At this point, we’re all aware that we’ve reached a crucial moment in the fight towards a more sustainable future (if you’re not, let us in on how you scored that sweet deal on a SpaceX ticket to the moon!). It’s clear we must change the vast majority of systems that power our daily lives, as well as the energy sources they draw from.
Gas is a big part of the problem — not only the petroleum that goes into your car, but also the gas (also known as: computing power) required to complete crypto transactions and add blocks to the blockchain. The Ethereum blockchain alone has produced 96,200,000 tons of CO2 since its inception. That’s equal to what 84 of the most carbon producing countries in the world emit in a year, combined.
What gives? Let us explain. Crypto technology has its own built-in security measure in the form of what’s called a proof-of-work system. Adding a new transaction to the blockchain requires energy, and a lot of it.
Only once a complex puzzle is completed can a new entry be uploaded onto the blockchain. The thing is, we’re talking way more complex than your average Rubik’s cube. Like supercomputer complex.
As a kind of insurance policy to against people aren’t uploading false info to the blockchain, this process was created to require a lot of energy and computing power. So, crypto miners end up using the speediest, most powerful, most energy-inefficient computers to solve the most puzzles in the least amount of time. This is why gas fees can run so high — you’re paying for an intense amount of work powered by tremendous electricity costs.
An opportunity to set an example
What’s the solution? Well, don’t look at that NFT you’ve been considering buying like it’s suddenly covered in soot. Pointing the finger at NFTs has become popular, but blaming the industry as the sole cause of crypto’s energy problem is using the art form as a scapegoat.
How responsible are NFTs for the blockchain’s energy-heavy footprint? That answer is constantly being disputed, as minting NFTs is just one kind of transaction performed using blockchain technology. One of the most exciting things about NFTs is how democratic they are: made for-the-people, by-the-people, they emphasize the power of the individual. Ethereum, on the other hand, was up and running long before the art form existed. To blame NFTs for blockchain’s carbon problem is like major oil companies shifting total climate responsibility to the people buying light bulbs for their homes.
So, what to do about our environmental impact?
Sure, you can attempt to simply stop all practices that produce greenhouse gases, but you’ll quickly find yourself naked, hungry, and confined to your cold apartment. Sounds more like an episode of South Park than a solution. The answer lies not in halting necessary processes, but in offsetting negative impacts while looking for a longer-term solution. After all, independent digital artists are suddenly empowered by blockchain technology to make a living from their craft. It is no small thing. It’s one of the largest, most powerful attributes behind the NFT boom.
Ethereum is in the process of switching from a proof-of-work to a more energy efficient proof-of-stake system — encouraging miners to use less electricity to compete with one another for gas.
But there are things we’re doing right now to support NFT artists as well as acknowledge and offset the carbon emissions from blockchain technology. We’re not deterred by the problem. We’re excited to offer a possible solution.
cocoNFT promises to do things differently.
With the help of Aerial, cocoNFT is committed to maintaining carbon neutrality while minting our NFTs. Aerial is an essential new sustainability platform that allows you to calculate the carbon emissions of certain activities — think: travel, online shopping, and even website hosting. They’re particularly focused on the minting of NFTs. Through partnerships with verified environmental projects, they’ve identified ways to offset the carbon costs by donating to various environmental organizations.
We aren’t just committed to offsetting carbon emissions after NFTs are minted. One of the coolest things about cocoNFT is our ability to lazy mint. Lazy minting makes NFTs available off the blockchain, so they’re only minted when they’re sold. This means there’s not the same kind of competition for gas. The lower the gas fee, the less energy required.
Maybe NFTs and the people who love them will be the thing that makes crypto carbon neutral after all. We wouldn’t be surprised.
