The mass adoption of the newest asset class in the finance sector has opened doors to a world of new possibilities. Not only do we have 24*7 markets for dedicated traders and investors but also a virtual world called Metaverse where one can attend concerts, host a fashion show and so much more! It is thanks to these new possibilities that Metaverse has presented to the world that enthusiasts are looking for ways where NFTs and Metaverse can help save the planet.
Sirgoo Lee, CEO of Upbit’s operator Dunamu, a leading crypto company in South Korea has recently announced that they will be launching an NFT collection in collaboration with the world-famous k-pop band BTS. Soon after the news, the dedicated fans of the band known as ARMY, raised the question of the effect minting those NFTs will have, on the environment. As the environment and saving the earth has been a cause the band is dedicated to, Sirgoo Lee was quick to make a note of the questions raised and promise that the NFTs will be minted using low carbon and eco-friendly technology.
Eco-friendly and ways to help the environment? All these using the NFTs and the Metaverse space? NFTs and the Metaverse are not exactly environmentally unfriendly technologies, but they can provide options to save the planet and bring humankind a much greener future. Let us take a quick look at how that might be possible. But first, let us understand what crypto mining is!
What is Crypto Mining?
Crypto mining is a process of adding the data of transactions taking place in the blockchain. The mining process is an intensive exercise specifically structured to have a stable number of blocks. These blocks are validated by the consensus algorithm each block uses, for example; proof of work (PoW). The other nodes in the network will then verify the proof of work mechanism for every new block received.
Mining is also done to introduce new coins into circulation and enables the crypto tokens to function in a peer-to-peer decentralized manner. The miners execute this process with the help of specialized processing units and are remunerated with newly introduced coins and transaction fees.
Crypto Mining for Minting Supports Development of Green Energy
South Korea is not only among the leaders of the global crypto and blockchain race, but the fans of South Korea’s most successful, world-famous K-pop band BTS are also very educated on the subject. It is the mention of NFTs in collaboration with HYBE, the entertainment company that manages BTS, that bought up questions regarding the impact this new asset class might have on the environment.
The conversations surrounding the environmental impact of crypto mining and minting NFTs are mainly centered on the amount of energy consumption by the processes. However, many crypto mining farms are oftentimes located in low-temperature, high-latitude countries where electricity is relatively cheaper and is mostly generated from renewable sources such as geothermal or hydroelectric power. Many farms are even using energy from volcanoes for crypto mining.
Did You Know? The recently formed Bitcoin Mining Council calculated 56% of the crypto mining industry uses sustainable energy resources.
The calculations are not always supported by the industry experts but it is undeniable that seeing crypto and NFTs as environmentally unfriendly technologies is a narrow way of viewing what crypto and NFTs have the potential for, for mankind and the environment.
How NFTs and the Metaverse Can Help Save the Planet
Many NGOs and organizations who are working for the environment are leaning toward NFTs as a way to raise funds to save the ocean or wildlife. The surge in NFTs and the booming of the crypto space as a whole has opened doors for NFTs to be the holy grail by which organizations can not only raise funds or awareness but also use the NFT space to present the horrors of the ecosystem; pollution of the ocean bed, endangered species, etc.
Holiday decors, gift boxes, etc are usually bought and then discarded; which then ends up polluting the ocean bed. Thus, next time while making a list of the holiday items there is an exciting option waiting in the Metaverse, in the form of NFT! Add items and create an NFT of your own, or invest in the various NFTs already available!
Additional Read: How to mint NFTs?
Minting NFTs is not an add-on footprint on the already fragile environment. The more adoptive people will be to migrate their consumption of non-biodegradable objects to the blockchain-based metaverse, the physical consumption of commodities will also be largely replaced by the virtual and more eco-friendly NFTs.
More and more artists, celebrities, and even politicians are turning to release their NFT collections on the blockchain. The social influence of these significant individuals is leading the way, issuing digital limited editions and special collections, instead of printing cards, molding plastics, manufacturing chemicals, and polluting the environment.
Additional Read: Top 10 most expensive NFTs ever sold.
Let us meet at the Metaverse!
Since 2019, the world has seen a significant shift in daily chores. Offices took the Work From Home approach while fashion shows and concerts slowly adapted themselves to the Metaverse! Within a couple of years, the environment started to bloom in a way the world has not seen in a long while. Earth was greener. Corporate meetings turned to Zoom calls and the excessive CO2 emissions from flights were reduced significantly. Nothing stopped. Industries kept working as they used to. The only change was the adaptation of the technologies of the new world. So, why not keep it that way?
Concerts are the most interactive time any artist spends with their fans. But reaching the concert destinations often gets hard due to the expenses involved. Especially for international fans. Given the boom of the Metaverse and the huge success of The Snoop Dogg concert that was hosted inside The Sandbox was a very successful experiment. It opened up the possibility of creating exciting meetups and larger events inside the metaverse without the need for people to fly around and pack people into a physical location with a limited number of overpriced tickets!
Additional Read: How to buy Virtual land in the Metaverse.
Summing it up, NFTs and the Metaverse may not be 100% eco-friendly yet, but the various alternatives these sections present to the world caters to a much larger environmental cause. Attend concerts or fashion shows, not by traveling cross countries! All you need to do is buy a spot in the Metaverse!