What does a bear-market ‘cleanse’ actually mean?

Then it all went south when everyone discovered more than 80% of the NFTs created for free on OpenSea were either frauds or scams. The cash-grab culture was put on full display in person at the NFT.NYC event in late June.

For instance, companies in the luxury goods industry have been exploring utilizing NFTs as a means to combat the proliferation of counterfeit items. Projects such as the Aura Blockchain Consortium, headed by luxury behemoths LVMH and Prada Group, harness the power of NFT technology for product authentication, supply chain transparency and data ownership for their physical products.

Minimizing environmental impact and operating sustainably has long been a white whale for crypto and blockchain projects. A recurring critique of crypto and the blockchain as a whole are that they cause serious harm to the environment due to the emissions caused by token mining and other crypto byproducts. As of now, a majority of projects have been unable to shake off this stigma, but new developments can help spearhead a substantial change to this narrative.

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