I SAW A LOT OF CONFUSION SURROUNDING IT SO LET ME EXPLAIN IN SIMPLE WORDS
So what is NFT(non-fungible token)?
It's a way to make certain digital content non-fungible by making each content distinct and easily verifiable.
In baby language you're basically buying a right to say that you bought something without actually owning it irl.
I saw this example a few years ago, imagine you go to an art exhibition and you see mona lisa there and it's for sale for a billion dollars. You wanna buy it so you somehow collect the money (by taking loans, by borrowing, selling your property) and then after buying it you don't actually get to keep the painting but just a token saying that you own the mona-lisa.
It's actually quite profitable.
So why is it a problem?
Because greedy people are using it stupidly rn. It is causing massive damage to the environment. It consumes a lot of engery
why do nfts consume so much energy consume so much energy?
Because nft is a digital token, it uses data mining to do transactions and keep them secure. Data mining means using computers 24/7 and using large amounts of electricity for it.
This is just ridiculous.
ARMY'S PLEASE BOYCOTT THIS, there is a very big chance that they will make bts the face of it so we please don't let that happen.
