The NFT market is growing day by day, but with this growth, the reactions towards the sector continue to increase. Some see it as a form of money laundering, while others argue that digital art cannot be real art. However, the latest developments on the subject show that many still do not understand the logic of NFT, and moreover, they raise their eyes when they say eyebrows.
As it is known, a while ago, WWF (World Wildlife Fund) announced NFT projects to raise money to save endangered species. However, many environmentalists reacted to this move of the foundation. The groups that argue that the crypto market has negative effects on the carbon footprint caused WWF to abandon the project in question!
Ignorance or Industriousness?
There are already over 17,000 cryptocurrencies on leading platforms like CoinMarketCap. On the other hand, NFTs, which have been the rising star of the crypto community since last year, are becoming more and more active. The issue of “clean energy”, which includes Elon Musk and has become a topic of discussion for a long time, is a fact that has some justification, but can even remain innocent when compared to other sectors.
As a matter of fact, cryptocurrencies affect the environment, but this effect is no more than the damage caused by all other sectors. On the other hand, many crypto projects continue on their way with the aim of least harm to the environment.
For example, Cardano (ADA), the 6th largest cryptocurrency worldwide, strives to be a “climate positive project”. Cardano recently reached its goal of planting 1 million trees and is working on a proof-of-stake model that is more environmentally friendly than ETH.
Algorand (ALGO), which is among the top 25 cryptos in the world, is committed to being carbon neutral and receiving the title of “Greenest Blockchain”. In addition, the project, built on a low carbon footprint, continues to reduce emissions without sacrificing safety or speed.
Contrary to What You Think…
Transactions on the Ethereum (ETH) network, where the majority of NFT transactions take place, cost around 2 days of electricity for the average home. On the other hand, the touring expenses of famous musicians consume much more energy than the entire NFT market combined.
And while all these discussions continue, environmental pollution caused by plastic consumption continues to increase and animals that are in danger of extinction due to canceled projects continue to disappear!