Ever since NFTs got on the market, people have hungered for getting a hold of the popular cryptocurrency token. Celebrities like Paris Hilton and Jimmy Fallon have jumped on the train, and people are truly getting creative with their digital art, where some are making everything from a GIF to a song. But how climate-friendly are NFTs and can they be used for spreading awareness of social issues?
Are NFTs climate-friendly?
If you are at the beginning of your NFT journey and are also very aware of climate change and you want to reduce your carbon footprint. Would it then be against your principles to buy NFTs?
It is difficult to calculate the carbon footprint of the process of making an NFT, but some studies estimate that the carbon footprint of an average NFT transaction is between 33-48 kg CO2. In comparison, a 2-hour flight has a carbon footprint of about 100 kg CO2. This might seem like a lot, but the reality is that the NFT industry is still a work in progress. Therefore NFTs in the future will possibly be greener. This can be in the form of clean energy or if proceeds are donated to projects that contribute to reducing carbon emissions.
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In the middle of this NFT storm, we are seeing young people making a lot of money from NFTs. And some would argue that if you get richer, you spend more, you might fly more often and eat. Therefore this is also a question of individual consumption. So really it is up to you to make decisions in your daily life to reduce your CO2 footprint, whether that is changing your diet or taking more public transport.
To sum up:
- The energy for making NFTs make up a small amount of global emissions. Still, it is important to keep the question of climate change in mind.
Activist NFTs?
It is no secret that activism is crucial to fight the climate crisis we are in, even though some have been blamed for so-called virtue signalling and not actual change. But a lot of the artists behind NFTs are also activists on the side, fighting for issues like human rights, reproductive rights, and of course climate change, which is shown in some of their art.
Even the founder of the Russian protest group Pussy Riot has worked with NFTs, where she helps women and LGBTQ+ communities. Her initiative also unravels problems within the NFT space, as there is a lack of diversity, which is why the founder wishes to showcase works from LGBTQ women. Therefore with activist NFTs, there is also a chance for change within the community itself.
To sum up:
- Many artists are doing art pieces for several social issues. Therefore you can support activism by buying these types of NFTs.
The industry of NFTs is still in development when it comes to the question of climate change. But still, some initiatives can potentially combat these problems.
