of public
       | financial facilities such as smart contracts for escrow etc. That
       | does require collectors to honor the ownership records, but they
       | need reliable mechanisms for tracking that and blockchains are an
       | excellent mechanism, as well as a straightforward way to
       | patronize the creators directly.
        
       | djyaz1200 wrote:
       | I'm not an NFT supporter but they might have utility. I'm
       | certainly interested in a more robust debate about their
       | potential than "get off my lawn". Further, it's silly to imply
       | that the current system of tracking + transferring assets doesn't
       | have any carbon footprint.
        
       | sschueller wrote:
       | "They are bad for the environment, as they rely on
       | cryptocurrencies that cause huge amounts of carbon emissions.
       | They will continue to rely on these systems for security reasons
       | (despite claims to the contrary about moving to other systems)."
       | 
       | Moot point. Some are already proof of Stake and ethereum will be
       | switched to PoS.
       | 
       | Might as well say storing your photos on the internet is bad for
       | the environment and doesn't provide any benefits.
       | 
       | There a plenty of reasons why NFTs can be bad but this ain't one
       | that applies across the board.
        
         | williamtrask wrote:
         | Storing photos on the internet probably vides no benefits?
        
       | Traster wrote:
       | For me, that version was too short.
        
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       (page generated 2021-11-19 23:01 UTC)