![]() ![]() Some Green NFT measures are happening out there….We’ve unraveled it for you! Read further. So, what’s behind this tech-savvy and energy-consuming process in blockchain and NFTs? Proof-of-work and Proof-of-stake! They are often regarded as abstruse concepts of Blockchain Technology. To perform these transactions, the blockchain requires some technical prowess which is actually making the whole process a counterproductive one in terms of energy. Marketplaces like Opensea, Rarible, Axie Infinity, and SupeRare are built on Ethereum, trading thousands of NFTs for millions of dollars each day. So what’s exactly happening on Ethereum when an NFT is minted?ĭigital assets like NFTs are stored, bought, and sold through blockchain technology, and Ethereum is one such blockchain where most NFTs exist. While this must be alarming, we’d like to throw some light on the “WHY” of NFT Energy Consumption. You wouldn’t be surprised if we say an individual in this current world utilizes 58 kWh per day, and 95% of this energy is involved in performing a single transaction on Ethereum for NFTs. ![]() Imagine if a gaming pc could use up so much power what about the characters or backdrops created? What about the NFTs associated with each game that is built on blockchains? Ever thought about NFT and the impact they have on the environment?Ī gaming computer requires 300–500 watts of power for operations which is greater than the power consumption of a laptop. On the downside, NFT minting is making the planet hotter. Just within a day or less than a few hours, the NFTs released are getting sold like hotcakes. Apart from encouraging arts, NFTs are also used as marketing and promotional avatars by brands - McDonald’s, Gucci, Nike and Adidas, to name a few. We wake up with news that one or many renowned brands are getting into the NFT space every day. ![]()
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