The Worrisome Rise of NFTs

don't worry, "web3" nonsense will be among the first bubbles to pop as US monetary policy tightens over the next couple years

> Blockchain technology is purposefully burdensome and computationally distributed, making it notoriously energy intensive. Estimates put the energy used to create and trade a cryptocurrency like Bitcoin on a par with the total consumption of a country like Sweden. And that’s without accounting for the environmental footprint of the physical computer hardware.

Another critic who is willing to criticize without updating their knowledge as to the current state of the technology. Blockchain is not the same as proof-of-work. Yes, Bitcoin is energy-intensive, but other consensus algorithms do not use energy at nearly the same scale.

> Blockchain is not the same as proof-of-stake.

While this is also true, I'm pretty sure this should have been proof-of-work. PoS is actually one of the less energy intensive alternatives.

>NFTs are comically bereft of anything we would associate with social or cultural value.

This subjective opinion is frequently trotted out to describe digital items that people pay money for. The arguments used in this piece can just as easily apply to video games or anything else.

There isn't anything new presented here, just one person railing against something they do not like using familiar arguments. IMO not the type of thought provoking content that people come to HN for.

"An astrobiologist says non-fungible tokens do not bode well for our species’s future. " This is a historical subhead.