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Watch Out For NFT Scams

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Are NFT’s a scam? Or are they tickets to get rich? Let’s explain what they are and how they may or may not be a scam!

A couple thoughts:

1. I wasn’t paid to make this // The examples I share were meant to illustrate the utility of NFTs. I think NFTs are here to stay and far too many people are buying ones with zero utility. I simply wanted to address that and warn others.

2. I’m Not Shilling for NFTs // I say in the video that you shouldn’t buy something just because someone else says its cool. I also say that you shouldn’t buy something that doesn’t provide you value. My examples were meant to draw a comparison between useful NFTs and useless NFTs. I talked about winning a Nintendo Switch and now I realize that feels awkward and promotional. I regret including that.

3. NFTs Have an Environmental Impact // It’s true. Blockchain transactions consume a lot of energy. I didn’t mention this because my video was meant to focus on utility and scams. In hindsight, I should have. I am encouraged by the attempts to reduce energy consumption in NFTs, though. For example, the NBA and Defi Kingdoms examples are running on a proof-of-stake model that uses 99.9% less energy than the typical “proof of work” model. I won’t go into detail but you can look up the difference. All industries MUST get cleaner if they want to have a future.

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Mila

Mila doesn’t only cover Blockchain and crypto, but she does focus the bulk of her writing efforts on this emerging technology and how it is impacting not just US markets, but global markets too. From the British Virgin Islands to China, her reporting leaves no global crypto stone unturned. Her tenacity and candid opinions on the impacts of crypto and Blockchain have made her a leading voice in the industry and a top source of truth to the curious masses.

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