Energy & environment / 8 posts found
SuperRare Co-Founders Explain How the Merge Will Shape the Future of NFTs
The Ethereum merge is still fresh. Not even a month has passed since the second-largest blockchain switched from an energy-intensive proof of work validation mechanism to proof of stake, lowering its energy consumption by 99.5 percent. But context clarifies the magnitude of this change. In the summer before the merge, Ethereum consumed nearly 60 tera-watt hours (TWh) per year, which was roughly on par with the country of Uzbekistan’s annual energy needs. It also meant that the blockchain had a carbon footprint comparable to Azerbaijan’s, emitting roughly 33 megatons (MT) of carbon a year. Take a look at the graph […]
The White House Just Released a Framework for Regulating Digital Assets
The Alpha: Early in September 2022, the White House published a report calling for more sustainable practices across the blockchain industry. Now, the White House has offered solutions in the form of a comprehensive framework centered around the “responsible development of digital assets.” This framework outlines the actionable next steps that will be taken, which include things like: Regulators scaling up investigations into digital asset market misconduct, redoubling their enforcement efforts when it comes to existing rules and regulations, and strengthening interagency coordination. The Financial Literacy Education Commission leading public-awareness efforts to help consumers understand the risks involved with digital […]
White House to NFT Space: Make Minting Greener
The Alpha: A Thursday report published by the White House on Thursday has detailed a list of steps all blockchains can take to become more environmentally sustainable, which directly affects the NFT space. The report argues blockchains operating under a proof-of-work consensus mechanism — namely Bitcoin and Ethereum — are particularly energy-consumptive. With Ethereum taking up to “20% to 39%” of the global energy usage generated by blockchains, the upcoming Ethereum merge may help reach the sharp reduction in blockchain energy consumption the White House is calling for as it shifts to a proof-of-stake consensus mechanism. The report follows the […]
Ethereum Merge: Here’s What to Expect From the Groundbreaking Move
The mythical merge is finally coming to fruition. And, after a rough-and-tumble year for the crypto world, Ethereum’s long-awaited software update could inject some much-needed energy into the Web3 space while scoring a significant win for the environment. The transition, years in the making, is technically sophisticated, controversial, and likely to be the biggest event in the crypto space for some time to come. So, let’s break down what the merge is, why it’s essential, and what it means for the future of the crypto and NFT space. What exactly is the merge? The Ethereum blockchain is the technical infrastructure […]
NFTrees Could Help Africa Combat Land Degradation
When most people hear the phrase “NFT,” they probably don’t think “sustainability.” In fact, they probably think the exact opposite — that NFTs are increasing global warming and expediting the impact of climate change. But these concerns are significantly overblown. Yes, NFT technologies do consume some energy. However, it’s nowhere near the levels indicated in the much-hyped studies often cited by detractors. And in fact, NFTs have actually led to some truly intriguing projects that could help address climate change. Enter Kaloscope. The metaverse platform recently announced it would be adding William Kwende to its board as its Strategic Sustainability […]
How This NFT Project Is Helping a Species Go ‘Unextinct’
Hype. What image does that word evoke in your mind? Is it a massive super-conference? A truly exclusive drop? Goblins? For wildlife photographer Tim Flach, it’s Spix’s Macaw taking flight in the wild for the first time in 22 years. On June 11, 2022, Spix’s Macaw became the first species to go “unextinct,” with a group of birds being released in Bahia state, Brazil. To celebrate the watershed moment in animal conservation, Flach partnered with Atlas Labs and the Association for the Conservation of Threatened Parrots (ACTP) for his debut into the NFT space: Project Unextinct — a collection of […]
Australia Zoo Partners to Launch NFTs on Carbon Negative Blockchain
Time and again, NFTs have proven to be viable tools for funding noble causes. They’ve been used to raise money for wartime refugees, medical debt forgiveness, and conservation efforts. That last application for NFTs is particularly poignant, considering how the environmental impact of Ethereum — the most widely used blockchain for NFTs — is one of the most often levied points of criticism towards NFTs as a whole. This is part of what motivated Australian green NFT startup Meadow Labs’ to partner with Australia Zoo on the Wildlife Warriors NFT drop. The drop celebrates the 20th anniversary of the wildlife […]
New NFTs Offset Marketplace Emissions. The Price is $17M.
Despite all the buzz and hype surrounding NFTs, the early stages of the technology have been mired in controversy. Perhaps the most often cited point of criticism for the technology — and cause for hesitation for any of its would-be adopters — is its environmental impact. So, how bad is it? Los Angeles-based artist Kyle McDonald ran the numbers himself and went to social media to share his findings. The price of progress CO2 emissions generated by Ethereum have skyrocketed in the last year alone. (Source: Kyle McDonald) McDonald’s calculations essentially lined up with most public estimates on the energy […]