Despite cryptocurrency experiencing a severe setback at the beginning of 2022, The mania surrounding Non-Fungible Tokens continues to rage. Celebrities are involved in this scheme, lending a veneer respectability to what has been referred to as an elaborate Ponzi scheme.
NFTs are not ethical in and of themselves. The sustainability problems architects of the Metaverse face (The what?) have yet to answer. How is the storage of NFTs harmful to the environment. Can they ever sustainably be made?
Our article provides a basic overview of NFT.
NFTs and their ecological impact
The technology used for storing NFTs is the technology that underpins all cryptocurrency. Blockchain.
The blockchain is a crypto-based database. The unique thing about this database is the Records are not controlled by a third party and are decentralized.. After each block of data is filled, the system begins filling in the next. This ensures that transactions are consistent and can’t be altered, protecting investments and users’ data.
All cool. Except, This method of storing information can be extremely energy-intensive. To keep the blocks filled, huge servers must be set-up and maintained. Otherwise the system will fail. Without them, the system will end and everyone who invested in it is at risk.
While not specifically used for NFT transactions however, the harvesting and storage Bitcoin, which also uses Blockchain tech, used almost as much energy as the Angola in its entirety2017. This value is undoubtedly much higher, considering the time it has taken and how large the crypto beast has become. NFTs are a way to purchase a similar cryptocurrency called Ethereum. The buyer must take some responsibility for the environment when using the system.
A report from The New York TimesAccording to some estimates, the average NFT will produce over 200 kilograms of carbon for planet warming. Driving 500 miles in a typical American gasoline-powered vehicle.
Consider how much energy we will use in the interim. It is absurd!, Fanny Lakoubay, a crypto art adviser and collector.
The COP26 conference in Glasgow, supposedly the largest action to combat climate change this century was described by the conference as a “compromise”. Head of the UNIt is not possible to keep the planet from boiling over without storing pictures of monkeys and consuming tons of energy. If storage methods for NFTs are not made more sustainable, they can be harmful to the environment in places where humanity cannot afford them.
