what is an eco friendly nft

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NFT: Non-Fungible Token. A unique token (i.e. long number or string) that is associated with some media (e.g. image, video, poem, whatever) or any unique asset, such as a house, property etc which has its ID or file registered specifically to one block on the blockchain.

What are NFTS?

Feb 10, 2022 · eco-friendly NFT. eco-friendly NFT. February 10, 2022; Art News Digital Art Latest Art News NFT’s; This headline caught my eye! How in the world can an NFT be eco-friendly? Or why did they think that? I recently read that the World Wildlife Fund were thinking about plans to raise money for conservation by minting its own NFTs.

Are NFTS bad for the environment?

Oct 12, 2021 · Voice is one of many NFT marketplaces positioning themselves as eco-friendly/carbon neutral/environmentally sustainable alternatives to popular platforms. For example, NFT marketplace Abris.io is built on the carbon negative blockchain, Algorand, which utilizes “unique consensus mechanisms” to be more energy efficient.

What is an NFT platform/marketplace?

May 17, 2021 · In theory, digital assets are a lot more eco-friendly because there isn’t any physical manufacturing and delivery involved, essentially cutting the entire supply chain. Transactions are handled between the NFT owner, the marketplace, and the buyer, so it’s a straightforward process that only requires physical labor and some electricity to complete.

Are NFTS the solution to the emissions problem?

Feb 09, 2022 · Eco-Friendly NFT Scrapped by World Wildlife Fund. By Johanna Campbell February 9, 20227 mins read. WWF planned to turn endangered species into an eco-friendly NFT series, in the name of conservation. Safe to say, this did not go down well…. Last week, the UK arm of the wildlife conservation organisation, WWF announced it would be using NFTs to raise awareness …

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Is NFT bad for the environment?

As the market grows, the concern for the environment grows. Most NFTs trade on the Ethereum network. This means that each transaction uses a mining process to confirm the trade and transaction. The energy used in mining concerns many who feel that it can add to carbon emissions if non-clean energy sources are used.Feb 18, 2022


What is NFT and why is it bad?

NFTs are illiquid and speculative investments. Since it is a new asset and marketplace, there is not a lot of historical data to research. It is a very volatile investment. As with most art, digital or physical, the value of it is relative and based on what someone is willing to pay for it.Feb 2, 2022


Why is NFT unsustainable?

The environmental impact of NFTs is similar, as it uses energy-intensive computer transactions to authenticate and sell the art. … “That being said, using specialized computers for mining that can become unprofitable within a few years creates large amounts of e-waste.”


What is an NFT platform?

NFT stands for non-fungible token. It’s generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that’s where the similarity ends. Physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another.Feb 15, 2022


What is an example of NFT?

Non-fungible tokens can digitally represent any asset, including online-only assets like digital artwork and real assets such as real estate. Other examples of the assets that NFTs can represent include in-game items like avatars, digital and non-digital collectibles, domain names, and event tickets.


Why NFTs are the future?

NFTs create new ownership opportunities, and remix old ones. NFT, or nonfungible token, is a buzzy term that many of us heard for the first time in 2021. A new way to determine ownership of digital property using a blockchain ledger, NFTs are increasingly popular in the art and collectibles scenes.Jan 1, 2022


Why are NFTs controversial?

Why are NFTs controversial? There’s a lot of money being made in the NFT market, but you’ll have heard there’s also great controversy, not least due to the impact on climate. The creation of blockchain assets, NFTs included, uses a horrendous amount of computing power – and so a huge amount of energy.Feb 11, 2022


Are NFTs worth it?

Similar to bitcoin and other cryptocurrencies, NFTs are bought, sold, and stored using blockchains. Unlike bitcoin and other cryptocurrencies, NFTs cannot be interchanged. NFTs may increase in value, but they could become worthless. The future of NFTs is highly speculative.


Are NFTs good?

NFTs are not like a stock or a bond where you generally know the intrinsic value of that investment. A successful NFT is similar to a strong brand, and a lot of value is given to it by other people, so it’s “only as valuable as someone else is willing to pay for it,” says Yang.Feb 14, 2022


What is the best platform for NFT?

Here are some of the best NFT marketplaces right now.OpenSea. OpenSea is the leader in NFT sales. … Axie Marketplace. Axie Marketplace is the online shop for the video game Axie Infinity. … Larva Labs/CryptoPunks. … NBA Top Shot Marketplace. … Rarible. … SuperRare. … Foundation. … Nifty Gateway.More items…


What is the best platform for NFT art?

11 NFT marketplaces you should knowOpenSea. The broadest and most established NFT marketplace. … Nifty Gateway. The NFT marketplace with big drops. … Rarible. The NFT marketplace for rare media and sports collections. … Binance NFT. One of the largest and future-proof NFT marketplaces. … SuperRare. … Async Art. … MakersPlace. … KnownOrigin.More items…•Feb 19, 2022


How do I make an NFT?

How to Make an NFTPick your item.Choose your blockchain.Set up your digital wallet.Select your NFT marketplace.Upload your file.Set up the sales process.Making NFTs can be a profitable investment.Mar 1, 2022


What is smart contract?

Smart contracts are what creates and keeps track of NFTs, ASAs, Dapps etc. Some of these types of contracts can be legally binding. Minting an NFT: The act of ‘creating’ an NFT, i.e. registering the token on the blockchain, and associating it with your media (e.g. file).


What is WIP wallet?

Wallet: A blockchain analog for a bank account on the blockchain, which contains your cryptocurrency. Different cryptocurrencies often require different wallets.


What is the oldest cryptocurrency?

Bitcoin (BTC) is the most well known cryptocurrency and the oldest. Ethereum (ETH) is another well known cryptocurrency (and the basis for most current CryptoArt platforms). There are thousands of other cryptocurrencies (typically small volume cryptocurrencies are collectively known as altcoins ).


What is NFT token?

An NFT is a unique cryptocurrency token that can take the form of pretty much anything digital — art, a GIF, or even Twitter CEO Jack Dorsey’s first tweet. (For a more detailed look at what an NFT actually is, check out this breakdown .)


What is NFT in gaming?

NFT stands for “non-fungible token,” and it can technically contain anything digital, including drawings, animated GIFs, songs, or items in video games.


What is the environmental nightmare?

An “ecological nightmare pyramid scheme”. Individual pieces of crypto art, non-fungible tokens (NFTs), are at least partially responsible for the millions of tons of planet-heating carbon dioxide emissions generated by the cryptocurrencies used to buy and sell them. Some artists — including those who have already benefited from …


How much did Christie’s sell its first digital piece of art?

Famed auction house Christie’s just sold its first “purely digital piece of art” for a whopping $69 million. For that price, the buyer got a digital file of a collage of 5,000 images and a complex legacy of greenhouse gas emissions.


Who is Mike Winkelmann?

Digital artist Mike Winkelmann, who goes by the name Beeple, is a believer in a more sustainable future for NFTs. His work “Everydays: The First 5000 Days” was the one that got the eye-popping $69 million bid at Christie’s.


Will Ethereum ever change?

The problem is that people have been waiting for years for Ethereum to make the change, and some are skeptical that it ever will. First, Ethereum will have to convince everyone that proof of stake is the way to go. Otherwise, the whole system could collapse.


Is Ethereum a proof of work?

Ethereum, like most major cryptocurrencies, is built on a system called “proof of work” that is incredibly energy hungry. There’s a fee associated with making a transaction on Ethereum — and, ironically, that fee is called “gas.”.


Bounty For More Ecologically Friendly NFTs (Non-fungible Tokens)

Problem: Making a living as an artist is historically extremely challenging. For many artists and their families, the digital art economy built around NFTs has saved them financially, particularly during COVID with its uncertain economy and poor job market.


DETAILS

Donations: Donations to the GreenNFTs bounty can be made on our Gitcoin page.#N#Awareness Bounty: Details for the awareness bounty can be found on the GreenNFTs Github repository.#N#Solutions Bounty: Details for the awareness bounty can be found on the GreenNFTs Github repository.


FAQ

What are NFTs?#N#A non-fungible token is a special type of cryptographic token which represents something unique; non-fungible tokens are thus not mutually interchangeable.

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Introduction

  • This article is not a comprehensive “CryptoArt for beginners”. It’s more of a very brief (as possible) first step towards a guide for the adventurous artist who wants to create and sell CryptoArtworks (or NFTs) on the blockchain – on sustainable platforms. Since the field is moving so rapidly, the information below is likely to go out of date very quickly. We will try to keep it up to date via pull-…

See more on github.com


Glossary

  • The purpose of this section is to introduce concepts in an incredibly brief (1-2 sentences each) manner. For more information please follow the links. 1. Blockchain: A decentralized database. The technicalities of this are not relevant for our discussion. What is important to know however, is that there are many different blockchains (e.g. Bitcoin, Ethereum, Cardano, Algorand, Polkado…

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NFT Platforms & Marketplaces

  • These are the websites that you would use to upload, ‘mint’ and sell your works.For sake of simplicity, we can say that from an ecological perspective, Ethereum (which uses PoW), is the worst (unless sidechains or L2 scaling is implemented). Platforms using different blockchains (e.g. using PoS, PoA etc) will generally be hundreds times more efficient. For those wishing to n…

See more on github.com


Blockchains

  • There’s not much an individual CryptoArtist can do with the following information without a platform (i.e. website and marketplace) using these blockchains, or without coding everything themselves. But the list is still included here as a guide, in case you hear these words and wonder what they are:

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Risks

  1. Cryptocurrencies are notoriously volatile [4], and their values can dramatically fall (or rise). E.g. if you sell a NFT for 1 ETH, which is currently worth ~$1600, the value of ETH could later drop…
  2. This becomes potentially even more risky (or potentially more rewarding) with cryptocurrencies that have a much smaller market cap (e.g. NEAR, XTZ, AVAX etc), which co…
  1. Cryptocurrencies are notoriously volatile [4], and their values can dramatically fall (or rise). E.g. if you sell a NFT for 1 ETH, which is currently worth ~$1600, the value of ETH could later drop…
  2. This becomes potentially even more risky (or potentially more rewarding) with cryptocurrencies that have a much smaller market cap (e.g. NEAR, XTZ, AVAX etc), which could die and drop to zero (or g…
  3. Please act responsibly. Seek financial advice if need be (preferably not from YouTube, TikTok, Elon Musk or Chamath Palihapitiya).
  4. The smaller blockchains are likely to have fewer collectors. So expect smaller sales on these platforms. (Though as more people start to use these blockchains for NFTs the prices will lik…


Acknowledgements & Contributions

  • The information in this document is a collective effort from many people including: Memo Akten, Primavera De Filippi, Joanie Lemercier, Addie Wagenknecht, Mat Dryhurst, Sutu_eats_flies, everybody in the “Clean-NFTs” discord and many more.(Also see https://github.com/memo/eco-nft/graphs/contributors) Please submit a pull-request or issueif you would like to make any chan…

See more on github.com


References

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