NFTs are giving digital art an overwhelming boost right now. But like all blockchain procedure, they have a huge environmental problem due to their high consumption. The future of the art industry must not look so dirty.
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No Reason To Calm Down
It is estimated that today 50 % of the world’s energy in centers is used for mining NFTs. This means that this currency alone uses more electricity than other well known companies like Microsoft or Amazon for example. With serious consequences. Because this electricity is usually produced in Asia with fossil fuels. Sometimes so intense that the population has too little electricity for their households and many locations are on the verge of collapse. In addition, there are the unbelievable masses of e-waste that are managed worldwide by millions of servers that are replaced every 24 months on average.
However, NFTs are tied to the cryptocurrency Ethereum. What can otherwise be infinitely often in the digital world is now declared unique with a token. Although ETH is considered less energy-perverse than the regular cryptos, that should not be a reason for reassurance. The research on the subject is relevant and important for these discourses. Files researched for several months how much electricity NFTs and crypto actually consume and shows how immense the issues that come with it are.
NFTs Are In Polluted Places
So it’s hard to imagine how much electricity is currently consumed by NFTs and cryptocurrencies, also because many still believe that the cloud is actually in the sky and not in real, smelly, polluted places.
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