California-based startup Hitch is partnering with South African artist Danielle Attfield to create a unique piece of art using an undecipherable token (NFT) that will benefit the climate, according to a statement released with .
Mining cryptocurrencies generates a huge amount of energy and NFT uses far less, so using carbon credits for any artwork should be a requirement, not an exception, Hitch founder Skye Gilbar said in a statement.
This has been undertaken by several sustainable brands that have partnered with crypto artists to fund large investments in climate projects that offset thousands of times the carbon that NFTs consume, given concerns about their impact on the climate.
For the uninitiated: An NTF is a blockchain-based representation of tangible or intangible objects that proves that its owner is the true owner of an underlying asset. NFTs can range from cryptocurrencies to digital art to real estate to virtual fantasy land.
Anti-climatic climate NFT
The play, which will be performed at 22. April proposed to SuperRare, reduces 1,000 tons or 1,000,000 kg of CO2 by investing in two carbon sequestration projects: the Bull Run forest carbon project in Belize, which protects nearly 5,000 hectares of endangered forest, and Paradise Forest Reforestation Projects’ funding of large-scale tree planting in Madagascar.
The result: While an NFT generates on average 200 kg of CO2 and an artwork offsets 1,000,000 kg of CO2, an artwork offsets 5,000 times the footprint of the NFT.
The net positive climate investment is so large that it is equivalent to the carbon footprint of an average citizen of a developed country over a lifetime, Gilbar said.
This is part of a larger trend where crypto artists are using their art to fund larger investments in climate activities that go well beyond the NFT offset itself. .
Concern and downward trend
This development takes place against a background of growing concern about the environmental impact of non-motorised transport.
So I’m on the other side of the NFT – it’s bad because I don’t understand the art, which is just an extension of the old argument that literally anything new is bad because I don’t understand it. But NFT = global climate crisis? Where does this argument come from? I must have missed it.
– kain.eth (@kaiynne) 15. March 2021
Most NFTs are published on proof-of-work (PoW) blockchains, which rely on organizations called miners to build massive computing facilities to verify transactions and maintain PoW blockchains.
Because of their energy requirements, PoW blockchains like Bitcoin and Ethereum and NFT-like extensions have gotten a bad press in recent months.
The staggering amount of electricity required to support an NFT sale is what my household uses in a year https://t.co/kG1RZPp2bF.
– Angelo Alcid 薛安治 (@AngeloAlcid) April 20, 2021
This $25 billion subsector has grown rapidly over the past year, attracting basketball teams, celebrities and rappers who have released their own NFTs for their fans (perhaps as a quick buck, not an attempt to spread cryptocurrencies).
Yet cracks are beginning to show. As reported earlier in the week, NMT sales fell nearly 40% last week due to the overall market decline. And while the average NMT sells for thousands of dollars, who is responsible for this decline?
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Published: Ethereum, NFT
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