The environmental impact NFTs have is constantly changing with technology and how ecosystems are growing.
🌴 Are NFTs bad for the environment?
NFTs are not inherently bad for the environment. NTFs are digital assets that live on the blockchain. The most significant factor in its environmental impact is how and where the NFT minting occurs.
A common example in the NFT environmental debate is Beeple’s $69.3m NFT sale. The creation of the piece used 78,597kg of CO₂ emissions. The NFT was highly unusual because it was 500 works in one, so the file size is enormous. Beeple minted the artwork on the Ethereum blockchain.
The high energy used to mint was by design to secure the system. However, now that blockchains have progressed, different security measures are replacing the high energy protocols.
The evolution of the security protocols since the Beeple minting has considered the environment. Ethereum sidechains like Palm, for example, reduced overall CO₂ emissions by 99.9%.
Therefore, the environmental impact of an NFT depends on the blockchain. There are currently a handful of environmentally friendly blockchains.
🌴 What blockchain uses less CO₂ emissions?
The creation of CO₂ emissions is a constant conversation in the NFT, blockchain, and metaverse worlds. Likewise, technology is constantly changing to embrace a healthier blockchain landscape.
Three blockchains built from the ground up to be sustainable are Palm, Tezos, and Solana.
The Tezos blockchain has a total annual carbon footprint equivalent to the average energy footprint of 17 global citizens. The cryptocurrency on Tezos is TEZ.
A Solana transaction takes less energy than two Google searches and 24 times less energy than charging your phone. Solana’s native cryptocurrency is SOL.
Palm uses an Ethereum sidechain that creates 99.9% less CO₂ emissions, and they have a roadmap to transition to an Ethereum Layer 2. Since Palm is built on Ethereum using a different security protocol, it uses ETH (Ethereum) as its native cryptocurrency.
🌴 What is the Palm NFT Studio?
The Palm Network is a fully EVM-compatible sidechain designed by Ethereum developers. It has a different approach to mining that allows for affordable and environmentally friendly transactions. Yet, it still uses ETH (Ethereum.)
Damien Hirst, The Currency
Lucas Samaras, XYZ
Glenn Kaino, Invisible Man (Ceremony,) Salute (Generations)
DRIFT & Don Diablo, Block Universe
🌴 What is the Palm ecosystem?
Palm NFT Studio brings projects and platforms into the Palm ecosystem by collaborating with creatives, artists, marketplaces, and rights holders.
🌴 What projects are on Palm?
JR, Greetings from Giza
Damien Hirst; The Currency, Great Expectations, The Empresses
🌴 What are Damien Hirst’s NFT projects?
Hirst’s first project was The Currency on Nifty’s and directed by Heni. His subsequent projects are on Heni’s platform, Heni NFT.
Matt Hougan, CIO of Bitwise (a cryptocurrency investment firm in San Francisco,) delves into the physical and digital split of the project as well as the art collector/investor point of view in a Twitter thread.