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Absolutely not, but I’m sure there are plenty of folks in NFT-based communities that are sure they’re still on the gravy train. The founder of Twitter sold one for just under $3 million shortly after we originally posted this article. "The bitcoin elite are spending millions on collectable memes". The structure of the NFT market resembles a pyramid or Ponzi scheme, in which early adopters profit at the expense of those buying in later. In June 2022, Bill Gates stated his belief that NFTs are "100% based on greater fool theory".
- These are estimates by the ethereum.org team made using publicly accessible information and the planned Ethereum design.
- “Essentially, NFTs create digital scarcity,” says Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures.
- We also reference original research from other reputable publishers where appropriate.
This will remove computing power as a security mechanism, and reduce Ethereum's carbon footprint by ~99.95%1. In this world, stakers commit funds instead work in the metaverse of computing power to secure the network. A lot of mining uses renewable energy sources or untapped energy in remote locations.
