NFTS Are Now Helping the World, Not Hurting It, Experts Claim
NFTs, the new forms of collectibles that erupted explosively in March only to encounter a slowdown in May, have matured, according to some authorities in the space. “The environmental and volatility problems that made so many distrust NFTs are well on their way to being solved” says Intelligent NFTs co-founder John Toomey. “Newer cryptos like Tezos require less than a millionth of the energy to mine and mint compared to traditional cryptos, which means you’re no longer using the equivalent of the yearly electricity consumption of Shanghai when you list your work on one of the greener exchanges. And some platforms like Xooa provide the security of traditional NFTs but don’t require crypto at all. Artists who know their marketplace and who learn the rules, which are the only artists our platform will accept, can succeed financially via NFTs far more than most of them can in the offline world.”
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Universities are just beginning to realize that they have thousands of academic assets that can be sold as NFTs. The pioneer in realizing this is the University of California at Berkeley, which recently sold at auction an NFT consisting of a link to online digitized documents, including forms and correspondence that document initial research findings of Berkeley scientists Jennifer Doudna and James Allison. “Academic institutions are sitting on a gold mine, but few realize it” says Ross Tomkins of NFTs for Good.
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NFTs can also provide an immensely powerful infrastructure for charities and causes. Save Tigray (SaveTigray.net) adapts images from photos of the current war in Tigray, Ethiopia, mints them as NFTs, and donates the profits to relief organizations addressing the regional famine there, according to CEO Savannah Partridge.
NFTs have had a reputation for extreme volatility. Beeple and LeBron James may make millions, but the average trader makes far less. Newer platforms introduce stability by providing tools that allow real-time analysis of prices, trends, and sales histories, so that collectors and investors can make smart decisions about which NFTs@ to buy, and when to sell. “We only accept NFTs that are proven sellers” says Intelligent NFTs’ Toomey, “so that it’s unlikely that our investors will lose money, and very likely they’ll gain. They probably won’t make $69 million, like Beeple did, but if collectors have reasonable expectations they can do quite well with NFTs@.”
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