A large segment of crypto investors believes that NFTs are still created using energy and resource-heavy processes. However, just a cursory glance at most crypto and NFT exchanges will affirm the fact that new NFTs are being built using sustainable green technologies. In case you haven’t heard about them, here’s what green NFTs are all about.
Most NFTs are minted on proof-of-work (PoW) blockchains that require tremendous amounts of computing power for their mining process. Most NFTs are built on the Ethereum blockchain and the Ethereum Energy Consumption Index estimates that every 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 needs to change to make sure that a new generation of NFTs turn environmentally friendly and even carbon positive to offset other traditional NFTs.
Introduction To Green NFTs –
Enter Green NFTs – also called impact NFTs. Green NFTs are minted on a proof of stake (PoS) blockchain or by using a negligible carbon minting process. This ensures that a token is environmentally friendly and, in some instances, they can even be climate positive. In fact, the entire Ethereum blockchain is about to shift to PoS mechanism to ensure that future NFTs come with a much lesser environmental footprint.
“Sustainability is the need of the hour, be it construction or technology. India has millions of brilliant local artists and artisans and a green NFT marketplace could offer new opportunities to create as well as protect their work,” says Avinash Shekhar, CEO of crypto exchange platform ZebPay.
Many companies in the crypto space are moving to renewable sources of power to cut down on carbon emissions. However, this is still a new space that many crypto companies are still navigating to find the optimal solution to.
Other technologies such as Solana and Cardano and their tokens take the concept of impact NFTs even further, making it one of the main reasons why they have become popular in a short period of time. If you’re wondering where you can find these tokens, head over to ZebPay, one of India’s oldest crypto exchanges, along with 100 other popular tokens to choose from.
Artists Moving To Cleaner NFTs –
Digital artist Mike Winkelmann, who is more popularly known by the name Beeple, is amongst one of the believers for a more sustainable future when it comes to NFTs. His work “Everydays: The First 5000 Days” essentially kickstarted the NFT craze when it was sold for $69 million at Christie’s. Beeple recently mentioned in an interview that says his artwork will be carbon neutral or negative, meaning upcoming projects be able to completely offset emissions from his NFTs by investing in renewable energy, conservation projects, or technology that sucks CO2 out of the atmosphere.
Musicians like Doja Cat and John Legend have also signed up with Quincey Jones’ NFT marketplace that 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 attention, but you’ve been worried about the environmental impact of buying and selling on popular blockchains, rest assured there are options for you. Simply spend a little time to research green NFTs and artists who have announced their projects that will be carbon neutral or positive. Make sure you have an account with a trusted crypto exchange such as ZebPay to transact.
So, the big question – can you be an environment lover and NFT collector? The thumping answer, with all the technology and the way its moving ahead, is a resounding yes.
This is a Partnered Post.
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