I like that you bring this up tip my hat to Wall Street bets and their over identification with so called financial elites they just want to play the game with. There is a lot to unpack with the NFT business. What is a nonfungible token on the internet and how many computers do we need running to make this value viable. Nonfunduble means a rarity something there exists only one of. The ethics is the complex systems to generate such value when it comes to some Malaysian businessman owning the first tweet from Jack Dorsey. Is it materially worth the energy to produce such a value? The question is one of energy consumption in a regard to this. Can this computing power be used for a more practical purpose than generstating arbitrary tokens for the game of wealth consumption. When I can screenshot the same tweet for free. Why commodify this abstract value?
The media started writing spooky headlines like Bitcoin now uses up more energy than country X.
If you're trying to establish a Neo-Feudal order where a caste of untouchables eats bugs and lives in the pod while powerful oligarchs call the shots from their mansions, space colonies, and their floating sea castles, it kind of throws a monkey wrench in your plans to enslave humanity if a bunch of people with views diametrically opposed to your own suddenly have money. After all, in an oligarchy, money is power.
I guess they have a point. NFT seems like a pretty dumb idea. But, unless I'm mistaken, every time you log into twitter for example you're using some data center to run an algorithm to authenticate it. Why not make the same environmental arguments against the internet? We use a shit ton of electricity to store stuff in the cloud, compute graphics, etc.
