The climate controversy swirling around NFTs
Justine Calma,
The Verge,
Mar 18, 2021
This is a follow-up to an earlier post on non-fungible tokens (NFT) and makes the point that blockchain technology - which is what NFT are based on - poses a significant environmental problem. " Ethereum uses about as much electricity as the entire country of Libya," we read. But there are two subsidiary points worth making. First: it's an environmental problem only because so much electricity is generated using hydrocarbons. The argument here is not to oppose blockchain, but rather, to demand electricity be created from alternative sources. Second is Ethereum's impending switch to proof-of-stake, which would reduce its energy consumption to almost nothing. This article is sceptical about the prospect, but in fact, the conversion has already started.
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