Non-fungible tokens (NFTs) are damaging to the environment.

Non-fungible tokens use huge amounts of energy, leading to high carbon emissions.

NFTs (nonfungible tokens) are a type of cryptocurrency. An NFT is a unique, irreplaceable piece of digital media. There as lots of types of NFTs, as these are any kind of digital creation with a high value, such as a piece of digital artwork, a song, a film, or a game.

NFTs as digital art pieces have become enormously popular, with sales skyrocketing in recent months. However, crypto artworks have a huge environmental impact because of the way they are created and sold. Most creators use Ethereum, a blockchain technology that uses a model called proof-of-work to create digital artworks. Ethereum involves an energy-intensive function called mining, in which high-powered computers solve complex puzzles. The process leads to higher energy consumption that leads to greenhouse gas emissions.

Estimates tell us that NFT transactions are likely to have a carbon footprint more than 14 times higher than that of mailing an art print. However, ascertaining the carbon footprint of mining an NFT is a complex process. In the current state, Ethereum consumes more electricity than many countries. When someone buys or sells an NFT using Ethereum, this leads to increased gas emissions.

Reference links

The New York Times

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The Verge

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Quartz

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