CNBC TV
Feb 18, 2022
Digital art collectibles - also called NFTs or non-fungible tokens are the emerging trend for the new age artist, the art fanatic, and the zealous collector. NFT energy consumption has been making headlines and a growing cause for concern.
Digital art collectibles - also called NFTs or non-fungible tokens are the emerging trend for the new age artist, the art fanatic, and the zealous collector. NFTs have been creating ripples and making headlines lately. Famed auction house Christie’s recently sold its first piece of digital art for a whopping $69 million. Many iconic memes are now being portrayed in their new NFT avatar. Digital art, however, comes laden with an enormous carbon footprint, and NFT energy consumption has become a growing cause for concern. For instance, the carbon footprint of “Space Cat”- an NFT that’s basically a GIF of a cat in a rocket - is equivalent to an EU resident’s electricity usage for two months.
Most digital art distribution draws from the Ethereum platform. Ethereum uses 48.14 kilowatt-hours of energy per transaction. Additionally, security protocols for digital art depend on solving complex mathematical problems; this equates to perpetual and massive computing power demands. Digital art is thus associated with the consumption of copious amounts of electricity during its lifecycle.
ENPOSS recognizes and empathizes with the challenges faced by artists and art collectors in our digital age. It is prudent that digital art connoisseurs looking to expand their gallery evaluate mining sources before purchasing. Purchasing NFTs from coal-driven mining platforms supports ecologically degrading practices. On the other hand, supporting renewably fueled mining can positively influence the NFT market. In addition, crypto origin research can ensure the limited impact of digital art purchases. Artists can offset carbon emissions by investing in renewable energy and opting for energy conservation projects. Thus, optimizing available energy can play a vital role in conjunction with the above practices when it comes to creating and sourcing digital art. FORCE does its bit, enabling you to enjoy your digital art without the guilt or burden.