A glance at most crypto and NFT exchanges will reveal that many new NFTs are being created using sustainable and green technologies.
Most of the crypto investors believe that NFTs are still being created using energy and resource-heavy processes. However, a glance at most crypto and NFT exchanges reveals that many new NFTs are being created using sustainable and green technologies. In case you are not aware of this, let’s just say that these are now known as Green NFTs.
Most NFTs are now minted on Proof-of-Work (PoW) blockchains, a mining process that requires a large amount of computing power. Most NFTs are created on the Ethereum blockchain, and the Ethereum Energy Consumption Index calculates that each NFT created on the Ethereum blockchain requires 223.85 kilowatt-hours of electricity. In fact, a single NFT transaction on the PoW Ethereum blockchain generates 124.86 kg of carbon dioxide.
Clearly, some changes are needed to make the new generation NFT manufacturing process more environmentally friendly and more carbon positive than traditional NFTs.
Introducing Green NFT
Now comes the Green NFTs – called Impact NFTs. These Green NFTs are minted on Proof of Stake (PoS) blockchains or using a very low carbon mining process. This ensures that each token is eco-friendly and, in some cases, can be positive for the environment. In fact, the entire Ethereum blockchain is now shifting to a PoS mechanism to enable the creation of future NFTs with a much lower environmental footprint.
According to Avinash Shekhar, CEO of crypto exchange platform ZebPay, “The need now is sustainability, be it in construction or technology. India has lakhs of talented local artists and artisans and the Green NFT Marketplace can create new opportunities to further their work and preserve it”.
Most companies in the crypto space are now encouraging the use of renewable energy sources to reduce carbon emissions. However, many crypto companies are still trying to find new spaces that will provide better solutions.
Other technologies, such as Solana and Cardano and their token Impact, have taken the concept of NFT a few steps further, making it much more popular in a very short period of time. Wondering where to get these tokens, check out ZebPay, India’s oldest crypto exchange, where you get to choose from over 100 tokens.
Artists are now preferring more clean NFTs
Digital artist Mike Winkleman, better known as Beeple, is one of those who believe in a sustainable or long-term future for NFTs. His masterpiece “Everyday: The First 5000 Days” originally sparked the NFT craze, as it sold at Christie’s for $69 million. Bipaul recently mentioned in an interview that his next art venture will be carbon neutral or negative, that is, his upcoming artworks will have zero emissions when they become NFTs, that is, they will invest in various renewable energy, conservation projects, technologies, etc. – which will absorb CO2 from the atmosphere.
Musicians like Doja Cat and John Legend have also teamed up with Jones’ NFT Marketplace in Queens, who primarily sell green NFTs. Other digital artists such as Nancy Baker Cahill and Julian Oliver are already well known for their work and their focus on green NFTs.
If NFTs have caught your attention, but are worried about the environmental impact of buying or selling them on any of the popular blockchains, then rest assured that this option is perfect for you. Just take a moment to search Green NFT and find artists who have announced that their next project will be carbon neutral or negative. Of course before that open an account with a trusted crypto exchange like ZebPay to make the transaction process smooth.
Now, the big question is – can you be an environmentalist and an NFT collector at the same time? Judging by all the cutting-edge technologies available right now and the way they are progressing, the answer is undoubtedly yes.