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#Digital art NFTs are all the rage — but they’re horrible for Mother Earth

#Digital art NFTs are all the rage — but they’re horrible for Mother Earth

How much would you be willing to pay for a one-of-a-kind work of art? For some collectors, the limit lies somewhere in the region of hundreds of millions of dollars. What about a work of art that has no tangible form, and exists only as a digital token that’s no more “real” than a JPEG file? Welcome to the strange world of crypto art collectibles, also known as NFTs.

Like Bitcoin, NFTs (non-fungible tokens) are cryptocurrencies. But whereas individual bitcoins all have the same value, NFTs are more like baseball cards. Each token has a different value and they can’t be used to buy things. They exist on your computer as digital representations of artworks, songs, films and games, among other things.

NFTs have been around since 2017, when the first mainstream experiment in crypto-collectibles emerged: CryptoKitties. The average price for one of these cat cards was about US$60 back then. But that’s chicken feed compared to current takings. Rights to a single digital image recently sold at auction for US$69.3 million (£50.2 million). CryptoPunk 7804 (a crudely drawn alien with a pipe) sold for US$7.5 million. A house on Mars was purchased for US$500,000. A digital house that is, not one that you might live in. Twitter CEO, Jack Dorsey, recently sold his first ever tweet as an NFT for just under US$3 million.

NFTs are unique, collectable digital tokens. You can buy one for this artwork by Ferry Corsten
Credit: Ferry Corsten / Nifty Gateway
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