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The sale of a digital collectible produces 51 kg of CO2 whereas a transfer produces 30 kg of CO2.Īll the major collections and exchanges have a major share in these emissions. Even submitting a bid produces 23 kg of CO2. According to a study, adding an NFT to a blockchain uses nearly 83 kg of carbon dioxide. And, there are enough numbers to justify these concerns. Just like crypto mining, the environmental impact of NFT processes is on the radar of environmentalists. It is minting that continues to trigger concerns in the minds of environmentalists. The process of adding an NFT to a blockchain is known as minting. In order to make NFTs accessible to traders, it is necessary for creators to add them to a blockchain. Pak’s ‘The Merge’ is at the top of the list of the most expensive NFT ever sold at $91.8 million. Creating digital scarcity is what empowers the NFT market. NFTs are bought and sold online with cryptocurrencies. Therefore, it is important to address these concerns on priority.Īn NFT (Non-Fungible Token) is a digital representation of unique real-world objects like art, music, game skins, videos, etc. With the skyrocketing demand, the environmental impact of digital collectibles is only going to increase. NFT transactions surged 21,350% from $82.5 million in 2020 to over $17 billion in 2021. The inquiries related to carbon footprint are evolving into a controversy.
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However, the carbon emission by different NFT projects has triggered major concerns among environmentalists. Investors and crypto enthusiasts have poured hundreds of millions to make the most of the boom. The NFT industry rides on the narrative of empowering content creators for increasing demand.