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Wednesday

23 June 2021

Is The Planet the Price We Pay For Things of Beauty?

Is The Planet the Price We Pay For Things of Beauty?


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The advantage of NFTs over physical artwork is that rather than keeping it on your wall or in your home, where a limited number of people can view and enjoy it, digital art opens it up to be viewed in digital galleries for everyone to enjoy.

For that reason the future of minting will be conducted with a system called “Proof of Stake”, rather than the current method “Proof of Work”.

Rather than miners having to use extraordinary amounts of energy to keep them on the straight and narrow, they need to have cryptocurrency holdings locked in, which gives them a stake and a reason to behave.

Ethereum has been working on a way to move their hefty system to “Proof of Stake” for some years, however, it is no mean feat, with updates taking them years.  In the meantime, there are private networks like Tezos, which already use “Proof of Stake”.

In fact, Tezos impressed OpenSea so much that they have now formed a collaboration with Tezos so users of the Tezos NFT community can view and trade Tezos-based FA2 NFTs on OpenSea.

We’ve been very impressed with the work that the Tezos ecosystem has done to further NFT standards, and we are proud to announce our collaboration with the Tezos ecosystem”.

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