Yet NFT and cryptocurrency transactions, in general, are environmentally destructive. In a livestreamed session on Clubhouse, Bill Gates warned of the large amounts of electricity that are used in a single Bitcoin transaction.
Artists have to pay cryptocurrency miners up to a few hundred dollars to mint the initial token corresponding to their artwork before they can auction it. Additionally, tracking sales and bids on blockchain for a single-edition NFT has a massive energy footprint. Understandably, the environmental impact of NFTs seems far removed when individuals make transactions online.
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