The rush for non-fungible tokens has seen every man and his doge flock to the non-fungible market to capitalize on the recent craze for tokenized collectibles. Even celebrities who would be thought to have little to do with crypto assets have rushed to make money in the past few months. John Cleese, Tony Hawk, Lindsay Lohan, and Ja Rule have cobbled together NFTs of varying artistic value.
However, the rampant adoption of NFT has sparked a public backlash on the perceived carbon footprint associated with crypto asset technologies.
Nifty Gateway promises to go carbon negative
The NFT platform Nifty Gateway announced on March 29th that it had plans to go carbon negative in the near future.
In a post posted on Nifty investor Gemini’s website, the platform’s co-founders announced plans to calculate Nifty Gateway’s carbon emissions over time and earn twice as many carbon offset payments at the end of each month, which Nifty is theoretically a net remover of total CO2.
While the post recognized the environmental concerns surrounding the proliferation of NFT, the founders of Nifty characterized the concerns as the product of double standards that the crypto industry is often exposed to.
“Ironically, because blockchains allow the world such a transparent and accurate representation of our industry’s energy usage, they provide a tangible number to focus on and focus on, which has resulted in a double standard being applied to our industry will, “read the post, adding:
“There is no such thing as a blockchain that takes into account the carbon footprint of the traditional art world.”
Nifty will also deploy a new token coin system that leverages Ethereum’s recent EIP-2309 upgrade, which aims to improve the energy efficiency of token creation by 99%.
Music magazine deactivated to convert the catalog into “sustainable” NFTs
Popular music media publication Spin has partnered with liquidity firm Nax to issue NFTs, which depict the magazine’s acclaimed photography and claim the tokens are environmentally friendly.
Spin, which after working as a print magazine between 1985 and 2012 now operates as a media company, will provide its complete content archive for tokenization and collection.
While the two companies have announced that they will be working on the launch of an “energy-friendly” NFT marketplace and an issuing platform for hosting Spins tokens, the announcement made no estimates of the upcoming platform’s carbon footprint.
Investing in NFTs is like going to the casino: CEO of BNP Paribas Bank
In an interview with Bloomberg on March 24th, French bank BNP Paribas CEO John Egan described NFTs as one of the “riskiest asset classes”.
Comparing the NFT investment to visiting a casino, Egan urged collectors to buy non-fungibles just for fun:
“I don’t think we could find many more risky categories of assets at this point. I think going to the casino is probably similar at this point. You know you will spend money, but maybe you do it for pleasure, for the experience. “
“If you win, you are in luck and I think we need to think about it at this point. It’s in the early stages, ”he added.
Despite the gambling analogy, Egan predicted that NFTs would become a “basic economic infrastructure” within the virtual economy over the next decade.
Pamela Anderson hints at upcoming NFTs
Pamela Anderson was active on the BitClout social token platform after being verified on March 27th. The former Baywatch star is handing out signed copies of her final 2016 Playboy title to the three biggest holders of her creator coin.
BitClout is one of several platforms that have been developed to enable celebrity NFT cash grabs and give influencers the opportunity to mint “Creator Coins” so their fans can trade and collect.
Anderson’s coin is currently valued at more than $ 12,000, with the celebrity suggesting that token holders could soon receive an NFT air drop:
“My sons told me about NFTs – who knows … I could give all my coin holders a Pamela NFT in due course;)”