Will Green NFTs Help Save The Planet?
The curent state of the NFT
Green Movement
NFT’s are revolutionizing the art world, or so the headlines tell us. The inherent decentralization and security that comes with NFT’s being blockchain based also creates the ability for artists to receive a royalty with every subsequent sale and provides protections from copyright infringement since ownership of intellectual property is immutable on the blockchain. NFT’s also provide a more inclusive scene than traditional Art world institutions.
But these purported benefits come at a cost: large electric consumption. Ethereum mining — which is needed for NFT’s to function — consumes about 26.5 terawatt-hours of electricity a year. This is nearly as much as the entire country of Ireland and its almost 5 million residents. This massive energy demand and subsequent negative environmental impact has led to alarm among the eco-conscious within the Art community. As a result, there is a growing number within the art world confines seeking more eco-friendly alternatives. But before we get into the current state of the green NFT movement let’s take a look at why NFT’s are consuming so much electricity.
One of the key aspects of NFT’s that contribute to their high energy consumption is the consensus protocol of the blockchain that they are listed on. A consensus…
