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NFTs, Cryptocurrency, Blockchain, And web3 Are Environmentally Harmful: The New Trend For Watches Is Hypocritical With Self-Professed ‘Green’ Low-Carbon Claims

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NFTs, Cryptocurrency, Blockchain, And web3 Are Environmentally Harmful: The New Trend For Watches Is Hypocritical With Self-Professed ‘Green’ Low-Carbon Claims

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Tell me with whom you associate, and I will tell you who you are. –Johann Wolfgang von Goethe

The luxury watch industry depends a great deal upon credibility. Arguably, belief in superior quality is the top reason people are willing to hand over four-, five-, or six-figure sums of money to buy a watch. If the watch-buying public starts to doubt a brand’s quality claims due to a loss of credibility, the brand’s future is in serious question.

For these reasons, I’ve watched with some trepidation as various watch brands have started to enter the cryptocurrency / blockchain / non-fungible token (NFT) world. This space is highly specialized in skills that are not typically associated with traditional watchmaking. A lathe isn’t much use when you’re trying to evaluate a particular public key encryption standard, for example (and vice versa). For this reason, horology’s entre to the crypto space almost always involves a partnership with another person or organization already active in that space.

And this is where the industry exposes itself to risk.

Bitcoin mining farm servers (photo courtesy Marko Ahtisaari/Wikipedia)

Trustworthiness of the cryptocurrency and NFT community

There is rampant fraud and scheming in the cryptocurrency and NFT community. In a recent interview with Bloomberg, a cryptocurrency entrepreneur with an estimated net worth of $24 billion explained an emerging cryptocurrency fad called “yield farming.” The interviewer concluded that this was…

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