45 min
Debating the Environmental Impacts of NFTs & Crypto Art Crypto Art
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- Visual Arts
RESEARCH & SOURCES
Eric Elliott “NFTs are VERY GOOD for the environment”The Next Web "Sophia the robot ‘created’ an NFT artwork and it sold for almost $700K"Ten Hundred “My Art Almost Destroyed the Environment: The Dark Side of NFTs & Crypto Art”SuperRare “No, CryptoArtists Aren’t Harming The Planet” Loopify “The Big Problem with NFTs: Energy Consumption”Memo Akten “The Unreasonable Ecological Cost of Crypto Art”Wired “NFTs are Hot. So Is Their Effect on the Earth’s Climate”Cheddar Now “How NFTs and Crypto Art Impact The Environment”Unchained Podcast “Why This Environmentalist Doesn’t Blame Creators for the Carbon Footprint of NFTs”
3D RENDERING
800 watts an hour for 3D rendering. 19kWh per day. Average NFT is 38-48kWh, so 2-3 days of rendering = 1 NFT transaction.
Source: Andrew Price, Blender GuruSource: Render Street Blog
T-SHIRT PRODUCTION & NFTS
It takes about 494 kWh to make just one cotton t-shirt. 200 cotton shirts would be 98,800 kWh, which equals energy consumption of the average American home in 8 years or 2,058 ETH transactions. (This does not include printing, shipping, etc for customized shirts). CO2 emissions from t-shirts: 2.1kg per shirt. 420kg per 200 shirts. 1 NFT transaction is 28kg CO2.
Source: World Wildlife Fund “Impact of a Cotton T-Shirt”
NFT TRANSACTIONS
Important to note that this is for a single transaction for an NFT. Memo Atkin analyzed ~1,800 NFTs and found, with all the transactions, which can include: Minting, Bids, Canceled Bids, Sales and Transfer of Ownership, that the average is: 340kWh and 211kg CO2. But again, this is still half the footprint of the cost of producing 200 cotton t-shirts.
Source: Memo Akten “The Unreasonable Ecological Cost of Crypto Art”
ALTCHAINS MENTIONED
Algoranda href="https://pixeos.io/" rel="noopener noreferrer"...
RESEARCH & SOURCES
Eric Elliott “NFTs are VERY GOOD for the environment”The Next Web "Sophia the robot ‘created’ an NFT artwork and it sold for almost $700K"Ten Hundred “My Art Almost Destroyed the Environment: The Dark Side of NFTs & Crypto Art”SuperRare “No, CryptoArtists Aren’t Harming The Planet” Loopify “The Big Problem with NFTs: Energy Consumption”Memo Akten “The Unreasonable Ecological Cost of Crypto Art”Wired “NFTs are Hot. So Is Their Effect on the Earth’s Climate”Cheddar Now “How NFTs and Crypto Art Impact The Environment”Unchained Podcast “Why This Environmentalist Doesn’t Blame Creators for the Carbon Footprint of NFTs”
3D RENDERING
800 watts an hour for 3D rendering. 19kWh per day. Average NFT is 38-48kWh, so 2-3 days of rendering = 1 NFT transaction.
Source: Andrew Price, Blender GuruSource: Render Street Blog
T-SHIRT PRODUCTION & NFTS
It takes about 494 kWh to make just one cotton t-shirt. 200 cotton shirts would be 98,800 kWh, which equals energy consumption of the average American home in 8 years or 2,058 ETH transactions. (This does not include printing, shipping, etc for customized shirts). CO2 emissions from t-shirts: 2.1kg per shirt. 420kg per 200 shirts. 1 NFT transaction is 28kg CO2.
Source: World Wildlife Fund “Impact of a Cotton T-Shirt”
NFT TRANSACTIONS
Important to note that this is for a single transaction for an NFT. Memo Atkin analyzed ~1,800 NFTs and found, with all the transactions, which can include: Minting, Bids, Canceled Bids, Sales and Transfer of Ownership, that the average is: 340kWh and 211kg CO2. But again, this is still half the footprint of the cost of producing 200 cotton t-shirts.
Source: Memo Akten “The Unreasonable Ecological Cost of Crypto Art”
ALTCHAINS MENTIONED
Algoranda href="https://pixeos.io/" rel="noopener noreferrer"...
45 min