Trending and Dangerous? – University Times

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Every day, thousands of people jump on the internet to play with friends, watch videos, and play video games for dozens of hours.

They can also find photos that cost thousands of dollars that are being advertised to everyday consumers.

NFT, or A non-fungible token is a unit of non-exchangeable data stored on the blockchain, a type of digital ledger, that can be sold and traded. NFTs can take the form of art, GIFs, videos, virtual avatars, music and other digital collections.

Over the past year or so, information about NFTs has exploded and many investors are buying NFTs, but other investors are negative and sometimes disgusted with NFTs. is showing.

I’m trying to make NFT sensation

Even governments are struggling to understand how current regulations affect governments.

For example, in May 2021, the Wyoming State Capitol Service investigated this issue.

“This memorandum of understanding provides background information on non-fungible tokens (NFTs) and further identifies the relationship between trademark registration and NFT ownership.” Legislative report.. “In the first quarter of 2021, NFT technology attracted attention from cryptocurrencies, finance and mainstream media, trading volumes have increased more than 25 times since December 2020, and are valued at more than $ 2 billion in certain markets. was.”

Yallet Reveles, Department of Psychology, California State University Long Beachh, NFT said it was confusing.

“It’s not just because I feel it doesn’t make much sense. To be honest, it doesn’t make sense to have them,” Reveles said.

Jonathan Zaragoza, a film major also from California State University Long Beach, said she doesn’t care about them, but if she gets one, she’ll sell it to more people who want it.

“I like getting my items. I like the actual merchandise that can be folded, carried, and played. It’s like the hustle and bustle of side money,” Zaragoza said. Told.

Students said NFTs seem to bring great profits to wealthy and large companies, adding that investments are only adding value and can plummet quickly like other trends. rice field.

Environmental impact

Some critics say that NFTs Requires a lot of energy To create. This can exacerbate climate change more than the artwork actually created.

The most expensive high-end computers are used in the process of storing cryptocurrencies, creating NFTs, mining, or solving cryptographic problems.

Cryptocurrencies and NFTs can consume as much energy as small countries, according to last year’s video NowThisThisContent producer to the left.

The result is increased carbon emissions, damage to the planet’s ozone layer, and essentially warming the planet.

Artist and computer scientist Memo Acten estimated The average NFT requires 340kWh of energy and emits 211 kilograms of carbon dioxide emissions, considering the process’s production, bidding, sales, and other steps.

Climate change has had a dramatic impact on Californians in the last decade between droughts and wildfire scales.

“I think the environmental impact is still increasing, like the Arctic with an ice cap. We see them melting, and that’s just what you know, the cause. It can bring results, “Reveles said. “If you have a lot of high-powered laptops and you are creating expensive images, you need to turn on a lot of laptops countless times, which consumes a lot of energy and creates a warm environment. ”

As NFTs grow in popularity, critics fear that they will have a greater impact on the world’s climate.

“That is, at this point everything seems to be affecting the planet. No one is willing to make any changes,” Zaragoza said. “If many companies mass produce these for a casual audience, it will have a dramatic impact on how they make these things. They will have more computers to make them. Will get and consume so much energy, [they’ll be] It gets pretty hot. “

Whether or not people are enjoying these digital items, they appear to be here for the time being. So the question for the future is how to make them in a more sustainable way.

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