The NFT Nifty Gateway marketplace aims to go carbon neutral in the near-term in order to reduce its ecological footprint as we can see more in our latest cryptocurrency news.
The Winklevoss-owned Nifty Gateway marketplace said that it plans to reduce its ecological footprint as it is now very energy-intensive. The NFT marketplace was facing quote the backlash for its ecological footprint and crypto companies started to respond with some more gracefully than others. The marketplace announced its decision today and hopes to fulfill it through dedicated carbon offsets at the end of each month. It also plans to introduce a new minting process that is 99% more efficient.
hitting the unfollow button when an artist i like starts doing nfts pic.twitter.com/NXLgfUxjY8
— zee yorke 🧃 (@doozical) March 26, 2021
The company’s note by founders Duncan and Griffin Cock Foster dismissed the concerns around the impact crypto has on the climate even as it is committed to going green:
“Because there is no blockchain to account for the carbon footprint of the traditional art world, which includes, inter alia, all of the private and commercial air travel to the Basels, Biennales, and countless other festivals around the world, not to mention the automobile traffic to gallery exhibitions, museums, and so forth, such criticism has not been leveled against the offline art world, despite the fact that its carbon footprint is orders of magnitude greater. Apparently, this is the price of transparency and accountability.”
The goal that the NFT marketplace is only being criticized because of ETH’s transparency around the carbon emissions could strike as a dodge but the blame could lie with the independent researchers that are digging up the figures but also with the companies that are producing them. These emissions are estimated to be quite significant according to a report from Memo Akten who is a professor at UCSD that suggests that one’s artists collection on NFTs on the marketplace produced 86 tons of CO2 which are equaling to 100+ transatlantic flights.
The newest entrants in the NFT space like Rico Nasty, Aphex Twin, and Grimes were also criticized for their embrace of this technology. Recently, Nifty Gateway hosted an auction called “The Carbon Drop” which was accompanied by 500 tons of CO2 offset. This auction houses Foundation and Zora that also worked together to reduce their environmental impact without the many press releases swamping the public.
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