Why do NFT projects need to worry about their carbon footprint?

Updated: Sep 19

The more into Web3 you are, the more you realize that there is a lot to worry about when thinking about creating an NFT project. One of these things is directly related to sustainability and the climate crisis we face, as every movement on Web3, registration on the blockchain and new NFT project, uses energy and therefore has an environmental impact.


Although there are uninformed people who deny the climate crisis or some who simply don't care if they are harming the planet or not, at Hype we believe that every attitude matters, which is why Meet Ed is a project that neutralizes the carbon it emits.

WHAT IS A CARBON FOOTPRINT?

The carbon footprint is a methodology created to measure greenhouse gas emissions – all of them, regardless of the type of gas emitted, are converted into carbon equivalents. These gases are emitted into the atmosphere during the life cycle of a product, process or service.


Through the carbon footprint we can analyze the impacts we cause on the atmosphere and the climate changes caused by the release of greenhouse gases from each product, process or service we consume. Every human attitude brings some impact to the planet, no matter how small, and the contemporary way of life emits much more gases than the Earth is capable of absorbing, that is, we are demanding a lot from its biocapacity.


WHY DO NFTS PRODUCE CARBON FOOTPRINTS?

NFTs use a lot of energy as they depend on the blockchain system which needs large amounts of electricity and equipment to run non-stop 24 hours a day. Furthermore, most creators still use Ethereum, which consumes around 31 terawatt hours of electricity a year, almost as much as Nigeria. Bitcoin, which uses about 2.5 times more energy, has an annual energy consumption similar to that of Argentina.


The environmental cost of this type of transaction is not usually considered by the user: "If you're doing something on the blockchain, it's not like you're being directly impacted by the environmental cost of it. It's not you who pays the energy bills, who pays is some 'miner' in a country like China, for example.” says the expert Alex de Vries.


UPDATE: The Merge upgrade transitioned Ethereum to the proof-of-stake model, which is a more energy-efficient and environmentally-friendly system.


HOW DO I OFFSET THE CARBON FOOTPRINT OF MY NFT PROJECT?

More and more companies are looking for ways to reduce the negative impact of their activities, as the challenge to reverse the actions caused by greenhouse gases (GHG) is urgent.

For this, look for partner companies that work to offset the impact of your project. In Brazil, the company that is a reference in this area is Moss, a Climatech that offers solutions for both people and companies that want to offset the carbon emitted in their activities.


HOW IS CARBON FOOTPRINT COMPENSATED AT MOSS?

Compensation is done through MCO2, the first green digital asset on blockchain, created by Moss. Each MCO2 is equivalent to a carbon credit, that is, a ton of CO2 that is no longer emitted into the atmosphere.

Amazing right? So we are pleased to announce that Ed has already taken care of all the details so that the NFT Meet Ed project does not harm the environment.




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