The rising popularity of non-fungible tokens (NFTs) has raised concerns about their environmental impact. Many NFT projects rely on the Ethereum blockchain, which uses a proof-of-work (PoW) consensus algorithm. Those familiar with the NFT industry know that this algorithm consumes a significant amount of energy.
Yet, like in other sectors, there are a number of NFT projects that are committed to making a positive environmental impact by using sustainable blockchain technologies and supporting eco-friendly causes. Below are some of the most common.
Terra Virtua is a cross-platform NFT marketplace that has chosen to use the proof-of-stake (PoS) consensus algorithm rather than the PoW algorithm because it consumes much less energy. Terra Virtua also partners with eco-friendly organizations such as One Tree Planted and the Oceanic Preservation Society to help further support their environmental initiatives. For example, the platform recently released a series of NFTs to raise awareness about plastic pollution in the ocean, with a portion of the proceeds being donated to the Oceanic Preservation Society.
Terra Luna is another blockchain platform that has chosen to utilize a different algorithm than PoW. Instead, they use the Cosmos SDK and PoS consensus algorithms. Terra Luna is working to create a sustainable financial ecosystem with a focus on reducing carbon emissions. The platform also partners with environmental organizations such as ClimateTrade and Nori to offset the carbon footprint of their operations. Terra Luna’s NFT marketplace, Mirror, features a range of eco-themed NFTs, including art and photography, which celebrate nature and wildlife.
The Binance NFT marketplace has launched a “Green NFT” initiative, which aims to make NFTs more sustainable by using renewable energy sources to power the blockchain. Binance has also committed to planting trees to offset its carbon footprint, and they have partnered with the Trillion Trees Campaign to plant one million trees worldwide. Binance’s NFT marketplace features a variety of eco-themed NFTs, including art and photography, which was created to promote sustainability and biodiversity.
The Ethernity Chain, like other sustainable platforms, has opted to use the PoS consensus algorithm. Some of their partnerships with organizations include working with the CarbonFund.org Foundation to offset their carbon emissions. The platform also supports environmental causes by releasing NFTs that raise awareness and funds for issues such as climate change and deforestation. For example, Ethernity Chain recently released an NFT featuring artwork by world-renowned artist Trevor Jones, with a portion of the proceeds going to the Rainforest Foundation.
Climate Pledge Collective
The Climate Pledge Collective is another example of a platform that uses a PoS consensus algorithm to create a carbon-neutral NFT ecosystem. The Climate Pledge Collective partners with environmental organizations such as 350.org and the Rainforest Trust to help aim them in their initiatives by donating portions of their proceeds to these causes. The platform features a range of eco-themed NFTs to inspire people to take action in protecting the environment.
As the popularity of NFTs continues to grow, it is important that we support these eco-friendly initiatives and encourage more NFT projects to adopt sustainable practices.