We Donated $50,000 to Plant Trees… Here’s Why We Did It
Some people call NFTs (non-fungible tokens), “An ecological nightmare pyramid scheme.”
And it’s believed that these individual pieces of crypto art are partially responsible for the carbon emissions generated by the cryptocurrencies used to sell them.
Why do so many believe NFTs generate so many greenhouse gases? Here’s why:
Most NFTs are offered on marketplaces like OpenSea and SuperRare that use Ethereum. Like most cryptocurrencies, Ethereum uses a system called “proof of work” which requires massive amounts of energy.
This is why there’s a fee to make a transaction on Ethereum. Ironically, the fee is known as “gas.”
Why have this “proof of work” system at all?
It’s what separates cryptocurrencies from our normal financial institutions like the Fed or a normal ledger. The proof of work system keeps the entire record secure. And it’s intentionally expensive, the idea is to make it too expensive for anyone to intentionally mess up the ledger.
Of course, this results in massive energy costs. In fact, Ethereum uses about as much electricity as the entire country of Libya.
According to the article above, a single transaction on the Ethereum network uses as much power as an average U.S. household does over 6.05 days… and leaves a carbon footprint equivalent to 188,323 VISA transactions or 14,162 hours of watching Youtube.
This is why the creators decided before launching Primate Social Society (PSS), to offset these massive energy costs.
The creators behind the project Knifebebe (Artist) and Forlane (Team Lead) have always been conscious of the environment, recycling and reducing wherever possible. Even before the start of PSS, they were environmentally conscious.
Forlane: “When we started our tattoo shop, it was important that we use as little plastic as possible. We provide as many recyclable or biodegradable products as we can because it is such a wasteful industry.”
“So then when we started the NFT line and told people about it, almost always the first thing they said was, ‘Oh my God, those are so bad for the environment.’
“I hadn’t realized the energy draw because mining on the Ethereum network for validating transactions is so heavy.
“So it was an easy solution in our minds. We just thought, ‘If we’re going to do this thing, we better make sure that we don’t leave any footprints behind.’
“Especially considering we have two young kids.”
But rather than just plant one tree for every NFT in the line, they decided to go one step further, and plant five. For context, that’s enough to offset about 22 transactions for each NFT. This is enough to account for a significant volume of trading (especially since many apes have stayed with the same owner since minting 💠 🙌).
So depending on how often you make transactions (and how many apes you own 😉), you can completely offset your crypto carbon footprint simply by holding PSS NFTs. That’s something we’re proud of and hope you are too!
More planting down the line to continue to offset future aspects of the project!
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