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Of course, there are now carbon offsets for NFTs

The Weeknd’s recent NFT drop probably emitted the same amount of carbon as 86 transatlantic flights. But a new service says it can mitigate the effects of your next nonfungible purchase.
Based on recent developments unfathomable to anyone born before 1990, it appears that people want to pay millions of dollars for digital images. Saving or screenshotting is not enough; internet users want to be sole and rightful owners of crypto-art, also known as NFTs, or nonfungible tokens, which can be images, video game assets, collectibles, or Jack Dorsey’s first tweet. Now, Nyan Cat is the new Mona Lisa, Cryptokitties are the new Impressionist paintings, and an artist named Beeple is the new Picasso. In a sale that’s a record so far, Beeple sold his Everydays piece, a collage of 5,000 pop culture images, through Christie’s for $69 million. (Here’s a copy. You don’t own it.)Read Full Story

PayPal now lets you spend cryptocurrency at millions of U.S. merchants

Sellers receive cold, hard electronic dollars, while buyers can cash in crypto coins stored in their PayPal wallets for goods and services.
PayPal now allows payment for goods and services with cryptocurrency, with a twist: Merchants receive cold, hard, American cash, less PayPal’s standard merchant fee. Starting with U.S. customers and merchants, the global payment-processing firm’s new “Checkout with Crypto” provides the most mainstream conduit to convert value in bitcoins and three other digital currencies into government-backed dollars to complete purchases.Read Full Story

Why NFTs have such a massive carbon footprint

With the growing demand for digital art, NFT buyers and sellers are becoming liable for an increasing share of Ethereum’s total energy use, and some artists are starting to think twice.
How much would you be willing to pay for a one-of-a-kind work of art? For some collectors, the limit lies somewhere in the region of hundreds of millions of dollars. What about a work of art that has no tangible form, and exists only as a digital token that’s no more “real” than a JPEG file? Welcome to the strange world of crypto art collectibles, also known as NFTs.Read Full Story

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