The worrisome rise of NFTs

It’s possible to see a purpose for cryptocurrencies, but NFTs are (for now) almost comically bereft of anything most of us would associate with social or cultural value. Down the line there may be value in attaching permanent ownership or provenance to digital works of art. But at the moment it’s Pudgy Penguins for the masses, or a pixel-heavy version of Nyan Cat going for an eye-watering $1.2 million for cynical investors. With an explosive growth of equally speculative and bewildering offerings appearing every day.

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This represents a tangible planetary burden. Prompting the people behind the blockchains to try to improve their environmental image. The company Ethereum (that supports cryptocurrency as well as NFTs) has indicated it aims to cut energy use by more than 99 percent by changing its core methodology. That change will make it possible for aspiring currency “miners” to participate without so much hardware and electricity consumption…

The much bigger question, though, has less to do with these emergent upstarts in our informational world and more to do with humanity’s overall trajectory. Any species that endlessly grows, and continually invents energy-hungry processes, may not be destined for a happy ending. At best, such a species will go through boom-and-bust cycles, with big corrective failures. At worst, a species like this simply won’t make it through to the future. NFTs and cryptocurrencies by themselves may not be the cause of a future collapse, but they are symptoms of what ails us. And like all symptoms, they can offer clues to a cure, because the root of the problem may be much deeper—in the fabric of digital information itself.

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