Money for Nothing

The criticism of blockchain that has most effectively stuck, understandably, has been its ecological cost. The facts are, truly, atrocious. By one estimate, the creation of one basic NFT involves as much energy as driving a car 1,000 kilometers.

If you flip over all the cards with NFTs, what’s revealed is how the current economic moment depends on technological mystification.

It’s more fun to believe in magic than to recognize how much of financialized capitalism is just scams and pyramid schemes.