Tag Archives: NFTs

Keiser Report looks at NFTs, a multi-billion-dollar industry which is ‘OBVIOUSLY A FRAUD’

Max Keiser and Stacy Herbert look at the easy sell of Ponzi economics as the human imagination prefers the fantasy of impossible gains to the hard slog of actually producing or manufacturing profits.

“In the case of bond market, there’s no bonds, that’s what negative interest rate is,” Max says, adding, “Now we’ve got a multi-billion-dollar NFT market, non-fungible token market, and the so-called art market, where there is no art.”

He goes on: “There is no original art, there’s only copies, which can be copied infinitely with absolute fidelity. There’s only copies of the art, but now it’s a multi-billion-dollar industry, obviously a Ponzi scheme, obviously a fraud.”

According to Max, “It is sold as if it’s something in a can – they just need to add what it is, what it says it is.”

For more stories on economy & finance visit RT’s business section

RT
This article originally appeared on RT Business News

NFTs Are Shaking Up the Art World. Are They Also Fueling Climate Change?

“It’s really a big boom and the prices have been going crazy. But it can’t continue like this,” Mr. Lemercier said. “So there’s a sense that there is a very limited amount of time to make as much money as possible. So that’s why many dismiss this energy impact.”

The fallout has spread. Last month, the art app ArtStation, canceled a drop of NFTs from a group of popular artists just hours after announcing it, after a backlash formed over the environmental impact.

“It’s clear that now is not the right time,” ArtStation said. “It’s our hope that at some point in the future we’ll be able to find a solution that is equitable and ecologically sound.”

There has been pushback against the environmental concerns. In a recent post on Medium titled “No, CryptoArtists Aren’t Harming the Planet,” the NFT trading platform Super Rare addressed what it argued were misconceptions about the tokens’ emissions footprint. Blockchains like Ethereum were more like a train running all day, the authors said, and the transactions like seats on the train. NFTs, therefore, do not add emissions, they argued, just like a train would keep running regardless of how many passengers were on board.

However, Alex de Vries, a Dutch data scientist whose site, Digiconomist, tracks the sustainability of digital currencies, said that analogy did not hold up. “If one person doesn’t take a plane, it might not make a difference,” Mr. de Vries said, using a slightly different analogy. “But if a whole lot of people take planes, there’s more emissions from flying.”

Promises by some platforms to invest in carbon offsets have been met with skepticism, given the enormity of the carbon footprint from NFTs.

Saying, “Don’t worry! We’ll pay for carbon offsets” is the equivalent of setting a house on fire then placing a single potted plant on the burned property as “compensation,” the freelance illustrator Bleached Rainbows said on Twitter.

Hiroko Tabuchi
This article originally appeared on NYT > U.S. News