The Nature Friendly Token Brings Attention to the Real Impact of NFTs
Laura McQuarrie — April 20, 2021 — Eco
References: rarible & davidsuzuki.org
Some NFTs (non-fungible tokens) have recently sold for millions of dollars and many people are unaware of the immense environmental impact that these purchases have—but the David Suzuki Foundation hopes to spark conversation with the Nature Friendly Token.
The Canadian nonprofit created an NFT of its own that's priced at roughly 25,000,000 ETH (or about $50 billion CAD) and it aims to bring attention to the fact that blockchain networks consume large amounts of energy and produce carbon emissions. As the foundation describes, "While it can be difficult to precisely quantify, a typical NFT has a footprint of at least 200 kilograms of CO2. (This compares to flying for two hours or driving for about 1,000 kilometres.)"
With the Nature Friendly Token, the foundation hopes to get NFT developers and traders thinking about lower-emission cryptocurrency alternatives.
The Canadian nonprofit created an NFT of its own that's priced at roughly 25,000,000 ETH (or about $50 billion CAD) and it aims to bring attention to the fact that blockchain networks consume large amounts of energy and produce carbon emissions. As the foundation describes, "While it can be difficult to precisely quantify, a typical NFT has a footprint of at least 200 kilograms of CO2. (This compares to flying for two hours or driving for about 1,000 kilometres.)"
With the Nature Friendly Token, the foundation hopes to get NFT developers and traders thinking about lower-emission cryptocurrency alternatives.
Trend Themes
1. Lower-emission Cryptocurrency Networks - The environmental impact of NFTs highlights an opportunity for the development of lower-emission cryptocurrency networks that utilize more sustainable energy sources.
2. Eco-conscious Nfts - The creation of eco-conscious NFTs that incorporate sustainable materials or donate a portion of the proceeds to environmental initiatives presents an opportunity for artists and organizations to appeal to environmentally-conscious consumers.
3. Carbon Offsetting Programs for Nfts - Implementing carbon offsetting programs for NFTs, either through partnerships with organizations that facilitate these programs or by creating their own, has the potential to reduce the carbon footprint of NFTs and attract environmentally-conscious buyers.
Industry Implications
1. Cryptocurrency - The environmental impact of NFTs highlights an opportunity for the cryptocurrency industry to prioritize the development of lower-emission networks that utilize renewable energy sources.
2. Art - The emergence of eco-conscious NFTs has the potential to appeal to environmentally-conscious art buyers, presenting an opportunity for artists to create sustainable and socially responsible work.
3. Environmental Organizations - Environmental organizations can participate in carbon offsetting programs for NFTs, or create their own, to create a new revenue stream and promote more sustainable practices in the NFT market.
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