CRYPTOCAT SCARCITY INDEX PLUG IN SERIES

In a recent study, 23 percent of NFTs give a return rate of 1000 percent. Similarly, celebrities and companies declare their involvement in the field. Many people testify that NFT is one of their sources of income during the pandemic. As of May 2021, many NFT systems emerge ranging from the fields of gaming, music, media, decentralized finance (Defi), and more.

CRYPTOCAT SCARCITY INDEX PLUG IN SERIES

The only difference is that cryptocurrency is used to purchase it and blockchain or the series of restricted ‘a ledger’ of interconnected computers validate the purchase instead of a middle man or the bank. By being unique, these made them tradable and sold digitally just like a real-life auction. The concept is that every NFT has unique properties making it original and distinguishable from everyone. Introduced first in 2017 from a game called Crypto Punks, the NFT system shows promising breakthroughs since then. Non-Fungible Token or ‘Non-Replaceable Token’ is the contemporary trend in the digital industry as of 2021. This article further explores available policy intervention options that are currently not utilised. Linking the damage caused by proof-of-work blockchains to climate change and human mortality, this study examines the recent policy interventions designed to motivate a shift in blockchain consensus protocols and promote miners' energy efficiency to mitigate environmental damage. In response, recent global policy interventions have employed legal and fiscal tools to reduce the carbon impact of some or all types of blockchains. Nonetheless, many popular types of blockchain have resisted the pressure to decrease their environmental impact, including Bitcoin, whose attributed 2021 annual emissions will produce emissions responsible for around 19,000 future deaths. With CO 2-related deaths attributable to NFT transactions, social pressure from the art market has helped to progress the switch away from the deliberately polluting proof-ofwork blockchains to more sustainable consensus protocols. The increase in NFT transactions has drawn the attention of the art market to the consequent carbon emissions resulting from verifying transactions in proof-ofwork blockchains supporting NFT transactions. The art industry has commercialised and popularised non-fungible tokens (NFTs), with the volume and value of NFT transactions rapidly growing to US$ 10.7 billion in Q3 2021.

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