#Nft energy consumption torrent#

A study by Cambridge University, for instance, estimates that bitcoin uses more electricity per year than the entire nation of Argentina. But some say the energy consumption of cryptocurrencies is particularly egregious, and research shows it’s relatively easily quantifiable. Artists and activists have protested everything from the carbon footprint of physical art fairs to the fossil fuel money funding major museums. This is not the first time the art world has come under scrutiny for being on the wrong side of the climate conversation. “I have yet to see one person who has criticized the NFT space offer a counter solution to how artists can be compensated for their labor, in the middle of a pandemic no less,” she says. “While I have not minted an NFT, I will not stand by and watch my peers being attacked for trying to survive or find ways to be compensated for years worth of work.” “I’m researching and trying to learn about the dynamics/energy usage myself and there’s a lot to sift through,” she told Hyperallergic.

Sara Ludy, a multimedia artist based in New Mexico, says she is worried about the “anti-NFT mob mentality” and attacks against creators who choose to partake in the new technology. “People say that hopefully it will be fixed in a year or two so it’s OK to be exploitative right now,” Akten told Wired. Using Cryptoart.wtf, a website started by his fellow artist Memo Akten that tracks emissions associated with individual drops, Lemercier was appalled to learn that his sale consumed 8.7 megawatt-hours of energy - equivalent to two years of energy use in his studio. Others, however, are asking: at what cost? Joanie Lemercier, a French sculptor known for his light projections as well as his climate activism, sold six NFTs in his first blockchain drop. Plus, NFTs allows them to protect their work by verifying its authenticity on the blockchain and establishing a clear ledger of digital ownership. Not all of them are as established as Beeple or Grimes - some have been struggling to monetize their work for years, and sales from their mints are helping pay the rent during a difficult year for the cultural sector. The crypto medium has seduced thousands of artists who view it as a way to bypass the usual barriers to entry of the traditional art market. NFTs exist on the energy costly Ethereum blockchain in layman’s terms, they are created (“minted”) based on a process known as proof-of-work (PoW), which necessitates the use of large networks of processing machines that emit CO2.Įthereum’s developers are planning a shift to the less energy-intensive proof-of-stake (PoS) model of validating transactions, though the timeline for the switch remains uncertain. These unique works are typically sold in “drops,” timed online sales held by NiftyGateway, OpenSea, SuperRare, and Foundation, to name just a few of the most popular marketplaces. And today, March 11, a compilation of 5,000 JPEG images by digital artist Beeple sold for $69.3 million in a Christie’s auction - catapulting Beeple to the ranks of the world’s most expensive living artists, just trailing Jeff Koons and David Hockney.Īs crypto art speculation rises, however, so do the planet’s temperature and questions about the carbon footprint of NFTs.

#Nft energy consumption torrent#

The last few weeks have brought a torrent of headlines related to the increasingly astronomical prices fetched by NFT (non-fungible token) art: nearly half a million dollars for the Nyan Cat gif $6 million for 10 pieces by musician Grimes $2.5 million (so far) for Twitter founder Jack Dorsey’s first-ever tweet.