{"id":15660,"title":"Are NFT's bad for the environment?","description":"The idea of digital art seems innocent enough, however, we are focusing on their environmental impact and the key question of are NFT\u2019s bad for the environment?","content":"

Are NFT's bad for the environment?\u00a0<\/strong><\/p>

For those who don\u2019t know, NFT\u2019s (Non-Fungible Tokens) are a digital asset that can be bought using Cryptocurrencies, with the assumption that they can be used in future metaverses or virtual realities. If that flew over your head, don\u2019t worry, it\u2019s basically a picture of something with code certifying you as the original owner. The idea of digital art seems innocent enough, however, we are focusing on their environmental impact and the key question of are NFT\u2019s bad for the environment?<\/p>

In a world where fossil fuels are still being used to produce energy (even though it pollutes the environment in many ways) the possibility that Cryptocurrencies and NFTs could continue contributing to climate change due to the excess amount of energy that is being used for transactions, should cause us to stop and think.\u00a0<\/p>

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Exploding Power Consumption<\/strong><\/p>

Transactions on a block chain are required by NFTs, as people create the NFTs, bid, and pay for them online. The Power consumption of the Ethereum Block Chain that is used to do these\u00a0online transactions is exploding, and it is not showing any chance of slowing down. For reference, the University of Cambridge<\/a> studied Bitcoin\u2019s environmental impact and suggested it\u2019s network consumes more energy than the whole of the Netherlands.\u00a0<\/p>

Memo Akten, the founder of CryptoArt.wtf<\/a> (a site used to analyse the environmental impact of NFT\u2019s) calculated the average NFT has a carbon footprint equalling the monthly footprint of someone living in the EU. His site was taken down after many people used the evidence he found to \u201cabuse and harass\u201d artists in the Crypto world, which was never his intention.\u00a0<\/p>

Can NFTs be good for the environment, when environmentalists are saying we need to stop using fossil fuels\u00a0immediately because we are at a tipping point, and there seems to be no indication that the industry is moving away from the use of fossil fuels?\u00a0<\/p>

Block Chain and Power Consumption<\/strong>\u00a0<\/p>

The way humans think is revolutionizing technology, as the virtual\u00a0world becomes a growing part of the real world. It is easy to see that there are a number of individuals and organisations who are not thinking about protecting the environment at this time. Only thinking about the next \u201cget rich quick\u201d scheme, whether it be NFT\u2019s, Crypto, or the next app that uses unprecedented amounts of data, ignoring options like utilising renewable energy, carbon offsetting, or minimising waste altogether.<\/p>

The need for more energy to power the added amount of computers and other devices that are being used to keep the virtual life going on, is increasing each day and this leads to companies frantically and violently scanning our planet to find oil and gas underground, powering our online activities. We highlighted on the @ecokaila Instagram the other day, that oil giant Shell\u2019s new project is to complete seismic surveys for oil and gas, blasting shockwaves into the earth\u2019s crust for the next 5 months, every 10 seconds for 12 hours a day, is destroying marine life and they know it. This is an example of a company paying millions to appear \u2018green\u2019 yet they continue planning projects like this one behind the scenes. The sad truth is that this is all preventable. Renewable energy is always an option.<\/p>

Running a business on 100% renewable energy is now affordable, reliable and simple, yet so many companies, including NFT exchange platforms, simply choose to ignore these facts. Fashion is responsible for over 10% of humanity\u2019s carbon emissions, more than shipping and aviation combined, yet we run a certified carbon neutral clothing business 100% powered by solar and wind. With carbon neutrality and sustainability the main focus throughout our supply chain, Eco Kaila are a proven example of \u201cif we can do it, other companies can too\u201d. Companies are simple choosing<\/strong> not to.\u00a0<\/p>

The energy used to power the equipment necessary for the online transactions when NFTs are sold is excessive, and it is only set to increase as time goes by. For the sale of NFTs to continue, clean energy use must be considered. NFT\u2019s are funded by Crypto, and currently a single Cryptocurrency Bitcoin, uses more power than the whole of the UAE, Norway, Bangladesh, Switzerland, Google and Facebook. (Statistica<\/a>) \u00a0<\/p>

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The future of NFTs and the Block Chain<\/strong><\/p>

The future of NFTs and the block chain could be dismal if clean energy sources are not used. Environmental protection should be getting all the attention of the people involved in this relatively new business, now that climate change has been disrupting lives and livelihood all over the planet.<\/p>

It should never be forgotten that the power source is just as important as the devices used to make transactions and keep online businesses going. Doing business in a sustainable way at all times should always be considered.\u00a0<\/p>

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The use of fossil fuels has not helped us to protect our environment (which is our most valuable asset) in the past. If this new industry does not plan to phase out the use of fossil fuels and reduce pollution, global warming could render the earth too hot for humans and wildlife to live on, in the not too distant future.<\/p>

The last 7 years have been the warmest on record, with the next 2 decades looking to continue that trend. This puts more than 1 million species at risk of extention. Where it is natural to average the extinction of 5 species per year, scientists have analysed data proving it has accelerated at nearly 1,000 times the natural rate.<\/p>

If you are keen to learn more about climate change, our environment, and how you can make a noticeable difference, consider checking out our other easy-read blogs at ecokaila.com\/blogs. Alternatively, if you are looking to protest unfair working conditions from big clothing corporations, consider shopping from businesses like Eco Kaila. Our certified 100% organic clothing is also SA8000<\/a>\u00a0Certified (Social Accountability Audit), certified fairtrade, recycled, made from renewable energy, vegan friendly, and contains no plastics. Not even in packaging. We regularly collaborate with tree planting charities around the world, as well as ocean-bound plastic collection groups and wildlife habitation facilities. Visit ecokaila.com for everything on small business sustainability.<\/p>

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-\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Originally Written by Denise Salmon<\/p>

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