{"id":23380,"date":"2022-09-05T11:03:30","date_gmt":"2022-09-05T05:33:30","guid":{"rendered":"https:\/\/coinswitch.co\/switch\/?p=23380"},"modified":"2023-12-18T16:06:27","modified_gmt":"2023-12-18T10:36:27","slug":"most-nfts-to-turn-eco-friendly-post-merge","status":"publish","type":"post","link":"https:\/\/coinswitch.co\/switch\/crypto\/most-nfts-to-turn-eco-friendly-post-merge\/","title":{"rendered":"Most NFTs to turn eco-friendly post-merge"},"content":{"rendered":"\n

Most NFTs will become eco-friendly with the Merge as Ethereum houses the largest Non-Fungible Token (NFT) volume right now\u2014over 80%, according to The Block\u2019s analytics<\/a>.<\/p>\n\n\n\n

The graph below shows the NFT spread across chains. Ethereum takes the cake followed by Solana.<\/p>\n\n\n

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\"NFT<\/figure>\n<\/div>\n\n\n

Source: The Block<\/p>\n\n\n\n

Ethereum is adopting the Proof-of-Stake (PoS) mechanism of verifying transactions in the near future and will become 99.95% more energy-efficient. As a result of the change, NFT minting, in turn, will also require less energy. Ethereum\u2019s transition will thus positively impact the NFT market.<\/p>\n\n\n\n

NFTs, however, were also part of the reason for Ethereum\u2019s large carbon footprint. The profile-picture mania in 2021, followed by increased dApp concentration, increased Ethereum\u2019s emissions,<\/a> which peaked at 11.65 Megatons in emitted carbon\/year in May 2022.<\/p>\n\n\n

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\"ethereum<\/figure>\n<\/div>\n\n\n

Source: Kylemcdonald.github.io<\/p>\n\n\n\n

What does this mean for NFT adoption?<\/h2>\n\n\n\n

In the past, we have seen several notable NFT projects being scrapped due to their association with Ethereum, which was seen as an energy-guzzling crypto. For example, GSC Game World\u2014a repeated indie game developer based out of Ukraine\u2014had to pull out of an upcoming game because it owned NFT-based gaming assets. The Merge might be the right step toward making NFTs more approachable and acceptable.<\/p>\n\n\n\n

Ethereum\u2019s transition might usher NFTs into an era of increased adoption, even among environmentalists. Damien Schuster, co-founder at Offsetra, a carbon offsetting firm, says that several companies and firms have been reluctant to use Ethereum due to the anti-environment narrative. He expects the Merge to change that.<\/p>\n\n\n\n

FAQs<\/h2>\n\n\n
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What is the carbon footprint of NFT?<\/h3>\n
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The carbon footprint of NFTs (Non-Fungible Tokens) is a topic of concern due to their energy-intensive nature. Here’s a concise overview:
Significant Impact:<\/strong>\u00a0NFTs contribute to environmental concerns with their carbon footprint, mainly attributed to the energy-intensive process of creating and consuming digital assets.
Energy Consumption:<\/strong>\u00a0The process of minting NFTs and transactions on blockchain networks, notably Ethereum, consumes substantial energy, leading to concerns about their overall environmental impact.
Individual NFT Footprint:<\/strong>\u00a0A single artist’s multi-edition NFTs were reported to create a carbon footprint of 260 MWh and 160 tons of CO2 emissions in less than six months.
Average Footprint:<\/strong>\u00a0An analysis of approximately 18,000 NFTs found that the average NFT’s carbon footprint is equivalent to more than a month of electricity usage.<\/p>\n\n<\/div>\n<\/div>\n

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How can we make NFT eco-friendly?<\/h3>\n
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To make NFTs eco-friendly, consider the following strategies:
Choose Energy-Efficient Blockchains:<\/strong>\u00a0Opt for blockchains with lower energy consumption, such as Solana or Tezos.
Use Sustainable Platforms:<\/strong>\u00a0Explore NFT platforms actively working to reduce the environmental impact of NFTs.
Create Sustainable Platforms:<\/strong>\u00a0For artists, choose blockchain platforms that are environmentally conscious for minting and selling CryptoArtworks (NFTs).
Opt for Sustainable Materials:<\/strong>\u00a0When digitizing physical pieces for NFTs, use sustainably sourced materials, such as recycled paper, to minimize the ecological footprint.<\/p>\n\n<\/div>\n<\/div>\n

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Are there environmentally friendly NFTs?<\/h3>\n
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While environmental concerns exist, ongoing developments and eco-friendly alternatives offer ways to mitigate the environmental impact of NFTs.<\/p>\n\n<\/div>\n<\/div>\n

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What are the environmental impacts of NFTs?<\/h3>\n
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NFTs (Non-Fungible Tokens) have environmental impacts primarily related to their underlying blockchain technology. Here’s a concise overview:
Energy Consumption:<\/strong>\u00a0NFTs, built on blockchain, often use Proof of Work (PoW) consensus mechanisms, contributing to high energy consumption. Mining and validating transactions demand substantial computing power, raising environmental concerns.
Carbon Footprint:<\/strong>\u00a0Despite their digital nature, NFTs leave a carbon footprint due to energy-intensive processes. The carbon impact can be significant, comparable to traditional industries.
Climate Impact:<\/strong>\u00a0NFTs indirectly affect climate change through their production methods, as seen in the carbon emissions associated with the broader blockchain technology<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"

Most NFTs will become eco-friendly with the Merge as Ethereum houses the largest Non-Fungible Token (NFT) volume right now\u2014over 80%, according to The Block\u2019s analytics. The graph below shows the NFT spread across chains. Ethereum takes the cake followed by Solana. Source: The Block Ethereum is adopting the Proof-of-Stake (PoS) mechanism of verifying transactions in […]<\/p>\n","protected":false},"author":76,"featured_media":23385,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[460,6530],"tags":[6467,6536],"class_list":["post-23380","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news-2","tag-crypto","tag-news"],"acf":{"json_ld_schema":"\n[{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"@id\":\"https:\/\/coinswitch.co\/switch\/us-stocks\/wall-street-jottings\/#FAQPage\",\"headline\":\"Wall Street jottings: A personal, guided tour to investing in US stocks\",\"keywords\":\"Personal Guide, US Investing, \",\"datePublished\":\"2022-07-22T13:28:55+05:30\",\"dateModified\":\"2022-07-22T13:28:55+05:30\",\"dateCreated\":\"2022-07-22T13:28:55+05:30\",\"author\":{\"@type\":\"Person\",\"name\":\"Praniket Nayka\",\"description\":\"\",\"url\":\"https:\/\/coinswitch.co\/switch\/author\/praniket\/\",\"sameAs\":[],\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/4b22173b861c31fe922bbaf46c336561?s=96&d=mm&r=g\",\"height\":96,\"width\":96}},\"image\":[{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/coinswitch.co\/switch\/us-stocks\/wall-street-jottings\/#primaryimage\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings.jpg\",\"width\":\"1800\",\"height\":\"1080\"},{\"@type\":\"ImageObject\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings-1200x900.jpg\",\"width\":\"1200\",\"height\":\"900\"},{\"@type\":\"ImageObject\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings-1200x675.jpg\",\"width\":\"1200\",\"height\":\"675\"}]}]\n","json_ld_custom_schema":"","youtube_vodeo_url":"","seo":{"title":"","keywords":"","description":"","canonical":""},"blog_banner_image":false,"blog_coin":false,"download_the_app":{"button_value":"","button_url":""},"twitter_card":{"twitter_title":"","twitter_description":"","twitter_link":""},"maturity_tag":"Beginner","post_author":false,"guest_author":false,"hide_toc":true,"key_takeways":false,"select_disclaimer":"Article Default Disclaimer"},"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/23380","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/users\/76"}],"replies":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/comments?post=23380"}],"version-history":[{"count":3,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/23380\/revisions"}],"predecessor-version":[{"id":38079,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/23380\/revisions\/38079"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/media\/23385"}],"wp:attachment":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/media?parent=23380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/categories?post=23380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/tags?post=23380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}