PDF Publication Title:
Text from PDF Page: 012
Appl. Sci. 2021, 11, 9931 12 of 19 operator holds, the more transactions they are allowed to verify with their coins being held as collateral) and “that [this] is also a climate issue”, because “climate justice is social justice” [121]. At that point, it is deemed necessary to explore the broader context and the alternatives available. Museums and galleries are continuously looking for ways to raise funds [9,27]; if they were not fundraising with NFTs, they would be fundraising through current means, i.e., our financial system. The latter’s carbon footprint has yet to be estimated to allow for a direct comparison. What is staggering though, is that beyond the carbon footprint of banking operations itself, many of these institutions are actively investing in fossil fuels with “35 of the world’s major banks [having] provided $2.7 Trillion (£2Tn) to fossil fuel companies since the Paris Agreement on climate change [in] 2015” [127]. Fossil fuels account for an astonishing “93% of total U.S. anthropogenic CO2 emissions” [128], “driving global warming to dangerous levels” [129]. Notably, investment has been growing every year [127] instead of the opposite. In light of that, it is challenging to argue that transacting through PoS blockchains could be more harmful to the environment overall, in comparison to using current means [127]. Lastly, it is worth noting that, beyond the PoS adoption, there are also other measures being employed for reducing the carbon footprint of NFTs, albeit with lesser impact; such measures include the so-called Layer 2 solutions (whereby the number of transactions that needs to be registered on the blockchain is reduced to the minimum) and the use of renewable sources of energy for mining [130,131]. 6.3. Future Business Models for NFTs NFTs are often described as an investment and beyond the scarcity value of owing something very rare, what that investment entails is still unclear and therefore speculative. It is also unclear what ownership and control GLAM institutions may surrender by selling digital assets such as NFTs; how they may lose out on potential future revenue streams, or other forms of value and inclusion that would only result from retaining full control and ownership of their digital assets. With the current move of media into transmedia universes (such as the Marvel Cinematic Universe [132]) and the emergence of blockchain-based metaverses, we may see a future generation of payments (e.g., for loaning artworks) to those who own digital assets as NFTs, when these are featured in digital spaces. Given that we are now “immortalizing our myths (art + memes) onto an immutable public ledger via NFTs” [133], in the shared digital experiences and universes that are now emerging the digital ownership of media may become profitable in these metaverses and multiverses [134]. NFTs are already widely exhibited in popular blockchain-based metaverses, such as CryptoVoxels.com and Decentraland.org, both of which are three- dimensional virtual worlds that anyone can access via their Internet browser, roam into, buy virtual land in, erect buildings and exhibit NFTs (as a different means of promotion) that other users may buy directly from them within the metaverse [135]. There are already countless art galleries in the aforementioned blockchain-based metaverses exhibiting NFT art collections [136]. The built-in resale rights of NFTs, whereby the original creator receives a percentage on every future resale, or the practice of minting multiple editions and retaining some for the institution, as it was the case with the Whitworth Art Gallery (which retailed 2 of the 52 editions of the NFT they minted [91]), could potentially guard institutions against such risks. Nevertheless, this is a developing and speculative area; therefore, risk-averse GLAM institutions may not wish to relinquish any form of ownership or control until what is lost by selling NFTs based on collection items becomes clear. Indeed, a proactive move by institutions may be to mint their digital collections as NFTs, but carefully retain ownership themselves, thereby allowing their assets to be credited, whilst ensuring the opportunity for future returns on NFTs in the digital metaverse, which, at present, we can only begin to imagine.PDF Image | Crypto Collectibles, Museum Funding and OpenGLAM
PDF Search Title:
Crypto Collectibles, Museum Funding and OpenGLAMOriginal File Name Searched:
applsci-11-09931-v2.pdfDIY PDF Search: Google It | Yahoo | Bing
NFT (Non Fungible Token): Buy our tech, design, development or system NFT and become part of our tech NFT network... More Info
IT XR Project Redstone NFT Available for Sale: NFT for high tech turbine design with one part 3D printed counter-rotating energy turbine. Be part of the future with this NFT. Can be bought and sold but only one design NFT exists. Royalties go to the developer (Infinity) to keep enhancing design and applications... More Info
Infinity Turbine IT XR Project Redstone Design: NFT for sale... NFT for high tech turbine design with one part 3D printed counter-rotating energy turbine. Includes all rights to this turbine design, including license for Fluid Handling Block I and II for the turbine assembly and housing. The NFT includes the blueprints (cad/cam), revenue streams, and all future development of the IT XR Project Redstone... More Info
Infinity Turbine ROT Radial Outflow Turbine 24 Design and Worldwide Rights: NFT for sale... NFT for the ROT 24 energy turbine. Be part of the future with this NFT. This design can be bought and sold but only one design NFT exists. You may manufacture the unit, or get the revenues from its sale from Infinity Turbine. Royalties go to the developer (Infinity) to keep enhancing design and applications... More Info
Infinity Supercritical CO2 10 Liter Extractor Design and Worldwide Rights: The Infinity Supercritical 10L CO2 extractor is for botanical oil extraction, which is rich in terpenes and can produce shelf ready full spectrum oil. With over 5 years of development, this industry leader mature extractor machine has been sold since 2015 and is part of many profitable businesses. The process can also be used for electrowinning, e-waste recycling, and lithium battery recycling, gold mining electronic wastes, precious metals. CO2 can also be used in a reverse fuel cell with nafion to make a gas-to-liquids fuel, such as methanol, ethanol and butanol or ethylene. Supercritical CO2 has also been used for treating nafion to make it more effective catalyst. This NFT is for the purchase of worldwide rights which includes the design. More Info
NFT (Non Fungible Token): Buy our tech, design, development or system NFT and become part of our tech NFT network... More Info
Infinity Turbine Products: Special for this month, any plans are $10,000 for complete Cad/Cam blueprints. License is for one build. Try before you buy a production license. May pay by Bitcoin or other Crypto. Products Page... More Info
CONTACT TEL: 608-238-6001 Email: greg@infinityturbine.com (Standard Web Page)