Entering NFTs: Understanding the environmental impact of digital collectibles
NFTs have taken pop culture by storm over the past year. On a nearly daily basis, a new celebrity announces their interest in the emerging technology — usually by dropping an NFT collection. From Quentin Tarantino’s Pulp Fiction NFTs to Snoop Dogg’s NFT music label, a wide range of notable names are beginning to realize the creative value that NFTs offer. While celebrity involvement has played a key role in raising mainstream awareness about the array of NFT use cases and investment potential, it has also drawn the ire of some fans.
In the midst of the hype surrounding the NFT phenomenon, apprehensions have grown about the technology’s environmental impact. In one notable example, the popular South Korean boy band BTS faced significant pushback a few months ago in response to their plans to debut their own NFT collection. The backlash BTS experienced is one of many similar instances, resulting in some artists becoming wary of exploring the NFT trend for themselves.
Alex Salnikov is the co-founder and chief strategy officer of Rarible, a community-centric NFT marketplace. A blockchain trailblazer and an active developer in the crypto space since 2012, Alex previously served as the chief technology officer of CoinOffering, the first company to offer its shares in the form of blockchain assets. With a B.A. in computer science and an M.A. in data science, Alex’s specialities span a variety of sectors including market analysis, decentralized finance, NFTs, and tokenomics.
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