NFTs can help fight climate change. Here’s how.
In recent months, NFTs have taken the digital universe by storm, generating eye-popping valuations for digital art, sparking huge interest from collectors, and even inspiring an SNL parody.
As is the case with any new and emerging technologies, the rapid growth of NFTs brings with it a unique set of challenges. Chief among them is the impact that the rising embrace of NFTs has on the environment. This is because the majority of NFTs are a part of the Ethereum blockchain, which under current protocols is extremely energy-intensive. Though efforts are being taken to reduce the energy consumption needed to operate Ethereum — specifically the move from Proof of Work to Proof of Stake — we can’t escape the fact that this technology is contributing to the climate crisis.
For artists, creators, and companies who want to be environmentally responsible while also innovating on this emerging technology, this reality has created an ethical dilemma. At Curio, where I serve as CEO, we are taking measures to address the environmental impacts of NFTs.
As a platform for brands and content owners to create digital fan experiences and collectibles, Curio also utilizes the Ethereum blockchain. This is why we recently partnered with a company called Aspiration and its Plant Your Change software, a financial service that allows consumers to automatically use spare change from every purchase to plant a tree.
This partnership (and related initiative) will begin in earnest at Curio’s upcoming NFT auction for the first editions of the entire American Gods: Lakeside Collection. Produced by Fremantle, “American Gods” is a fantasy drama television series based on Neil Gaiman’s award-winning novel of the same name — and it’s the first property to release officially licensed digital collectibles on Curio. From this auction, which will take place this coming Friday, April 9 at 4:00 pm through Sunday, April 11 at 4:00 pm (all times PDT), one tree will be planted for every dollar spent.
Though a seemingly simple act, planting trees has immensely positive impacts for the environment. From absorbing harmful carbon emissions in the atmosphere to enhancing biodiversity and wildlife to decreasing pollution, trees are scientifically proven to reduce the overall effects of climate change. In Los Angeles, a city equally famous for its celebrities and its smog, trees remove nearly 2,000 tons of air pollution each year. Just imagine the added benefits from all the trees that will be planted after this weekend’s Curio auction.
With this initiative, our mission is to elevate an important issue to the forefront of our industry, and we are thrilled to have found the right partner in Aspiration to do just this. Our team wants the public to know that when companies make the commitment, NFTs can help to address the climate crisis, not make it worse.
I’ve been thrilled to see many companies in the NFT space finding ways to combat our emissions problem while the industry is still young, nimble, and flexible. As digital collectibles and creative uses for blockchain technology continue to grow in popularity, I urge even more companies to launch initiatives that address the environmental impact.
To make this work in a way that benefits everyone, there must be a commitment from those in our industry to the broader community. We have an obligation to show the world that we care about these issues too, and we don’t have to compromise innovation in the process.
