NFT (Non-Fungible Token)

NFT stands for Non-fungible token. In general terms, NFT can be regarded as a certificate that implies you to be the owner of a digital artwork different from physical art. Though NFT is not a fresh term as it has already been in existence since 2012 but has been in circulation in 2021. NFT has literally changed the face of art into digital ownership for a lifetime.

Impact of NFT on the environment

The debate goes that NFTs is certainly impacting the environment, as per the environmentalist the human beings are on an attempt that helps them make money by polluting the earth. But how?

So the matter that swirls around is that NFTs are operated on blockchain technology and this is made possible by mining that consumes an enormous amount of electricity and that’s the main issue behind creating the worst impact on the climate. Most NFTs are on the matrix of Ethereum and the consumption of electricity on Ethereum mining in a year is equal to the electricity consumption of the entire Ireland country annually.

Some NFT marketplaces are already trying to transition to environmentally friendly processes to mint NFTs with the help of hydroelectricity that may emit the production of carbon dioxide in areas like Sweden and Norway. So keeping in view of this Ethereum is already looking for a way out where the trading of NFTs can be done without carbon dioxide emissions making it more environments friendly though the actual transition may take years to happen in actual