Sashkin
- Millions of trees would have to be planted to offset the carbon emissions of NFTs, a new study found.
- A single tree can process 60 kilograms of CO2 in its lifetime, meaning 1.37 trees can offset one NFT sale, according to NFT Club.
- Sales of the digital collectibles swelled to $41 billion last year.
Millions of trees would have to be planted to offset the carbon emissions of nonfungible tokens, a new study found.
A single tree can process 60 kilograms of CO2 in its lifetime, meaning 1.37 trees can offset one NFT sale, according to NFT Club. The tech firm pointed to an October report that tracked 4.7 million NFTs, which is a fraction of the total in circulation.
"The number of trees needed to account for 5 million NFT sales would be 6.85 million," NFT Club said.
NFTs are generally digital collectibles minted on the blockchain, and separate estimates have put 2021 sales at $41 billion.
While enthusiasts have said these digital collectibles are the key to unlocking the metaverse and the future internet dubbed Web 3, naysayers have argued against their value and pointed out the energy needed to mint and trade the collectibles.
Still, NFTs have exploded in popularity with celebrities, musicians, and athletes, among others, jumping on the trend.
Rapper turned crypto-entrepreneur Snoop Dogg announced on the Clubhouse app Wednesday that Death Row Records, which he bought earlier this month, would become an NFT label.
Editor's note: A previous version of this story incorrectly named Axie Infinity NFTs as the biggest carbon emitter. NFT Club based this on an assumption that the tokens are on the ethereum blockchain, but Axie Infinity was moved to the Ronin chain. NFT Club has since removed Axie Infinity from its list.
source https://markets.businessinsider.com/news/currencies/axie-infinity-has-highest-carbon-emissions-among-nft-collections-2022-2