Source | HypeBeast
Blockchain technology requires expensive computer hardware that consumes a lot of power
NFT stands for non-fungible token. While some critics have chalked up the mysterious blockchain asset to just hype, celebrities, musicians and artists have started offering up their digitized works to enthusiastic collectors at hefty prices. HYPEBEAST wrote a comprehensive explainer on the buzzy collectible last month.
There has recently been some discussion about the environmental impact of using blockchain technology to mint NFTs. New blocks of information are added — or “mined” — to a decentralized blockchain network based on a process called proof-of-work, which requires expensive computer hardware that consumes a lot of power.