To learn more about NFTs, and levering eco-friendly tech, reach out to the web3 team at DEPT®.
By using carbon-neutral technology, any brand can mint, sell, and re-sell NFTs without going against their principles. It wholly depends on the technology underpinning their transactions. Needless to say, NFTs use a lot of energy. NFTs are not the emission-heavy technology that they’re often painted as. The average NFT artist has these energy use equivalentsflying for 57 hours, laptop usage for 83 years, and using a desktop for 23 years. According to Ethereum, this will “start the era of a more sustainable, eco-friendly Ethereum.” If all goes according to plan, this should be a big step in helping brands gain more confidence in experimenting with NFTs without having to sacrifice their sustainability goals. This will complete the transition to proof of stake for Ethereum, set to finish later this year. It’s also important to call out that Ethereum is in the process of what it calls “The Merge”, where the current Ethereum Mainnet will merge with the beacon chain proof of stake system. Algomart is a carbon-negative, white-label solution that is fully customizable for brands, created by the engineering team here at DEPT®. Algorand has been a leader in minimizing the environmental impact of blockchain technology.īrands can quickly build and launch their own NFT marketplace on the Algorand blockchain using the open-source project Algomart. Because it’s pure proof of stake, it requires minimal computational power or electricity. As the world’s first pure proof of stake blockchain, the Algorand network is designed to minimally impact the environment. Today, there are a few platforms that use this kind of validation, the major one being Algorand.įor Algorand, sustainability is a core component. In simple, the Ethereum network is all set to be 99 per cent less energy-intensive, shifting. This improvement could also be the solution to fix non-fungible-token’s (NFT) energy issues. Got something to say about NFT art or anything else? Write to us or join the discussion in our Telegram channel.By using proof of stake instead of proof of work, the energy consumption of blockchain transactions like buying/selling NFTs is reduced by about 99%.įor any brand wanting to leverage NFTs in a sustainable way, you can do so with a proof of stake platform. As Ethereum takes its final step towards The Merge, it will change the cryptocurrency consensus mechanism from Proof-of-Work (PoW) to Proof-of-Stake (PoS). It was a proof of concept although not yet scalable.ĭigital artists are actively exploring new ways of addressing the current flaws in blockchain technology.
At the time of writing this article, Ethereums total. This produces a bridge from the real world to the blockchain. Digiconomist provides whole-network energy consumption and carbon footprints for Bitcoin and Ethereum. They show the proof of ownership of the carbon retired from both organizations in the name of M Carbon Dioxide. Memo Akten compiled data from 8,000 transactions from the NFT platform SuperRare and these are the averages he found: Minting (Creation): 142 kWh, 83 KgCO2. In the corner of the work are two QR codes that link to Verra Registry. By one estimation from Computational Artist and Engineer, Memo Akten the mere minting (creation) of an Ethereum based (Proof-of-Work) NFT uses over 142 kWh of energy. The offsets in M Carbon Dioxide were purchased directly from two projects: Cerro de Hula Wind Project in Honduras and Bull Run Forest Carbon Project in Belize. The dots represent the 1,000 tons of CO 2 purchases and retired as verified credits on the Verra registry. The image shows Earth peppered with black dots that slowly dissipate. Sven Eberwein’s M Carbon Dioxide produced in 2020 used NFTs to show how carbon markets could be incorporated onto blockchains. #ClimateAction #digitalart /VV4h7j8nnU- SVN November 2, 2020 This equals approximately 150 000 #Ethereum transactions or ≈41 years of personal #carbonfootprint. "M Carbon Dioxide" was collected by for 15 #ETH.īy owning the #NFT he now owns 1000t of #CO2 offset.