A large segment of crypto investors believe that NFTs are still created using energy and resource-intensive processes. However, a simple look at most crypto and NFT exchanges will confirm the fact that new NFTs are increasingly being built using sustainable and green technologies. In case you haven’t heard of them, here’s what green NFTs are all about.
Most NFTs are minted on proof-of-work (PoW) blockchains which require huge amounts of computing power for their mining process. Most NFTs are built on the Ethereum blockchain, and the Ethereum Energy Consumption Index estimates that each NFT created on the Ethereum blockchain consumes 223.85 kilowatt hours of electricity. In fact, a single NFT transaction on the PoW Ethereum blockchain releases 124.86 kg of carbon dioxide.
Clearly something has to change to ensure that a new generation of NFTs become environmentally friendly and even carbon positive to offset others Traditional NFTs.
Introduction to Green NFTs –
Enter green NFTs – also known as impact NFTs. Green NFTs are minted on a proof-of-stake (PoS) blockchain or using a negligible carbon minting process. This ensures that a token is environmentally friendly and in some cases can even be climate positive. In fact, the entire Ethereum blockchain is about to transition to the PoS mechanism to ensure that future NFTs will have a much smaller environmental footprint.
“Sustainability is the need of the hour, whether in construction or technology. India is home to millions of brilliant local artists and artisans and a green NFT market could provide new opportunities to create and protect their work,” says Avinash Shekhar, CEO of crypto exchange ZebPay.
Many companies in the crypto space are turning to renewable energy sources to reduce carbon emissions. However, this is still a new space that many crypto companies are still navigating to find the optimal fit.
Other technologies such as Solana and Cardano and their tokens take the concept of NFT impact even further, which is one of the main reasons why they have become popular in a short time. If you are wondering where you can find these tokens, go to ZebPayone of India’s oldest crypto exchanges, plus 100 other popular tokens to choose from.
Artists are turning to cleaner NFTs –
Digital artist Mike Winkelmann, better known as Beeple, is among the proponents of a more sustainable NFT future. His work “Everydays: The First 5000 Days” basically kicked off the NFT craze when it sold for $69 million at Christie’s. Beeple recently mentioned in an interview that his works will be carbon neutral or negative, which means future projects can completely offset his NFT emissions by investing in renewable energy, conservation projects or technology that sucks the CO2 from the atmosphere.
Musicians like Doja Cat and John Legend have also signed up on the Quincey Jones NFT Marketplace which sells green NFTs. Other digital artists such as Nancy Baker Cahill and Julian Oliver are known for their work and focus on green NFTs.
If NFTs have caught your eye, but you’re worried about the environmental impact of buying and selling on popular blockchains, rest assured there are options for you. Just spend some time researching green NFTs and artists who have announced their projects that will be carbon neutral or carbon positive. Make sure you have an account with a trusted crypto exchange such as ZebPay to carry out transactions.
So the big question – can you be an environmental lover and an NFT collector? The resounding answer, with all the technology and the way it is advancing, is a resounding yes.
This is a joint publication.
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