NFT ecosystems and culture has taken the ‘jpeg’ world by storm in 2021. Every pop culture icon, entertainer, brand, and opportunist has attempted to harness the movement and not just profit from it, but extend their reach to global audiences. NFT minting volumes have continued to hit new highs month after month; and with those volumes have come questions about the unintended consequences of a ‘fourth rail’ to brand building.
NFTglee CEO, Tillman Holloway sat down to discuss some of the issues that are buzzing under the surface of the NFT community.
“The growth we’ve seen in NFT interest isn’t short term. The concept and technology is here to stay. As our lives continue to be digitized, NFT’s have become the perfect vehicle to bridge the gap for creators and brands. That’s a nice way of saying that non-fungible token (NFT) technology will continue along its current growth curve and even accelerate.”
“But with that acceleration comes issues that need to be addressed and ultimately fixed. Fees and environmental concerns are of utmost importance going forward. It is my contention that Bitcoin fixes this. Our platform is built on Bitcoin and transacts in L-BTC (Liquid Bitcoin) giving us two immutable advantages: cost and carbon free. As the NFT ecosystem evolves and matures large shifts to nearly no-cost minting will happen.”
“As an example, it costs us $.05 to mint an NFT, whereas ETH gas fees are nearly 100x-1500x that. Completely unsustainable. Every industry that’s ever existed has moved to a lower cost, no cost bottom and we are already there. If you are going to mint concert tickets that cost $50 per ticket and the gas fees eat up half of that – there’s no way that is remotely scalable. Bitcoin wins on fees with respect to NFT’s again and again.” Tillman Holloway, NFTglee CEO.
The role of environmental impact is of interest in the NFT movement as well. Gas fees and hash rates are popular phrases in the digital asset world. What those phrases really mean is that the cost and electrical output associated with the creation of NFT’s can be egregious when using Ethereum based tokens. Again, Bitcoin and Liquid Bitcoin solves this.
“Quite simply L-BTC uses no electricity, no proof of work, and no miners. Environmental impact is less than the swiping of a credit card at your favorite restaurant.” Tillman Holloway, NFTglee CEO.
About NFTglee: NFTglee specializes in partnerships and collaborations with artists, unique personalities, social media influencers and brands to bring exclusive NFT collections, built on the Bitcoin blockchain, of limited edition, high quality digital and physical art to market.
NFTglee’s NFT collections are exclusive to our platform and available through our partners. We believe in the value-driven model of digital art paired with finance, luxury goods, experiences and physical possessions – as much as we value digital art as a stand alone.