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Carbon Offsets for NFTs Don t Address the Deeper Problem
The NFT space has a ballooning carbon problem. But rather than address emissions head-on, platforms may be turning to at best, self-deception and at worst, greenwashing by relying on carbon offsets.
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Over the weekend, the platform Nifty Gateway ran an auction dubbed the #CarbonDrop that was, it said, “inspired around climate change.” The auction included a Beeple piece that went for $6 million along with a host of other artists whose work sold for an additional $600,000. The proceeds benefited the Open Earth Foundation, a nonprofit focused on using the blockchain for climate accountability and tracking emissions. To deal with the estimated 500 tons of emissions associated with the auction, the artists were all given carbon offsets. The problem with these offsets is that they don’t actually reduce emissions, they just as the name says offset them through activities like planting trees.
Credit: Courtesy of SuperRare
Nate Mohler’s “Grunge City,” 2021, 57 seconds. Edition of 1. Part of the “Painted Cities” series. Mohler, a UCLA design media arts alumnus, has released 12 artworks as NFTs, and nine have sold.
The challenge that digital artists, curators and collectors have faced for decades has been how to sell artwork that is by nature infinitely reproducible. Unlike a painting or sculpture, digital artworks can be reduced to a series of 0s and 1s, or an algorithm that can easily be copied.
Non-fungible tokens, or NFTs, offer a technological solution. They work as public ledgers, using blockchain technology to track digital transactions. When a collector buys an NFT, they’re essentially acquiring a tamper-proof digital receipt. That also allows the artist to retain a percentage of the revenue each time their work is sold.
Crypto Art the Climate Killer
NFTs are used to trade digital art on the blockchain. The problem is that each transaction consumes an enormous amount of energy. Some say crypto art’s carbon footprint makes it unsustainable.
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UCLA design media arts faculty and alumni share their thoughts on the crypto-art craze
Courtesy of SuperRare
Nate Mohler’s “Grunge City,” 2021, 57 seconds. Edition of 1. Part of the “Painted Cities” series. Mohler, a UCLA design media arts alumnus, has released 12 artworks as NFTs, and nine have sold. Avishay Artsy |
April 22, 2021
The challenge that digital artists, curators and collectors have faced for decades has been how to sell artwork that is by nature infinitely reproducible. Unlike a painting or sculpture, digital artworks can be reduced to a series of 0s and 1s, or an algorithm that can easily be copied.
Non-fungible tokens, or NFTs, offer a technological solution. They work as public ledgers, using blockchain technology to track digital transactions. When a collector buys an NFT, they’re essentially acquiring a tamper-proof digital receipt. That also allows the artist to retain a percentage of the revenue each time their work is sold.