This blog may help people explore some of the 'hidden' issues involved in certain media treatments of environmental and scientific issues. Using personal digital images, it's also intended to emphasise seasonal (and other) changes in natural history of the Swansea (South Wales) area. The material should help participants in field-based modules and people generally interested in the natural world. The views are wholly those of the author.
Monday 14 February 2022
Seizing 'Thin Air'?
Non-fungible tokens (NFTs) have no tangible existence. They were first offered for sale in 2014, using crypto or traditional currencies. Their characteristics (having no tangible existence and being purchasable in electronic ways), make NFTs attractive to tax avoiders; money-launderers and fraudsters. HMRC (the UK's tax department) has seized 3 NFTs in an investigation into a suspected Value Added Tax fraud (https://www.theguardian.com/technology/2022/feb/14/hmrc-seizes-nfts-for-first-time-amid-fraud-inquiry). The 3 seized NFTs were presumed to be 'assets' from a complex case, potentially involving 250 fake companies. NFTs just appear to make life more difficult for people trying to ensure financial proberty. They also have pretty horrendous 'carbon footprints'. Each NFT, generates circa 48 kg of carbon dioxide! Cryptocurrencies, perhaps used to purchase NFTs, are also distinctly 'ungreen'. I think I prefer actual paintings and cash.
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