You just minted your first NFT. That’s hot. You know what’s hotter? The Earth. On average, minting a new NFT takes about 130 kWh of electricity. That’s about $27 worth of electricity here in NYC. Selling your NFT will use about 340 kWh of juice, which is about $71 per transaction, which is enough electricity to power your whole house for about two weeks or run your refrigerator for a year.

Some environmental watchdogs are saying that a single NFT could, in just a few months, add hundreds of tons to carbon emissions to the atmosphere and meaningfully contribute to global warming.

While it’s true that blockchain technology, which is used for NFTs and cryptocurrencies, is a massive power hog, is the tech really going to meaningfully contribute to global warming? I think we need more data. What do you think? Let me know below.

Want to know more? Visit our Crypto Resources Page for useful links to the distributed ledger and blockchain ecosystem.

 

 

Will NFTs meaningfully contribute to global warming?

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Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it. I am not a financial advisor. Nothing in this article should be considered financial advice. If you are considering any type of investment you should conduct your own research and, if necessary, seek the advice of a licensed financial advisor.

About Shelly Palmer

Shelly Palmer is the Professor of Advanced Media in Residence at Syracuse University’s S.I. Newhouse School of Public Communications and the CEO of The Palmer Group, a consulting practice that helps Fortune 500 companies with technology, media and marketing. Named LinkedIn’s “Top Voice in Technology,” he covers tech and business for Good Day New York, is a regular commentator on CNN and CNBC and writes a popular daily business blog. He’s the Co-Host of the award-winning podcast Techstream with Shelly Palmer & Seth Everett and his latest book, Blockchain - Cryptocurrency, NFTs & Smart Contracts: An executive guide to the world of decentralized finance, is an Amazon #1 Bestseller. Follow @shellypalmer or visit shellypalmer.com.

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