Hey guys, thanks for landing on the new article, and today we are going to talk about NFTs and environmental concerns. So now it is a global trend to turn music tracks, Memes, and art into digital assets, and this happened because of the NFT technology, and you can say that it is a kind of tokenization of the art. How easy it is to turn any art into a cryptocurrency, yes, you are hearing it right that if you are creating any art and mint NFT then it is become a kind of Crypto coin that is tradable and you can transfer to friends and hold it so there is not much difference between a cryptocurrency and NFT because both of them are digital assets.
Everything is going well, but there is one question that arises is environmental cost of minting and NFTs. Here we have to check how NFTs are minted. Talking about the old time before 2022, you have seen that most NFTs were operated and built on the Ethereum blockchain, so at that time the Ethereum was on proof of work, which means it consumes energy in the minting process. To add new blocks, it consumes energy before 2022, which is why the NFT minting was an energy-consuming process. NFT transactions were consuming energy at that time, and a huge amount of electricity was required for that.
Its simple definition is that NFTs are digital certificates, and you are creating a digital certificate by minting an NFT, so when it comes to transfer, buy, sell, or mint, it consumes energy according to the proof of work system. Do you know that, NFT minting process and transactions use as much energy as an average family's total usage of electricity for five to six days. At that time, the NFTs' popularity added a huge load to the electricity consumption. So at a time, the community has divided into two groups, one community that only focused on an NFT technology, but there were digital art creators who were nature lovers too, they were against the NFT mining because of the energy consumption and carbon emission issues.
But after 2022, Ethereum shifted to proof of stake, which requires just staking for minting NFTs, so this way, the energy impact is minimal and very low. After that, this problem was solved. Also, there are some blockchains like Tezos, Flow, Polygon, and more that support eco eco-friendly platform for non-fungible tokens, but also Ethereum is now very good for NFT because there is no more a proof-of-work system that operates on the Ethereum blockchain.
So, time by time, the solutions and improvements happen, that is why always be patient, yes, you can see there is also Bitcoin is also proof of work and environmental concerns are still there with Bitcoin cryptocurrency mining activities, but technology finds its solution, so we have to wait for it. Our target is to grow without harming our earth, and technology itself finds a way to grow without harming nature. I hope you liked this information. What is your opinion regarding this information regarding NFTs and environmental concerns, and energy consumption? Please let me know in the comments section. I am going to end this post, and sharing is caring. I need your support always, so don't forget to do it. You can support this article by sharing, upvoting, reblogging, and interacting here.
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