Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
NFT Minting – What Do We Know about Its Environmental Costs?
2.8 k views
A multi-billion dollar sector was born out of the non-fungible token (NFT) market in 2021. Environmentalists are increasingly alarmed about the ecological impact of this growing sector.
Is NFT minting a cause for concern for our planet’s environment? What options do we have in resolving this problem? These crucial questions will be the core of today’s guide.
Minting New NFTs
Minting, adding a specific item to the blockchain, is similar to producing a physical coin. It has been an exciting year for non-fungible tokens, or NFTs. As a result, there has been much attention paid to NFTs recently.
Inventors, artists, and large corporations are keen to cash in on this trend. However, in the process of generating an NFT, one of the most crucial steps is minting.
It’s difficult to predict how long it will take to mint NFTs. However, since most NFT markets make creating an NFT simple, this is usually fine.
Digital material may quickly become NFTs and enter the marketplace. More and more systems allow you to mint NFTs similarly to you upload a video on TikTok. NFTs may be a quick way for some digital creators to make money.
Keep in mind, though, that this movement is just getting started. NFTs found their first usage in the online creative economy.
Monetizing material long after the sale may be a game-changer for artists, musicians, multimedia creators, and video game makers.
Assessing the Environmental Costs of Minting NFTs
A report by NFT Club opened a considerable debate over the environmental cost of NFTs. But, of course, the main problem is the NFT minting CO2 emissions.
You must pay a “gas fee” before you may create an NFT. You must complete this milestone for your NFT to enter the blockchain-distributed database. Remember: NFTs must be on a blockchain if you want to show that you are their sole owner and creator.
According to the study, adding any NFT to a blockchain requires around 83 kg CO2 emissions. Even worse, the carbon cost of each NFT continues to rise even after the minting process.
Specifically, the report estimates the following costs:
- Submitting a bid for an NFT costs 23 kg of CO2.
- Selling an NFT involves the emission of 51 kg of CO2.
- Transferring an NFT emits 30 kilograms of CO2 into the atmosphere.
- Therefore, re-selling an NFT on the secondary market has an environmental cost of 81 kg CO2.
To the general trader, minting and buying NFTs comes down to a mouse click. However, this report is undoubtedly alarming if we consider the vast amount of NFTs on the market.
What if NFTs Consumed Less Energy?
Typically, the process of minting or transferring an NFT requires much energy. But what if we had alternatives to this system? As it turns out, we may have new options.
You can generate NFTs on blockchain systems utilizing the proof-of-stake operating technique without consuming excessive power and harming the planet.
There is less energy consumption in the proof-of-stake approach than in the proof-of-work method. In simple terms, proof-of-stake only requires a little computational power.
Miners are incentivized to use power in a proof-of-work blockchain network to mine blocks. Instead, validators must stake their tokens to participate in a proof-of-stake blockchain.
It is possible to protect a blockchain without needing excessive energy consumption from network members. This is the fundamental mission of any proof-of-stake system.
People can use NFTs in inventive ways to reduce their environmental effects. The following subsections provide more information on the matter.
Renewable Energy
Mining can use renewable energy sources to create NFTs via proof of work. Proof-of-work mining consumes a lot of energy, but the energy doesn’t have to be polluting.
Solar power is a popular alternative, but wind and hydroelectric power are also viable possibilities.
With certain NFTs reaching high prices, some earnings help invest in renewable energy. The environmental effect of generating NFTs might decrease with a large-scale move to renewable energy.
Carbon Offset Credits
The environmental effect of an NFT purchase can decrease by purchasing carbon offset credits. However, to be precise, this instrument does not directly impact the overall amount of CO2 emitted.
However, it does create a financial incentive for others to reduce their polluting emissions over time.
New Technologies
NFT sales earnings could help us invest in climate change mitigation and eco-friendly technology.
An example of an experimental technology that some hope will solve the climate change problem is carbon capture and storage. This system gathers and pumps carbon dioxide emissions underground, with obvious benefits for air quality.
Moving Toward an Eco-Friendly Future for NFTs
NFTs might be environmentally beneficial if this business switches to another blockchain. However, as of today, Ethereum’s dominance in the NFT market is still easy to spot. Ethereum 2.0 should dramatically reduce the system’s environmental impact, but the upgrade may not come before 2023.
Btc
Bitcoin
$62.547
price
price
0.84959%
price change
Knowing the variations between the blockchains is essential to hunt for more sustainable networks. This argument is particularly valid if you’re an ecologically aware NFT consumer. You can influence industry-wide change by leveraging NFT markets that enable these networks.
Previous
Fair Launch vs. Pre-Sale – What Is the Difference?
Next
Checkout.com Introduces 24/7 USDC Settlements for Merchants
Written by
Gianluca Longinotti
@Gianluca
257 posts
More author posts
Banana NFT Goes Live on Telegram After Steam Success
Following the concept's success on Steam, a team of developers has brought the popular Banana Game to Telegram. The "Banana NFT" project introduces a new meta for gamers to earn rewards while playing. This team has also implemented a unique feature. Specifically, users can mine and collect NFTs, with special bonuses for discovering rare bananas. The upcoming giveaway event will attract attention and spread the word about this new game. From Steam to Telegram The Banana NFT team took full…
11 months ago
AeoN-X – A Hybrid Exchange with Proprietary Chain & Earn System Launching Soon
The centralized vs decentralized exchange debate has been ongoing, but what if you could have both on one platform? AeoN-X is introducing a hybrid exchange with a proprietary blockchain and a crypto-earning system. With an experienced team and a complete listing strategy, many Web3 fans are more and more curious about AeoN-X. Let's examine what this AI-based platform offers and how it's rethinking the exchange model. Keep in mind that this project is set to go live through a presale…
11 months ago
Simplified Crypto Trading for Everyone: BYDFi’s Beginner-Friendly Platform
Over recent years, there has been a growing interest in cryptocurrency trading among a wide audience. However, the complexity of the crypto market often deters potential traders, especially beginners. Platforms like BYDFi are dedicated to making crypto trading more accessible and user-friendly for everyone. In this article, we'll explore how BYDFi simplifies crypto trading, making it easier for beginners to navigate the world of Web3. What Is BYDFi? Originally known as BitYard, BYDFi is a leading centralized exchange in the…
1 year ago
Driving the Beat: How Sonorus’ TrendFi Plans to Democratize the Music Industry
Sonorus is working to revolutionize the music industry by bringing fans and artists together. With their innovative TrendFi system, they are creating a space where community engagement drives music trends. Moreover, the project’s ecosystem rewards both fans and artists. Sonorus is more than just a platform. This is a movement set to reshape the way we value and experience music in the digital age. So, how exactly does TrendFi work? Let's dive in and find out. What Is Sonorus? Sonorus…
2 years ago
Spot On Chain – Harnessing AI and On-Chain Analytics for Smarter Crypto Investments
The world of cryptocurrency is an enigmatic labyrinth, full of potential yet rife with complexities. How can one traverse this digital terrain with confidence? A recent project, Spot On Chain (SOC), harnesses AI and on-chain analytics to provide a smarter solution to crypto investments. Today, we'll make sure to look into all the features brought together by this team. From Onchain Signals Newsfeed to Blockchain Personal AI Analyst, the project has a wide offer for the everyday crypto user. What…
2 years ago
The Problems Killing Web3 Projects – How Enflux’s 2-Week Free Solution Can Help
In the rapidly growing burgeoning realm of Web3, projects face unexpected hurdles that threaten their success. One of the primary challenges lies with the market makers: their lack of transparency and collaboration. This article delves into these pressing issues, exploring their implications and unveiling how they stalled growth for numerous projects. We're also shedding light on solutions that could help projects navigate through these murky waters. The Lack of Transparency Among Market Makers The cryptocurrency market, known for its pillars…
2 years ago
Publish your own article
Guest post article. Guaranteed publishing with just a few clicks
START PUBLISHING ADVERTISE WITH USBrowse categories
Explore trending topics in the crypto community right now.
Bitcoin
SEC Greenlights Multiple Bitcoin ETFs, Signaling Major Leap for Cryptocurrency Markets
The U.S. Securities and Exchange Commission (SEC) has made a landmark decision by approving 11 spot bitcoin exchange-traded funds (ETFs). This move represents a significant moment in the cryptocurrency industry, marking a shift towards greater institutional adoption and accessibility for investors. The approved ETFs include products from major firms such as BlackRock’s iShares Bitcoin Trust, Grayscale Bitcoin Trust, ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETP Trust, WisdomTree Bitcoin Fund, Fidelity Wise Origin Bitcoin Trust, VanEck Bitcoin Trust, Invesco Galaxy Bitcoin…
Marius Bogdan Dinu 
@bdinu89
@bdinu89
1 year ago 
597 views
Bitcoin Should be Banned in the United States: Charlie Munger
Berkshire Hathaway’s vice chairman, Charlie Munger, called for a ban on cryptocurrency in the United States on Monday, similar to the one in China. In an op-ed published with the Wall Street Journal, Munger argued that Bitcoin isn’t a currency, commodity, or security, but simply a form of gambling “ with a nearly 100% edge for the house. As such, the enactment of a federal law should ban such things from happening. Munger cited the Chinese communist party’s ban on…
2 years ago 1.5 k views
Tesla’s BTC Positions Remained Unchanged in Q4 of 2022
According to a new earning report from automotive manufacturer Tesla, the company did not sell any of its BTC holdings in the fourth quarter of 2022. Amid speculations that the company had traded BTC during the testing bears, CEO Elon Musk revealed it was yet holding on to its BTC stash. Tesla Maintains Holdings After Initial Sell-Off In Q2 of 2022, Tesla opted to sell 75% of all its BTC. The car manufacturer received close to $950M in exchange. Notably,…
2 years ago 1.5 k views
Here’s When Grayscale Debates the SEC in Court on its Bitcoin Spot ETF
The District of Columbia Court of Appeals has marked a date for when Grayscale and the Securities and Exchange Commission (SEC) may present oral arguments regarding the approval of a Bitcoin spot ETF. Each side will present its case at 9:30 am ET on March 7, with the SEC arguing against the product, and Grayscale arguing in favor. Grayscale VS SEC The court date – revealed in a court order filed on Monday according to CNBC – is much earlier…
2 years ago 1.8 k views
Ethereum
Ethereum’s Zhejiang Staking Withdrawal Testnet for Shanghai is Live
At 15:00 UTC on Wednesday, the much-anticipated Zhejiang testnet for staking withdrawal went live on Ethereum’s Beacon chain. Zhejiang will enable the testing of the Ethereum Improvement Proposal (EIP) 4895 which allows for staking withdrawals. This is in preparation for the network’s next major update, the Shanghai hard fork slated to launch sometime in March. Users Can Make Simulated Withdrawals with Zhejiang In a tweet yesterday, DevOps engineer at Ethereum foundation Barnabas Busa gave details about the Zhejiang testnet slated…
2 years ago 1.6 k views
Ethereum Devs Disagree Over Technical Tweak as Shanghai Upgrade Nears
Post-merge Ethereum users have been eagerly awaiting the commencement of the network’s next major upgrade, Shanghai. However, after over 3 months of prep time, it appears the Shanghai rollout isn’t going as smoothly as expected. What Exactly is the Shanghai Upgrade? In September last year, the much-publicized Ethereum Merge also known as the Ethereum 2.0 upgrade went live. Ethereum underwent some significant changes as its consensus mechanism transitioned from proof-of-work to a cost-efficient proof-of-stake system. However, since the Beacon launch…
2 years ago 1.6 k views
FTX Hacker Converts 50k Stolen ETH to BTC
Per a report from blockchain analysis firm Chainalysis, the attacker behind the Nov 11 FTX exploit, is converting the stolen ETH to Bitcoin. There were muted fears the seemingly inexperienced perpetrator could dump all its ETH holdings. On Sunday, the attacker dumped 50k ETH on-chain, with ETH's price dipping by almost 7%. https://twitter.com/chainalysis/status/1594349583416840199?s=20&t=pgvQHeVytI20eKQ1ls9bxw Hacker Moves 50,000 ETH to New Address Over the past week, the perpetrator had been steadily swapping the cryptocurrencies they had carted off for Ether tokens. This…
3 years ago 1.9 k views
Censorship Concerns: 51% of Ethereum Blocks Now OFAC Compliant
According to new data, over half of the blocks on the Ethereum network now reportedly comply with the US Treasury OFAC’s standards. This comes roughly a month after the platform’s monumental merge update. Phasing Out Tornado Cash The Office of Foreign Assets Control is the intelligence and enforcement agency of the US Treasury Department. Indeed, the OFAC administers and enforces US financial sanctions. A prime example of this is the recent, highly-publicized ban on crypto mixer Tornado Cash. According to…
3 years ago 1.8 k views
Trading
How to Leverage Arbitrage Opportunities in Crypto Markets
Cryptocurrency arbitrage has become an increasingly popular investment strategy as the crypto market grows and evolves. Arbitrage involves taking advantage of pricing discrepancies between markets or exchanges to profit. Investors can leverage profit opportunities by understanding cryptocurrency arbitrage while managing associated risks. In this guide, we'll explore cryptocurrency arbitrage and how it works. A Bitcoin-related example will help us illustrate the concepts of this strategy. What is Arbitrage and How Does it Work in Crypto Markets Crypto arbitrage trading is…
2 years ago 3 k views
The Different Types of Copy Trading in Crypto
Are you interested in trading cryptocurrencies but feel intimidated by the complexity of the process? Copy trading is a great way to get into crypto without needing to be an experienced trader. With copy trading, investors can benefit from the experience and knowledge of more experienced traders, allowing even beginners to succeed. How does copy trading work, and which tips do you need to know to succeed? In this article, we'll explore all aspects of copy trading in crypto. What…
2 years ago 1.7 k views
How to Spot an Unsafe Crypto Exchange
Cryptocurrency exchanges have become increasingly popular as they provide a platform for people to buy and sell digital assets. Unfortunately, not all crypto exchanges are safe or reliable. With the rise of cybercrime and fraud, you must learn to spot an unsafe crypto exchange before investing your money. This guide will help beginners identify and avoid potential risks when selecting a cryptocurrency exchange. The Role of Crypto Exchanges on the Digital Assets Market Cryptocurrency exchanges play a crucial role in…
2 years ago 2.2 k views
What Is Grid Trading in Crypto?
Crypto grid trading has become a popular strategy because of its ability to help traders capitalize on market volatility. Grid trading means you can produce consistent profits by taking advantage of price differences in different markets or time frames. By establishing buy and sell orders at predetermined intervals, you can take advantage of these fluctuations in an automated way. This guide will explore the different aspects of grid trading and provide an overview of its benefits, challenges, and more. Through…
2 years ago 1.6 k views
Tech
Introducing una Messenger: A Paradigm Shift in Blockchain Connectivity
The digital landscape is set for an unprecedented transformation with the introduction of una Messenger, the latest innovation from web3 development powerhouse Wemade. This platform represents an evolution of the "PAPYRUS Messenger," serving as the cornerstone of the ambitious "unagi" initiative, aimed at catalyzing the mass adoption of blockchain technology. The "Unbound Networking & Accelerating Growth Initiative" seeks to bridge the divides between diverse blockchain services and networks, heralding a new era of interconnectedness. A New Frontier in Blockchain Communication…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 574 views
Bit2Me Champions WEMIX Token in Pioneering European Listing
Bit2Me, Spain's premier virtual asset exchange, has recently broadened the horizons for cryptocurrency enthusiasts by listing WEMIX, the cornerstone token of the WEMIX3.0 blockchain ecosystem. This marks a notable achievement as WEMIX's inaugural venture into the European market, emphasizing the token's role in facilitating a range of blockchain-based activities, from gaming transactions to decentralized finance (DeFi) applications. Launched with the intention to democratize access to WEMIX for the 450 million Spanish speakers around the globe, this strategic move aligns with…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 404 views
CryptoVirally Expands with Fresh Crypto Marketing Offers and Cointelegraph Upgrades
In an exciting update for the cryptocurrency marketing landscape, CryptoVirally has announced a series of new entries and enhancements to its already comprehensive range of services. These updates, aimed at providing tailored marketing solutions for crypto projects, include new limited-time offers and expanded options for Cointelegraph publications. Limited Offers: A Game-Changer in Crypto Marketing CryptoVirally's limited offers section presents an enticing opportunity for crypto projects to leverage high-impact marketing services at discounted rates. These offers, available for a limited period,…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 465 views
Breaking Boundaries in Blockchain: WEMIX’s ‘una Wallet’ Sets New Standard for Multi-Chain Asset Management
The WEMIX Foundation has unveiled 'una Wallet,' a revolutionary digital wallet designed to offer unparalleled convenience and security in managing digital assets across various blockchain networks. The announcement, made on January 17, 2024, signifies a new era in the seamless integration of multiple blockchain protocols, including Arbitrum, Avalanche, BNB Smart Chain, Ethereum, Kroma, Optimism, Polygon, and WEMIX3.0. 'una Wallet' is more than just a digital wallet; it represents the culmination of WEMIX's innovative efforts in the blockchain space. It serves…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 592 views