NFTs -Marketplaces of Digital Mining; an Ecological Nightmare

Abstract

The epoch of great digital radicalization and transformation along with the breakthroughs in communication and information technology supplemented by artificial intelligence has approached already.With the rapid transformation in this technologically advanced era, we have entered an age of a revolution in finance with the emergence of the blockchain economy that has resulted in the creation of digital tokens.The non-fungible token (NFTs) is one such product of this technology, with its own digital marketplaces.Even though the NFTs have benefitted the circle of artists, the question is whether is it extending any advantage to the global community?The point of contention here is also how the NFTs have, despite their glorious appeal to budding artists, have had environmental implications.This paper adopts a digital ethnographic approach, exploring the commonalities in the lives of young people who engage in the NFT trading online, either as a seller, a buyer, or a collector.It further underpins the drawbacks of NFTs and the blockchain economy on the environment.In addition to that, the paper also looks into how the NFTs perpetuate the economy of appearances.