Objects of Desire: NFTs and the Blockchain | Crypto

Objects of Desire: NFTs and the Blockchain

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– The primary reason for creating non-fungible tokens (NFTs) was to represent digital goods, but there is now an increased potential to use them in future to represent physical goods and experiences as well.

– A new report by Ripple (XRP) suggests that both consumers and developers are putting more thought towards mining them on energy-efficient sustainable Blockchains.

– The report titled New Value Crypto Trends in Business and Beyond-2022 noted that as with all human activities, there is also an environmental cost associated with NFTs.

– The findings revealed that 75 per cent of consumers globally prefer sustainable NFTs.

– More than a fourth of the people surveyed strongly preferred to buy sustainable NFTs, and while a fifth of the people said they would only buy a sustainable NFT.

– Two-third of all developers surveyed viewed their organisation as more likely to choose a sustainable Blockchain for NFT projects.

– A fifth of the developers said that they would select sustainability as a top-5 attribute for a cryptocurrency which they would use in their Blockchain application.

– The report also shed some light into the amount of energy required to mint NFTs on Ethereum. It has been estimated that minting a single NFT on the Ethereum Blockchain uses 231.31 kWh of energy, which is equivalent to more than what the average US household consumes in a week.

– The report recorded responses of consumers and asked them whether they would prefer digital, physical or experimental NFTs. It found out that 25 per cent consumers preferred all three types of NFTs.

– According to the report, NFTs representing digital goods now form the focus area, but in future, NFTs representing physical goods and experiences will have good upside potential.

– The current complex and confusing knowledge surrounding NFTs will give way to greater simplicity and understanding. This will also clear the way for more individuals to feel more directly the emotional value of NFTs, the report said.

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