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Is There Such a Thing as an Eco-Friendly NFT?

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It all depends on which blockchain you use.


Key points

  • The World Wildlife Fund shelved its NFT plans following criticism over high energy consumption.
  • Until Ethereum completes its upgrade, you’d need to use a different network to mint a sustainable NFT.

The market for non-fungible tokens (NFTs) took off in 2021, becoming a $40 billion industry. However, environmentalists are increasingly concerned about the ecological damage of this booming market.

Recently, the World Wildlife Fund (WWF) withdrew its NFT fundraising project, following criticism about the high levels of energy consumption involved in minting and trading the tokens.

What happened to the WWF’s NFTs

The U.K. branch of the WWF launched 13 NFTs of endangered species, including a giant panda, a Galapagos penguin, a Bornean…

Read more…

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