Metaverse and NFTs are the two terms that tech enthusiasts are boggling their minds around. Everybody wants to jump on the Bandwagon because recently, Jack Dorsey sold the world’s first tweet for $2.9 million. Yes, one tweet for millions of dollars. It was possible only through as an NFT. Metagood’s OCM OnChainMonkey was sold for 12.5 ETH, and the proceeds were donated for charity work. So, not just businesses but NFT sellers have also started community work, which is good.
NFT or Non-Fungible Tokens are digital data units in a blockchain structure. It could be a tweet, painting, song, or photograph. When someone purchases an NFT, he/she gets proof and a record of ownership of that particular NFT. People have started creating collections like the collectors of physical goods. Noting the demand, Dany Yang, CEO, Amanda Terry, COO, and Bill Tai, Chairman of Metagood, launched their collection of NFTs named OCM Earth. The collection contained 1000 NFTs in it and sold for 0.1 ETH for each. And all the proceeds went to Humanitarian work in Ukraine.
The Value of NFTs
The value of NFT is determined based on the art’s age, ownership of the art, and the uniqueness of some of the purchasers. Whenever someone wants to list their NFTs, they need to add authenticity details to the blockchain, which cannot be tampered.
The Future of NFT
As more brands are jumping into the NFT area, we see transactions of millions of dollars in digital art trading. The future definitely looks bright for NFTs, and we can say that they are here to stay. But, that being said, the major concern for their feasibility in the future relies on lessening the environmental impact of the technology on which NFTs are based.
NFTs use blockchain technology, which we all know is a very high energy-consuming technology and emits greenhouse gases. And we also know how environmental organizations are reacting to climate change globally. Due to this sole reason, some artists have maintained a distance from turning their art into digital formats. This is hugely affecting the growth of NFTs.
NFTs are mainly Ethereum data units, and Ethereum has promised to make NFTs more sustainable and reduce energy consumption. If this happens, and we hope this happens soon, then we can say that the major roadblock in NFTs’ good future will be cleared, and we will also have sustainable technology solutions around us.
Metagood was honored at the UN Climate Change Conference (COP26). The company helped the artist Alexis Andre in showcasing his work in Glasgow’s Armadillo building in Scotland. The idea was to make people aware of the climate change crisis.
If all the NFTs creators, generators, and purchasers take similar steps and even the Research and Development department of Ethereum innovate new ways to operate NFTs and blockchain with reduced energy consumption, then together we can tackle the climate change problem not only for the NFT but for the world. This is the big picture everyone should focus on. We are not solving the problem for the NFTs only but for the world.
Learn more about Metagood here: (https://www.metagood.com/)
Hit up OnChainMonkey on Twitter (https://twitter.com/OnChainMonkey)
Find OnChainMonkey on Instagram (https://www.instagram.com/onchainmonkey/)
See OnChainMonkey on YouTube (https://www.youtube.com/c/OnChainMonkey)
Join OnChainMonkey’s discord here: https://discord.com/invite/ocm
