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As NFTs Boom, Here’s What Entertainment Fans Need to Know About Environmental Impact

Only a computer can solve these difficult puzzles. The easier it is to solve, the more vulnerable the blockchain is to hackers. Therefore, solving these puzzles requires a lot of computational energy. Think about the energy needed to keep running part of the Internet.For example, Microsoft Submerged some data centers Underwater to reduce the amount of heat they generate and save energy costs.

Part of the gas charges people pay when casting or purchasing NFTs goes to their energy costs. For an Ethereum transaction that costs about $ 100 on gas, perhaps about $ 40 will be spent on energy, one of the NFT experts talking in the background told me. Compare that cost to your monthly energy bill — $ 40 can cover your actual gas bill for two months.

Others use various measurements to calculate NFT energy consumption. Andrew Bonneau, Offsetra’s Carbon Market Advisor, a group focused on promoting technology sustainability Examined multiple NFT transactions To calculate the use of 90-150 kilograms of CO in casting2..It’s about how much CO2 Boeing aircraft eject per hour. According to Emerging technology artist Memo Akten analyzed 18,000 NFTs in January. He came up with an average carbon footprint of about 250 kilograms per NFT. This is the number that should ring the alarm bell.

What do these calculations mean?

There is debate about how to contextualize these calculations.Joseph Parant, Founder and Executive Director Climate Foundation blockchain, Started research on NFT as a way for the country to start Implementation of Article 6 of the Paris Agreement one time negotiation The surroundings are complete. “The Ethereum blockchain is always up and running, so creating an NFT doesn’t generate any direct carbon emissions,” says Pallant.

In other words, the Ethereum miner adds a new block to the chain regardless of whether the NFT transaction is part of that block. This is due to certain crypto transactions and the prompting the miner to create a new block. They are rewarded in the form of cryptocurrencies for every block they create, and also receive a portion of the transaction fees from the transactions contained in each of those blocks.

In other words, the NFT itself does not consume energy. Operate the blockchain. It’s like deciding to take an international flight. Even if you don’t board an airplane, it will take off and burn the same amount of energy as if you boarded it.

Others consider this rationale to be a police officer. “It’s like saying that the animals are already dead, whether or not you order the steak,” Akten says. On the other hand, not eating meat will opt out of the environmentally harmful industry and ultimately reduce the demand for that product.

Still, Acten adds, “it would be inaccurate to say that NFTs are destroying the Earth.” For example, when compared to the fossil fuel and beef industries, this is not the case. The entire Ethereum network may account for comparable annual carbon dioxide emissions to Kazakhstan, According to Digiconomist, NFTs are just a few of them (the exact amount is unknown, but they can increase as NFTs become more popular).


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