You dont need to spend your life savings on an NFT to be able to enjoy it. Just between you and I, if you see an NFT you like, you can right click it and save it to your device! Here’s a few I’ve found doing so:
Tuesday, 8 March 2022
Sunday, 6 March 2022
Why dont people like NFTs?
One of the most common reasons people dislike NFTs is their energy consumption. The technology NFTs are stored on, a blockchain, needs a lot of energy to store information on. Because of this, when storing each individual NFT on the blockchain, larger and larger amounts of energy are required. Some estimates even suggest the average NFT consumes more energy than an average EU resident uses in a month. I’m not trying to tell you how to think, but is a digital image really worth all the energy that’s put into it?
Tuesday, 1 March 2022
The Good, The Bad and The Ugly
In case my explanations haven't made much sense to you, here is a video explaining NFTs, their benefits and their downsides. It's around 15 minutes and quite informative.
How to spot an NFT in the wild
If you're reading this blog, then chances are you've at least seen an NFT before. However, if you haven't, fear not! In this post I will lead you through my guide on how to spot an NFT.
Typically, image NFTs are mass produced randomly generated digital art. Because of this, there are groups of NFTs that look very similar to other NFTs within the group. One way of picturing this is like different animal species (it also helps that the most common NFTs are digital drawings of animals). Some examples of these NFT species' are the Bored Apes, which are pictures of chimpanzees in different colours and outfits, and Lazy Lions, which are the same in every way to the Apes, rather instead of a chimpanzee it is, you guessed it, a lion.
Now, one of the more interesting thins about these image NFTs is that, when you buy one, you aren't buying the image. Rather, you are buying a digital receipt containing a unique link to the picture. This means that anyone can save and download a copy of the NFT, but you still have the original (Kind of like how you can go to a museum gift shop and buy a poster of the Mona Lisa. You don't own the actual thing, but it looks identical and it costs next to nothing compared to the original.) Because of this, I am able to go and find various examples of NFTs, save them, and show the examples here. As you can see, the Apes and Lions base shape is the same, with the clothes simply layered over. (The first, with the captains hat, belongs to late night talkshow host Jimmy Fallon)
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