It's a known concern - people worry about the environmental impact of NFTs and the amount of energy required to create them.
However, it's important to acknowledge that there are ongoing efforts to make the process more sustainable and environmentally friendly. As we continue to develop and improve upon the technology, we can now create digital collectibles, comics, and artworks that have a minimal impact on the planet.
We should focus on these positive steps and celebrate the potential benefits of NFTs, rather than getting bogged down by outdated misconceptions. If we learn and embrace the opportunities these innovative technologies offer us, and work towards a brighter, more sustainable future, we can fully experience the thrilling potential of digital collecting while also safeguarding our planet!
In the early stages of the NFT industry, concerns about excessive energy consumption were warranted. However, as with all new technologies, improvement and innovation has helped usher in a much more sustainable process across the blockchain space.
Today, we can confidently dispel outdated myths about NFTs. With modern day solutions and a commitment to sustainability, NFTs are paving the way for the most environmentally friendly collectible products on the market.
As collectors, many of us cherish our physical collectibles, whether that be a Batman statue or SOFUBI toy. However, we tend not to apply environmental concerns with the same vigor to physical counterparts, as we do with NFTs. Why is that?
To put it into perspective, plastic toys are typically made from petroleum-based materials, which require significant amounts of energy to extract and process. Ongoing, this results in large amounts of greenhouse gas emissions and other environmental impacts, such as air and water pollution. Once produced, plastic toys are then shipped around the world, resulting in further emissions. Further, prized physical collectibles, comics and art are subject to degradation. Often, they must be protected with plastic cases or sleeves, and in some instances, housed in climate controlled environments.
On the other hand, digital collectible NFTs have a much smaller environmental footprint. They are created and stored digitally on a blockchain, which is a decentralized ledger that uses significantly less energy than traditional data centers. Digital collectible NFTs do not require any physical production or transportation, further reducing the environmental impact in comparison.
Blockchain is like a digital ledger that records transactions and stores them in a secure and decentralized way, which means that no single person, company, or entity controls the data. This makes blockchain highly resistant to fraud and hacking, which is great for digital collectors as it is almost impossible to create counterfeit digital products.
VeVe uses Ethereum, which is one such 'digital ledger' that allows us to create (or ‘mint’) digital collectible NFTs using blockchain technology.
In September 2022, the Ethereum blockchain underwent a significant upgrade to minimize its environmental impact and reduced energy consumption by a whopping 99.988%.
This was a major accomplishment that required years of research and technological innovation, comparable to replacing an airplane engine mid-flight with passengers on board.
Known as 'the Merge,' the upgrade was carried out without any disruptions and is considered a groundbreaking achievement in blockchain history. The transition also eliminated the need for specialized hardware and reduced the amount of waste generated during manufacturing.
As a result, Ethereum's electricity consumption and carbon footprint were significantly reduced, by almost 100%. This is a major step forward in making blockchain technology more sustainable for the future.
The entire Ethereum network now uses only 0.02 TWh of electricity per year. This is a stark contrast to the previous iteration of Ethereum, which required up to 255,833 times more electricity.
For context, in 2019 YouTube consumed over 246 TWh of electricity, which is over 12,300 times more than what Ethereum currently uses. This means that one viral video watched millions of times could consume 100 times more energy than what Ethereum now uses in a year.
The significant reduction in energy consumption is a positive development for the blockchain industry and the environment. With continued technological innovations, we can expect even more progress in creating sustainable and eco-friendly solutions for digital technology, and of course, your digital collection.
Here at VeVe we take our environment, now and into the future, seriously. For this reason, VeVe utilizes technologies that have minimal impact on our planet.
As an example, to create 1 million VeVe digital collectible NFTs, ~128 kWh is used - which is equivalent to running a laptop or desktop computer for ~160-200 hours. At the time of this article, VeVe has created 8.5 million digital collectible NFTs which required 1,088 KWh - or less power than it takes to run your computer for a year.
With the underlying blockchain technologies used by VeVe, we are proud to say the creation of our digital collectible NFTs, and any NFTs traded on VeVe, are 100% carbon neutral.
At VeVe, we are collectors at heart. Using NFT and blockchain technology is a way for us to preserve collectibles, comics and artworks for future generations in a clean, non-wasteful way. Much in the way that some of the most historical physical collectibles are the most sought after today, we believe VeVe digital collectibles are a way to preserve essential fandoms, culture, and history for future generations.
We hope that after reading and considering this up-to-date information, you can come to enjoy the exciting new world of digital collectibles, without concern for their environmental impact.
Founded in 2018, VeVe was created for collectors by collectors to bring premium licensed digital collectibles to the mass market. With over 6 million NFTs sold, VeVe is the largest carbon neutral digital collectibles platform, and one of the top grossing Entertainment Apps in the Google Play and Apple stores. #CollectorsAtHeart