The environmental impact of cryptocurrency has been greatly discussed in recent years. Both NFTs and cryptocurrency are based on blockchain which is still a technology that needs to be developed into a more sustainable form. Read more on the subject here.
NFTs are hotter than warm bread at the moment. But one of the massive issues surrounding NFTs and cryptocurrency as well as their environmental impact. Blockchain is responsible for the emission of millions of tons of carbon dioxide into the atmosphere. Some believe that this is a problem that we can and must solve quickly.
While others are more skeptical about whether it is even possible to bring the emission down to a level where we can continue doing this. Now everything seems to be going in the direction of cryptocurrency and NFTs, so it looks like a problem that we will have to figure out how to solve. Luckily, many people are working on exactly this now.
The hype around NFTs
First, let’s take a look at the hype. Cryptocurrencies are expanding rapidly all over the world, and today there are more than 5000 different types of crypto. In recent years, and last year NFTs exploded. The popularity of these non-fungible tokens went through the roof. Artists are making millions, and miners are working their way through play-to-earn games of every scale. If you want to know about what NFTs are, the hype around them, and how to invest yourself, you can go to https://buynft.com/ to get all the information.
The environmental issues of blockchain
You can’t deny the fact that blockchain takes up a lot of energy. But it’s important to remember that every single digital process takes up energy. As it is now, mining takes up massive amounts of energy. But things are changing in the world of crypto. The environmental impact is one of the top priorities for crypto platforms. Some companies are working in alternative information storage while others are focusing their mining on places that primarily use renewable energy.
At the moment, a little more than a third of all bitcoins can be traced to renewable sources. Many are working on solving this problem and are highly optimistic about changing the emissions of blockchain for the better. One of the initiatives is a ZK which is a tool that can move transactions offline and thereby lowering the amount of energy needed for transactions. Innovations like this are what are going to make a big difference.
What does the future hold?
As it is at the moment, everything seems to indicate that the big issues around blockchain and its high carbon-dioxide emissions will be solved. The future does without a doubt hold much more digital currency and assets, so this is an issue that will be taken care of. The question is how quick this is going to go and how the general public opinion will land on this issue.