The NFT market is booming in early 2022, with estimates easily surpassing a billion dollars in transactions. But hype from a die-hard community is colliding with concern for the tech’s impact.
Celebrities are both boosting digital tokens and laughing at the very concept of NFTs. Projects are providing access to exclusive clubs and selling virtual land, but also scamming buyers and disappearing.
Meanwhile, concerns about energy usage by blockchains are causing groups such as BTS fans to erupt in protest. As investors speculate over JPEGs while some struggle for necessities, social media discussions are devolving into class warfare.
Today on Front Burner, we look at what's driving the hype and the hate. Andrew Hayward, senior writer for crypto-focused news site Decrypt, explains how NFT culture has grown and changed, and why we can expect the tech to have a more mundane — but more useful — future.