NFT Marketplace Nifty Gateway Aims to Reduce Carbon Emission
Nifty Gateway decides to reduce the environmental hazards caused by NFTs, so it is planning to launch more environmentally friendly operations. The Nifty network is Ethereum-based, an extremely energy-consuming platform. Despite the growing popularity of NFT in recent times, stakeholders have expressed concerns about its ecological hazard. Crypto firms have also responded to the concerns in different ways. On Tuesday, Nifty Gateway revealed its decision to balance its operations by neutralizing carbon every month. Besides, it is set to begin a new minting operation which is nearly 99% more efficient.
The traditional art world also causes ecological impact, Nifty Gateway co-founder
Meanwhile, a statement released by Nifty Gateway signed by its co-founder, Duncan, the NFT marketplace rejects the claim that crypto arts have adverse effects on the environment, despite pledging to initiate carbon-free operations. Duncan also stated a lack of blockchain to take responsibility for the carbon hazard caused by the traditional art community. He added that the offline art community had not witnessed such condemnations faced by NFTs despite causing more carbon-related hazards. According to Duncan, there is a huge ecological impact caused by other industries such as private and commercial airlines and even congestion in galleries, and vehicular emission of carbon. “This is the cost that comes with transparency and accountability,” Duncan concluded.
The notion that concerned people criticize Nifty Gateway for the transparent feature of Ethereum about carbon emissions might shock you. Should we blame the independent researchers who discovered the facts and figures or the firms that are causing the emissions? Meanwhile, the carbon emissions are massive. According to Prof Memo Akten of UCSD, an NFT collectible by a single artist on Nifty Gateway generates about 86 tons of carbon, which is more than a hundred transatlantic flights.
The ecological footprint generated by NFT must be addressed
There have been growing criticisms against influential figures who have embraced NFT. Some Twitter followers of Aphex Twins, Grimes, and others have threatened to unfollow them for embracing and promoting NFTs, an energy-consuming tech. Not long ago, Nifty Gateway announced an event tagged “The Carbon Drop” to neutralize 500-ton carbon. Likewise, some NFT marketplaces have been working silently on ways to lessen the ecological hazards of NFTs.
Between February and March, some NFTs have been sold for thousands and even millions of dollars. While Grimes sold his videos for $6 million, another artist, Beeple, sold his art collectibles for a whopping $69 million. Behind the enormous revenues NFTs are generating for artists, the environmental impact should be of concern. No customers in the modern day are allowed to consume such a massive amount of energy as NFT. Concerned stakeholders opine that crypto art is not a necessity to warrant the consumption of such energy.
They suggest that it is best not to participate in any NFT transactions and instead keep supporting and patronizing traditional artists. Alternatively, others suggest that you must buy or sell an NFT and select an environmentally friendly marketplace. For example, a miner must show they have a Proof of Work system by demonstrating that they are capable of adding a block to a blockchain. This was intended to ensure that no fraudulent transactions or malicious attacks were introduced into the NFT industry.