NFTs that are minted on blockchain have a high carbon footprint. The magnitude of damage cryptomining inflicts on the environment is astronomical.However, soon environmentally-conscious artists and musicians might revise their hard pass on NFTs as new sustainable platforms emerge.
The new platforms may not have the same volume and therefore will have fewer collectors than their Ethereum-based counterparts. However, the hope is that developers, investors, collectors, and artists will move to eco-friendly and transparent platforms as more artists do.
Bubblehouse, the first NFT marketplace for digital musicians, and OneOf, which is specifically aimed at musicians and their supporters are two examples of such upcoming platforms.
In December of last year, BubblehouseIt was proclaimed the first carbon-neutral NFT marketplace.
The platform is built upon the Indian-founded, green-friendly blockchain startup PolygonThis is 84810x energy-efficient than Ethereum. For context: Sending 20,750 emails to create an NFT Ethereum is the equivalent of sending Bubblehouse 2.5 emails.
Arjun Kalsy is the VP of Growth at Polygon. He stated that Bubblehouse will offset Bubblehouses carbon footprint together with Polygon for the next 12 months, using less than USD 10,000 worth of carbon offsets.
It makes it possible for anyone without crypto-expertise, to purchase and sell digital collectibles.
Bubblehouse is the NFT platform’s first social interactive feed that allows users to see what their friends are doing and who their favorite celebrities are.
Bubblehouse creators will not have to pay a fee, unlike most NFT marketplaces. Gasoline feesThey can easily turn their artwork into NFTs by simply clicking one button.
Collectors also don’t need to be able to navigate the complex world of crypto-wallets or cryptocurrencies in order to purchase the works. They have the option to buy NFTs through standard payment methods.
OneOf was founded by Quincy Jones last May. It saw big stars like Charlie Puth, Doja Cat, and Charlie Puth sign up. The platform aims to be a cheaper and more environmentally-friendly alternative to NFT markets for music lovers.
OneOf was built using TezosBlockchain uses the energy of one tweet to make an NFT. Ethereum, on the other hand, requires two days of average American household power consumption to make one.
OneOf will also donate 5% of its revenue to a charity chosen by the artist and is partnered to projects that conserve the environment.
OneOf, unlike Bubblehouse does not charge any minting fees to creators and will also accept credit cards payments from its customers.
Adam Fell is one of the founders of the platform. He believes artists can sell NFTs for any price because there are no gas costs. It doesnt matter if the artist sells one NFT for a million dollars or a million NFTs for a dollar and the latter is oftentimes much better for some artists, especially artists that are just starting.
Fell says that unlike music labels, the platform will not have this artwork. This makes these deals extremely flexible.
NFT platforms can be used to improve sustainability in several ways, including:
- Lazy minting is when an NFT is not created until it has been purchased.
- Interoperability: Makes blockchain ecosystems more compatible. This allows you to move from Ethereum into a less harmful chain with no data loss.
- Instead of Ethereum use energy-saving blockchains like Polygon and Tezos or Algorand, Hedera Hashgraph and other PoS networks.
NFT marketplaces that are eco-friendly
- Kalamint: A curated marketplace for digital artwork, built on the blockchain Tezos.
- KodaDot : An open marketplace that sells digital collectibles from all over the world, built on Kusama blockchain.
- Viv3: An open marketplace of digital art, built on blockchain Flow.
- Paras: A marketplace for digital art cards built on the blockchain NEAR.