Are NFTs Worth Boiling the Earth?

Short answer: no. Do we really need a longer one?

To understand how NFTs affect the environment, we first need to understand a few concepts around it. NFTs are promoted online through bidding and sales, and even though some think the Internet is magic (sometimes I do), it is actually a network of various computers that store and transmit information to each other around the world. The whole process requires a lot of electrical power to work properly and, therefore, produces a lot of heat.

The combination of the transactions behind NFTs (powered by Ethereum, a crypto  and small contracts marketplace) and data storage overall increase carbon emissions in the atmosphere. As a platform that promotes the future of trades and the way we consume art as a society, it would be expected that NFTs would be more climate sensitive, especially following the recent trend behind major corporates to rely on sustainable methods as a marketing stunt. It’s overwhelming to see yet another futile and powerful energy consumption bomb rise while we could be using money, technology and resources to promote alternative ways to appreciate art and culture.