The rush for non-fungible tokens has seen every man and his Doge flock to the non-fungible marketplace to take advantage of the recent craze for tokenized collectibles. Even celebrities who would be assumed to have little engagement with crypto assets have been rushing to cash in, with figures like John Cleese, Tony Hawk, Lindsay Lohan, and Ja Rule together concocting NFTs of varying artistic merit in recent months.
However, the growing adoption of NFT has led to a public backlash on the perceived carbon footprint associated with crypto asset technologies.
Nifty Gateway commits to go carbon negative
NFT platform Nifty Gateway announced on March 29 that it plans to go carbon negative in the near future.
In a post shared on investor Nifty Gemini’s website, the platform’s co-founders announced their intention to calculate Nifty Gateway’s carbon emissions over time and buy twice as many carbon offsets. at the end of each month – theoretically making Nifty a net carbon remover as a whole. .
While the publication acknowledges environmental concerns about the proliferation of NFTs, the founders of Nifty characterized these concerns as the product of double standards to which the crypto industry is often subjected.
Ironically, because blockchains give the world such transparent and accurate accounting of our industry’s energy use, they provide a tangible number to focus on and dwell on, which has led to the application of a double standard to our industry, “says the post, adding:
“There is no blockchain to account for the carbon footprint of the traditional art world.”
Nifty will also be rolling out a new token striking system that will use Ethereum’s recent EIP-2309 upgrade, which hopes to improve the energy efficiency of its token creation by 99%.
A former music magazine will transform its catalog into “sustainable” NFTs
Popular music media publication Spin has partnered with liquidity firm Nax to publish NFTs depicting the magazine’s acclaimed photographs, claiming the tokens are environmentally sustainable.
Spin, which now operates as a media company after operating as a print magazine between 1985 and 2012, will provide its full archive of content to tokenize and collect.
While the two companies have announced that they will work to launch an “energy-efficient” NFT marketplace and an issuance platform to host Spin’s tokens, the announcement made no estimate as to how much. to the future platform’s carbon footprint.
Investing in NFTs is like going to the casino: CEO of BNP Paribas bank
In an interview with Bloomberg on March 24, CEO of French bank BNP Paribas, John Egan, described NFTs among the “riskiest asset classes”.
Comparing investing in NFT to visiting a casino, Egan urged collectors to only buy non-fungibles for fun:
“I don’t think we could find a lot more risky asset classes at this point. I think it’s probably akin at this point, walking into the casino. You know you’re going to spend the money, but maybe you’re doing it for the fun of it, for the experience.
“If you win you’re in luck and I think that’s the way we have to think about it at this point; it is in its initial phase, ”he added.
Despite the game analogy, Egan predicted that NFTs would become a “fundamental economic infrastructure” within the virtual economy over the next decade.
Pamela Anderson hints at upcoming NFTs
Pamela Anderson has been active on the BitClout social token platform after being verified on March 27. The former Baywatch star is distributing signed copies of his latest Playboy magazine cover of 2016 to the three biggest holders of his designer coin.
BitClout is one of several platforms that have emerged to facilitate NFT celebrity money making, allowing influencers to UKTN “designer coins” for their fans to trade and collect.
Anderson’s coin is currently valued at over $ 12,000, with the celebrity hinting that token holders may soon receive an NFT airdrop:
“My sons told me about NFT – Who knows… I could maybe give a Pamela NFT to all my coin holders when the time comes;)”