{"id":199223,"date":"2021-03-11T05:08:45","date_gmt":"2021-03-11T02:08:45","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/true-or-false-a-single-nft-can-power-a-european-household-for-1-5-months\/"},"modified":"2021-03-11T05:08:45","modified_gmt":"2021-03-11T02:08:45","slug":"true-or-false-a-single-nft-can-power-a-european-household-for-1-5-months","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/true-or-false-a-single-nft-can-power-a-european-household-for-1-5-months\/","title":{"rendered":"# True or false? A single NFT can power a European household for 1.5 months"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4125e517637\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4125e517637\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/true-or-false-a-single-nft-can-power-a-european-household-for-1-5-months\/#But_what_if_crypto_was_good_for_the_planet\" >But what if crypto was good for the planet?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># True or false? A single NFT can power a European household for 1.5 months <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>The recent boom in non-fungible tokens, or NFTs, has been accompanied with controversy and concern over the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>\u2019s environmental impact due to the computational power required.<\/p>\n<p>Out of all transaction types on a blockchain, NFTs are some of the most intensive of them all as they often involve numerous complicated transactions and executions of smart contracts in the minting, bidding, selling, and transferring process. This is sometimes reflected in transaction costs reaching hundreds of times more than that of a simple transaction.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Almost 5k is the price to accept a bid on <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rariblecom?ref_src=twsrc%5Etfw\">@rariblecom<\/a> now!!  Is it because of ETH high gas fees\u26fd\ufe0f or some type of bug  ?  <br \/>Thoughts ? <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/tYoV1ilB85\">pic.twitter.com\/tYoV1ilB85<\/a><\/p>\n<p>\u2014 Olive Allen (@IamOliveAllen) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/IamOliveAllen\/status\/1357010946011639808?ref_src=twsrc%5Etfw\">February 3, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>In the past, the impact of such concerns was minimal, however, in recent weeks, some artists and platforms are starting to cancel NFT plans as a result. Digital artist Joanie Lemercier <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/joanielemercier.com\/the-problem-of-cryptoart\/\">canceled<\/a> his second Nifty Gateway drop after becoming aware of the environmental impact of the platform\u2019s sales:<\/p>\n<blockquote><p>\u201cIt turns out my release of 6 CryptoArt works consumed in 10 seconds more electricity than the entire studio over the past 2 years.\u201d<\/p><\/blockquote>\n<p>Art portfolio platform ArtStation canceled its NFT drop of prominent artists hours after announcing it due to excessive backlash on the environmental impact of NFTs.<\/p>\n<p>However concrete figures behind NFTs\u2019 real carbon footprint remain elusive.<\/p>\n<p>In December, 2020, computational artists and engineer Memo Akten developed the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/cryptoart.wtf\/\">CryptoArt.wft<\/a> platform which calculates the energy usage and CO2 emissions of any NFT on SuperRare, Nifty Gateway, or any individual transaction on Ethereum.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/6675595e-ab5e-4db8-865b-d2facef30bae.png\"><figcaption style=\"text-align: center;\">Carbon footprint of Supreme x Federal Resrve 02 NFT. Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/cryptoart.wtf\/#https:\/\/superrare.co\/artwork-v2\/supreme-x-federal-reserve-02-quantitative-easing-10215\">CryptoArt.wtf<\/a><\/figcaption><\/figure>\n<p>According to the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/cryptoart.wtf\/#https:\/\/superrare.co\/artwork-v2\/supreme-x-federal-reserve-02-quantitative-easing-10215\">website<\/a>, the above NFT on SuperRare has consumed 421 kWh, the equivalent energy to an EU resident\u2019s electricity consumption for 1.5 months. On the site, Akten provided a link to his in-depth analysis behind his calculations, adding that the average NFT has a footprint of <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roximately 340 kWh.<\/p>\n<p>Offsetra, a project helping to offset cryptocurrencies\u2019 carbon footprints, uses the same methodology as Akten but <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.notion.so\/Carbon-FYI-Methodology-51e2d8c41d1c4963970a143b8629f5f9\">admitted<\/a> the calculations have \u201cclear gaps.\u201d These figures, alarming as they are, only apply to Proof-of-Work blockchains (which include Ethereum and Bitcoin) and apply various assumptions.. <\/p>\n<p>\u201cFor the time being we have included a 20% buffer in our calculations to include both unknown mining pools, and inefficiencies in the network that may lead to energy losses (e.g. such as via waste heat at the point-of-use),\u201d Offsetra added. This 20% buffer was removed on March 8.<\/p>\n<p>However there is light on the horizon with the emergence of Proof-of-Stake blockchains, such as Eth2. These are viable alternatives for NFT minting and use just a fraction of the computational power required to securely transact on them, Akten <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/memoakten.medium.com\/the-unreasonable-ecological-cost-of-cryptoart-2221d3eb2053\">stated<\/a>.<\/p>\n<blockquote><p>\u201cETH2 aka Serenity [uses] a Proof-of-Stake (PoS) consensus algorithm which is orders of magnitude more computationally efficient.\u201d<\/p><\/blockquote>\n<p>Nifty Gateway <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/joanielemercier.com\/the-problem-of-cryptoart\/\">responded<\/a> to artist Lemercier\u2019s concerns stating that Layer2 scaling on Ethereum can be deployed in weeks and in doing so, \u201cWe can reduce the impact, today, by 99%.\u201d<\/p>\n<p>SuperRare wrote an <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/medium.com\/superrare\/no-cryptoartists-arent-harming-the-planet-43182f72fc61\">article<\/a> responding to some of the environmental issues, stating that calculating transaction costs for NFTs was an incorrect approach as the overall costs of the blockchain remained the same regardless of transaction numbers.<\/p>\n<blockquote><p>\u201cIn other words, if everyone took a break from using Ethereum apps and no transactions were sent for a whole day, the carbon emissions of the network would essentially stay the same,\u201d<\/p><\/blockquote>\n<p>SuperRare explained that they, along with many in the Ethereum community, are aware of inefficiencies of PoW blochains and promised to donate money to aid in ETH2 research while exploring alternative scaling options.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"But_what_if_crypto_was_good_for_the_planet\"><\/span>But what if crypto was good for the planet?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In a counterintuitive approach, Delphi Digital co-founder and head of research Medio Demarco wrote a recent <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.delphidigital.io\/reports\/bitcoin-can-help-save-the-planet\/\">post<\/a> arguing that cryptocurrency mining could, in fact, help save the planet. He states that the network incentivizes cheap energy which now means clean energy.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/93692552-d459-4798-af36-526a0cba1a74.png\"><figcaption style=\"text-align: center;\">Cost and generation of electricity over time. Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.delphidigital.io\/reports\/bitcoin-can-help-save-the-planet\/\">Delphi Digital<\/a><\/figcaption><\/figure>\n<p>Part of his reasoning revolves around miners using otherwise unused clean electricity, allowing clean energy farms to monetize 100% of their production rather than only a fraction of it. This in turn could be enough to fund new clean energy infrastructure. He argued:<\/p>\n<blockquote><p>\u201cThe impact that has on the bottom line can be the difference between funding new solar infrastructure right now or waiting until the economics improve.\u201d<\/p><\/blockquote>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/true-or-false-a-single-nft-can-power-a-european-household-for-1-5-months\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# True or false? A single NFT can power a European household for 1.5 months &#8221; The recent boom in non-fungible tokens, or NFTs, has been accompanied with controversy and concern over the technology\u2019s environmental impact due to the computational power required. Out of all transaction types on a blockchain, NFTs are some of the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":199224,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDMvZDE2YmRlNTYtMjEzZi00MmIzLWJjNDQtMDVmMGUzODg1NDVmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74894,78717,74891,95118,74935],"class_list":["post-199223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-blockchain","tag-energy-consumption","tag-ethereum","tag-nft","tag-nonfungible-tokens"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/199223","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=199223"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/199223\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/199224"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=199223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=199223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=199223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}