Have you heard of the Ethereum merge?
we understand them just fine
You didn't read my post, or failed to comprehend it.
How much do you think it cost in energy to have the current debit / credit system?
Still less than Proof-of-Stake (Pos) ETH.
0.0014863 kWH per transaction, Visa
0.03 kWH per transaction, ETH(PoS)
One single blockchain transaction of Ethereum equaled the energy consumption of less than several thousands of VISA card transactions.
www.statista.com
The Ethereum Energy Consumption Index provides the latest estimate of the total energy consumption of the Ethereum network.
digiconomist.net
Better, but still an order of magnitude off. And ETH is trading some Trust for that.
I stand by what I said about Proof-of-Stake. It is not some magical method that fixes Blockchains, and introduces a whole new set of problem with Trust. There seems to be continuum between Trust(less) and Cost. Proof-of-Work is mostly Trustless (although examples can be found of broken trust) but a massive energy cost. Proof-of-Stake is less Trusty (because large Stake Holds have greater opportunity to become Validators and manipulate), still has high energy cost. Current Banking/Payment and other Private record systems are the most energy/cost effective, but if you don't trust the Single Validator (system owner/operator)... then you don't trust it.
NFTs being an extension of Blockchains are still worse than existing private validators. Not only because of issues with PoS Blockchains, but because of Data storage. Blockchains aren't tooled for that, and increasing On-Chain storage would increase cost/energy and transaction time. Even projects like BitTorrent that try to pair Blockchain pointers with distributed file storage aren't a functional solution. Off-Chain dead or hijacked pointers will remain a thing.
And to the point of Apple's ban on NFTs granting exclusives application perks, since NFT data has to interpreted by the endpoint App, I'd argue you can't feasibly build anything that reads, interprets, and renders NFT data (on or off chain). No exclusive [Thunderfury, Blessed Blade of the Windseeker] or Metaverse Island.
Should just be a blanket ban, and save confusion. But Apple wants to eat their cake (cut of transactions) and have it too (not be associated NFT scam app/games).
reminds me of the early internet era
When greedy Investment Capitol was chasing every company with a Dot Com in their name, like a flock of headless chickens.
By the way, can I interest you in a nice rug? I promise I won't pull it, honest.