NFTs go carbon-negative, top banker calls NFT investors gamblers

The non-fungible token rush has seen every man and his Doge flock to the non-fungible market to cash in on the recent craze for tokenized collectibles. Even celebrities one would presume to have little engagement with crypto assets have been rushing to cash in, with the likes of John Cleese, Tony Hawk, Lindsay Lohan and Ja Rule cobbling together NFTs of varying artistic merit in recent months.

However, surging NFT adoption has led to public backlash over the perceived carbon footprint associated with crypto asset technologies.

Nifty Gateway pledges to go carbon-negative

NFT platform Nifty Gateway announced on March 29 that it has plans to become carbon-negative in the near future.

In a post shared on the website of Nifty investor Gemini, the platform’s co-founders announced plans to calculate Nifty Gateway’s carbon emissions over time and purchase twice as many carbon offsets at the end of each month — theoretically making Nifty a net remover of carbon overall.

While the post acknowledged the environmental concerns regarding NFT proliferation, Nifty’s founders characterized the concerns as the product of double-standards the crypto industry is often subjected to.

“Ironically, because blockchains give the world such a transparent and accurate accounting of the energy consumption of our industry, they provide a tangible number to focus and dwell on, which has led to a double standard being applied to our industry,” the post said, adding:

“There is no blockchain to account for the carbon footprint of the traditional art world.”

Nifty will also deploy a new token minting system that will utilize Ethereum’s recent EIP-2309 upgrade that it expects to improve the energy efficiency of its token creation by 99%.

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