Posted on: September 24, 2022 Posted by: usmanmehboob Comments: 0

Like cryptocurrencies, NFT guest posts have disrupted the world as we know it. Now, instead of the Mona Lisa, collectors are clamoring for works by Beeple, 3LAU, and José Delba.

But unlike physical works of art, NFTs are treated differently.


How NFTs Impact Environment By usman mehboob


How do you store NFTs?

Like cryptocurrencies, you can store NFTs on specialized digital wallets. In fact, some of the best Tezro NFT wallet apps have built-in support for mainstream cryptocurrencies. This way you have access to both your crypto and non-fungible tokens on a single platform.

But keep in mind that security is a major concern for digital assets. As cryptocurrencies and NFTs became extremely popular, hackers and cybercriminals began breaking into NFT/crypto wallets and stealing their contents. Despite the various steps taken by wallet providers, hackers are becoming more sophisticated.

For this reason, I highly recommend using both hot and cold wallets. A cold wallet is a hardware storage device such as a pen or hard drive that stores digital assets offline. And this makes it almost impossible for a hacker to gain access to your crypto tokens or NFTs.

What are NFTs?

An NFT or non-fungible token is a piece of media that has been tokenized on a blockchain such as the Ethereum network. Apart from Ethereum, Solana, WAX, Tezos, and Flow are other popular blockchains for NFTs. But since Ethereum is the most established, it currently remains the network of choice for most.

What is the environmental impact of NFTs?

From a technical point of view, NFTs actually have no environmental impact. Instead, it’s the way these assets are produced that has raised a few eyebrows. This is because NFTs require a huge amount of computer processing power to verify transactions. And this, in turn, leads to huge consumption of electricity.

Now let’s look at the overall impact of NFT trading on the environment:

Higher carbon emissions

The overall increase in global temperature caused by global warming
Growing consumption of fossil fuels to generate energy for NFTs and cryptocurrency mining
So naturally, you’re probably wondering if there are any environmentally friendly NFTs that require less energy. Fortunately, the answer is a resounding yes. The popularity of NFTs has encouraged enthusiasts around the world to switch to greener alternatives.

This is why NFTs minted on the Solana and Tezos blockchains are becoming increasingly popular. Since these blockchains use a PoS consensus mechanism to verify transactions, they require significantly less computing power. Let’s now look at some green alternative NFT blockchains.

Green NFT Blockchains to Consider

Here are my picks for the top 3 eco-sustainable blockchains:

1. Solana

Solana, a popular alternative to Ethereum-powered cryptocurrencies, has been widely praised for the speed at which it processes transactions. And all for minimal gas fees unlike those often charged on the Ethereum network. Because of this, Solana is sometimes called the “Ethereum killer” by some. And as an added plus, its NFTs are supported by most NFT wallet apps.

More importantly, because Solana uses significantly less energy than Ethereum to process transactions, the blockchain has a much smaller carbon footprint. This is thanks to the PoS consensus mechanism that keeps things moving quickly. So it should come as no surprise that Solana is considered the second most popular NFT blockchain available.

2. Thesis

Another major contender for the NFT hot spot is Tezos. It uses the same PoS consensus mechanism as Solana to verify transactions. Additionally, blockchain has an active community behind it that appreciates the long-term upgradeability of the network.

One of the reasons why Tezos is the best choice is that it is energy efficient, security-focused, and scalable. That means it’s environmentally friendly, safe to use, and won’t slow down as it gets more users. All of this creates a truly solid NFT blockchain.

3. Flow rate

Considered by some to be the successor to Ethereum, Flow was built with scalability in mind. So it should come as no surprise that the network is energy efficient, scalable, and highly secure. In fact, studies show that minting NFTs on flow consumes less energy than a Google search.

Another thing to note is that Flow is partnering with reputable names like the NBA to mint their own NFTs. All this shows the potential of this blockchain network. And to top it all off, Flow NFT can be saved to the best NFT wallets.

Final thoughts

NFTs are likely to be the future of art and collectibles as we become increasingly digitized. But the onus is now on developers and enthusiasts to find greener solutions. And one way to do this is to mint NFTs on blockchain networks that are sustainable.

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