Mining of NFTs is a complex task; this action takes a lot of energy and generates tremendous amounts of heat. The beauty of the astonishing gleam from the NFTs is not just an image; it requires a lot of power. The detailing can be viewed with the utmost clarity, that has simply a jaw-dropping aspect of what technological wonders can create. Blockchain has backed by a system of a thousand computers, and these numbers are scary enough to illustrate the need for a sustainable technical workspace.
Cryptocurrency is also a product of blockchain technology and on the minds of every Blockchain development company. When talking about Cryptocurrencies, Bitcoin comes straight to the minds of everyone. Bitcoin being a historic token for investment, has also witnessed some notable highs and lows. In mere months the price of Bitcoin rose from $6500 to $67000 in 2021. The moment the value of Bitcoin soars, so do the sustainability measures.
ReDefining Carbon Footprints while Mining Crypto
The number of carbon emissions generated during the complex process of minting NFTs is termed Carbon Footprints. The Bitcoin cryptocurrency used 131.80 TWh (terawatt-hours) amount of gigantic power in 2020. Which is more than the amount of power Argentina uses to light up its cities. The amount of energy generated while cryptocurrency mining was 22-22.9 million metric tons of carbon emissions in a single year. The world has started to feel the repercussions as the present year has shown even hotter temperatures in numerous corners of the planet. Thereby, increasing the global warming percentage from now. The above words are a testimony to outline some valid solutions for bringing out the cryptocurrencies that are sustainable enough. Tech-masters like Elon Musk have also stepped backward in a continuous investment in crypto till they bring out some sustainable measures and control their carbon emissions.
Green Nfts: A Possible Solution For The Upsurging Carbon Footprints
The birth of green NFTs will highlight how cryptocurrencies can help build a greener future by the efforts of the crypto creators. The green NFTs have not just any typical NFT category, but they are NFTs that are minted on Proof-of-Stake (PoS) blockchains. Lesser valued cryptocurrencies can considerably produce fewer carbon footprints because they undergo lesser transactions than Ethereum and Bitcoin. However, bitcoin has an alternative to shut the sustainability questions with its Bitgreen green initiative.
Let us highlight some green NFTs that have already started their green initiative for sustainable mining of the NFTs.
An initiative launched by Bitcoin. Bitgreen is a completely open and permissionless type of Blockchain built to promote the green NFT movement for NGOs and ESG groups. It is not a green NFT of mere words; the real motive of green NFTs is to create a movement of raising awareness and funds to support sustainability. This NFT aims to raise 10 trillion dollars in just ten years to promote sustainability considerably.
Based on the concept of solar energy’s efficiency in the domain of sustainability. The solarcoin is the Cryptocurrencies that aims to incentivize the perks of harnessing solar energy and creating a solar energy-driven planet. 99% of the solarcoins generated have distributed to the solar energy generators as the proof of their work. The distribution of solarcoin also occurs using traditional alt-coin mining means and an active distribution via the environmental groups.
Nano transfers instantly and is free to trade.
This digital currency mostly runs on a proof of work basis. They aim to reduce the waste that has mostly linked with the crypto-transactions, and it uses an Open Representative Voting protocol for lowering the energy usage. Thereby totally increasing the efficiency numbers.
“Ouroboros” has the proof of stake system used by Cardano. It had developed by Charles Hoskinson, the founder of Ethereum. Cardano is indeed a decentralized platform that is sufficient enough to use just 0.5479 kWh amount of energy. With a commendable set of proof of stake protocol, Cardano can leave a major mark with its sustainability credentials. Cardano comes fifth in the line while talking about the known crypto names, and along with its feasible usage, it has known to hold solutions caused by the problems created by the known names in the crypto world– Ethereum and Bitcoin.
Bottom line: Will the Green NFT really work for promoting sustainability?
It cannot be completely answered if the green nfts will actually mark their presence in the already carbon-crusted world of today. All that can be done is trying to provide solutions that can somewhat help in keeping. The earth green while aiding technical advancement. Blockchains like Polygons have made atop Ethereum, and mining NFT, even with Polygon, is as bad as using Ethereum itself. Though Ethereum makers are assuring to cut down their carbon emissions by 90%, a question still remains unanswered.
Will it really make a difference?
Is the technical strength united for switching to green NFTs in a few years, or have these just assumptions? The answers have yet to be prepared, fully ready to be kept out on the table.
The WWF World wildlife fund recently announced its plans for releasing an NFT collection backboned by Polygon. But it instead became a hot topic for public outrage and objections. Although the project had initially aimed to raise sums for wildlife conservation, it couldn’t change the minds of the rejections. Even though the WWF came into its defense, calling out that a single transaction on. Polygon emits just approximately 0.2065 grams of carbon dioxide, the debate, in turn, only grew stronger. Thus the usage of green NFTs is still a hot topic in the modern-day tech-talks.
The only way that can be painted in the picture. Right now is the entrance of more brands into the NFT business. The mass adoption by the brands will no doubt create ways for a more sustainable. NFT mining that can efficiently tackle the climate crisis. No problem if the steps are steady and slow. We must remember the pre-NFT era’s famous saying, “ Slow and Steady wins the race.”