NFTs may be the future of art — but are they threatening the future of the planet?
By Sophie Lewis
Crypto enthusiasts burn and digitize Banksy artwork
A digital artist known as Beeple sold a piece of entirely digital art through Christie's for over $69 million in March, flipping the art world upside down. But the digital registry where that piece of art, called an NFT, is stored is responsible for the annual emission of more carbon into the atmosphere than most small countries.
So why is everyone so eager to jump on the NFT bandwagon?
NFTs, or non-fungible tokens, are original, unique digital collectibles — and they have taken over the art world in the past few months. They hold a unique string of code, stored on a digital ledger known as a blockchain, and their value fluctuates depending on demand.