The bad rap that NFTs get could be doing more harm than good. Despite the noise around them, they have the potential to make a positive impact on society in areas such as charity and education, if used correctly.

NFTs can be a force for good, but they are not without their flaws. Cointelegraph Magazine discusses the pros and cons of NFTs. Read more in detail here: what are nft tokens.

One positive piece of news is followed by 10 negative comments in the crypto world. It’s like being the parent of a hyperactive kindergartener who destroys other children’s toys, bounces off the walls like a monster, and all the other parents despise him, but you know he’s a wonderful, thoughtful, and kind person who will one day develop a cure for cancer.

And you can’t wait for that day to arrive, when you inspect the wreckage of his day at kindergarten, with the other parents giving you the evil eye and the Montessori instructor regretfully shaking her head.

So, in the crypto world, the advent of nonfungible tokens, or NFTs, is a step forward. Finally, something that everyone can dig their teeth into and comprehend, even your non-tech or financial acquaintances.

Yesterday, I was listening to a radio show where a critic mentioned Quentin Tarantino generating NFTs of abandoned pages from his Pulp Fiction screenplay during the weekly film roundup. Despite the fact that he is being sued by Miramax, the reviewer was salivating over the acronym NFT.

“I’m neither a techie or a money person,” she said. ‘However, I like discussing NFTs and Tarantino.”

As a result, NFTs have become commonplace. Noobs still obsess over the Beeple sale ($69 million at Christie’s in March), just as OGs obsess about the $232 million Tezos ICO in 2017 or BlockOne’s historic four-month fundraising of $4 billion the following year. These are the turning points, when the money becomes ridiculous and crypto enters the mainstream media.

The reaction, though, has already started. The amount of energy “wasted” in the production of NFTs is a very severe problem that is now circulating. If it’s considered inefficient to use energy to generate bitcoin, then using enormous amounts of energy to build NFTs of low-resolution cartoon JPGs seems absolutely frivolous. In crypto history, it’s like to letting them eat cake.

This is why it is important to seek out academics who can provide a counterbalance to the discourse, countering ingrained bias or outright disinformation that is spread like gospel.

 

 

NFTs may be considered as a force for good if the data is weighed.

 

 

The Plane’s Reality

Gary Nuttall, a Distyltics emerging technology consultant and a recent finalist in the renowned CryptoAM Education Awards in the United Kingdom, is in high demand to teach all things crypto. He had just gotten off a webinar with bankers when I chatted with him. He puts on a shirt (to impress the bankers) and a hoodie (to demonstrate his IT credentials), but he keeps being asked the same questions.

He groans significantly as he explains, “The Silk Road and money laundering in crypto is still a top issue.” “I also bring out to them that the United States dollar is the currency of choice for money laundering.” We still have a long way to go.”

Nuttall starts with layer-one blockchains and their energy costs.

“Talking about layer-one blockchains requiring a lot of energy to mint NFTs completely misses the point.” For example, a block is generated every ten minutes on the Bitcoin blockchain, and every 15 seconds on the Ethereum blockchain – these blocks will be generated regardless of whether or not there are NFTs aboard.”

Nuttall compares it to flying from London to New York on an aircraft. “The aircraft is taking off regardless of whether or not every seat is occupied.”

 

 

 

 

So, how much of a carbon footprint do NFTs have?

Since 2019, the Cambridge Bitcoin Electricity Consumption Index (CBEI) has been measuring Bitcoin at the Judge Business School at the University of Cambridge in the United Kingdom. Bitcoin mining presently uses 133,68 terawatt hours of power per year, according to the CBEI’s most recent estimates, released in May 2021. This figure has been steadily climbing since the investigation started.

Similar research examining Ethereum’s carbon footprint yields similar findings. The carbon footprint of a single Ethereum transaction is estimated to be 33.4kg CO2, and each time an NFT is produced or sold, that’s another transaction, according to Digiconomist. According to these estimations, a single NFT transaction has a carbon footprint that is more than 14 times that of sending an art print.

Proof-of-work (PoW) mining is used by both Bitcoin and Etheruem, and it produces a lot of CO2. Layer-two solutions such as Polygon and the upcoming transition to proof-of-stake (PoS) with Eth2 are addressing this in the Ethereum ecosystem, but the NFT markets are still hampered by high gas costs for the time being.

The Financial Times dubbed Bitcoin a “dirty money” in May.

“The Bitcoin ecosystem consumes the same amount of electricity as the Netherlands,” Nuttall explains. “Which seems like a lot until you realize it’s just half the energy wasted by TVs left on standby overnight in the United States.”

When it comes to describing the connection between cryptocurrencies and energy, Nuttall has a more distinct viewpoint.

“I view it as a different approach of storing energy use.” Consider a power firm that operates a hydroelectric dam. They make power when they drain the water, which they sell back to themselves at a cheap cost off peak to replenish the dam, but sell into the grid at a premium rate.

“I view cryptocurrency manufacturing as a different way of keeping wealth — it’s just that instead of water, it’s in a cryptocurrency.”

Nutall also draws a connection between blockchains and the creation of the automobile.

“Early automobiles were inefficient in terms of energy use – it takes time to develop, and proof-of-work is inefficient as well.” But improvements are on the way; proof-of-stake is far more computationally efficient and uses less energy. Here, innovation is critical, and it is on its way.”

Nutall has high hopes for NFTs in terms of promoting innovation and lowering energy prices. As he points out, distributed ledger initiatives are all about traceability, provenance, and transparency – but everything needs to be put to the blockchain, which is quite tedious.

“On the other hand, NFTs are a programmable layer that sits on top of blockchains.” They have a built-in digital representation of ownership, or bragging rights, but we can also program in things like originator fees.

“It will completely destabilize businesses with licensing rights, such as music and games.” We are currently using NFT 1.0, but we are swiftly progressing to 2.0 and even 3.0, where NFTs will be more active, acting as locks or access points to underlying assets. Right now, we’re just on the top of the iceberg.”

Even at this early stage, with the majority of NFTs being kept on Proof of Work chains, there are already a slew of initiatives vying to use this revolutionary technology to help mankind.

Despite the bad rap, NFTs can be a force for good – Cointelegraph MagazineThe winning submission by Bricx Martillo Dumas.

Changes in the climate

The United Nations created DigitalArt4Climate as part of the Year of Creative Economy for Sustainable Development. UN-Habitat, IAAI-Clocha, and technology partner Unique are supporting DigitalArt4Climate, a multistakeholder cooperation effort that converts art into digital assets (NFTs). The PolkaDot ecosystem has created a network.

Young people, climate difficulties, and technology were brought together in this effort to increase awareness of the issues. A crucial part of the concept was storing NFTs on a carbon-neutral network dubbed Unique Network.

“The potential of the technology to not only disrupt current wasteful supply chains, but also to revolutionize how different communities connect and trust each other via permissionless distributed ledger technology,” according to DigitalArt4Climate’s FAQ.

At COP26 in Glasgow, a connected exhibition called “Humanity Challenged by Climate Change” was shown, with digital artist Bricx Martillo Dumas of the Philippines winning the art competition. “This competition may be ended, but our battle for climate justice is far from done,” Dumas remarked.

Artifacts of religion

According to Polygon, religious items from the Santa Casa da Misericórdia de Lisboa (SCML) museum in ancient Portugal were dumped on the Artentik marketplace on December 1. These NFTs are inspired by old church artworks and saintly relics. The money raised will go to the SCML, Portugal’s biggest philanthropic organization that bridges the divide between the ancient and the contemporary.

This is the first religious NFT collection, according to the initiative.

 

 

 

 

SCML is the custodian of the Museum and Church of S. Roque in Lisbon, which holds one of Catholic Europe’s most significant religious treasures.

“In Lisbon, SCML has a close connection with locals and visitors to the museum and church, and we view NFTs as a vehicle to expand that engagement internationally and to future generations,” says SCML President Edmundo Martinho.

Is this the ultimate Christmas gift for devoted parents?

 

 

Despite the bad rap, NFTs can be a force for good – Cointelegraph MagazineIn a picture from the SCML collection, Pope Paul III greets St Francis Xavier.

 

 

Planting trees while listening to music

Yoshidrops was established by EOS veteran Michael Blu, sometimes known as MBlu. Before discovering cryptocurrencies, MBlu worked as a precious metals dealer, and he is very optimistic on EOS. He not only earned a lot of money trading cryptocurrencies, but he also used his enthusiasm to help others. He and his wife adopted a kid from Haiti, and after seeing the country’s destruction, he started collecting funds to construct schools via his Uplift Nation (later renamed UpliftArt) platform.

 

 

Imagine the potential with the first #nft music video on #blockchain… Excellent article. @kansai krypto @kansai krypto @kansai krypto @ @WAX io @pinknetworkx @bytemaster7 @block one_ @WilliamEQuigley $eos #EOSIO $wax @WAX io @pinknetworkx @bytemaster7 @block one_ @WilliamEQuigley https://t.co/Aj4l0ipfKN

August 2, 2020 — mBlu (@mBluCrypto)

 

 

He was an early adopter of NFTs, and his band, My Bitcoin Bull V, produced what he claims is the world’s first full-length NFT music video. Following that, he co-founded YoshiDrops with a musical partner, Yoshi, which brings together musicians and artists in drops that are packed in a monthly membership model. He is promoting both young and veteran musicians on this platform, which also includes a charity component.Despite the bad rap, NFTs can be a force for good – Cointelegraph Magazine

Yoshidrops distributed one million Yoshi NFT coins for free to Wax wallet users, and MBlu informs Cointelegraph that the secondary market has already collected $60,000.

“To offset blockchain-generated carbon, 100% of that money will go to CarbonFund.org.” It’s taken a long time, but we’re forming a community and making progress.”

 

 

 

 

 

Non-governmental organizations (NGOs) and non-profits (NFTs)

In November, the AIBC conference was hosted on the island of Malta, and a new ethical fundraising platform, Orica, was unveiled at the event. Its purpose is to promote wealth equality via digital assets, and it is branded as a platform for digital creatives and social impact enterprises.

The inaugural project was for an NGO to use NFTs to assist in the construction of a school in Uganda, and in this instance, “Blockchain Island” funds from Malta were used to pay education for Ssese Island children in Lake Victoria.

 

 

Despite the bad rap, NFTs can be a force for good – Cointelegraph MagazineOn the island of Bugala, the Bbanga Project NGO partnered on an NFT to help establish a school.

 

 

Bbanga Project, a non-profit organization, teamed up with digital artist Mellowmann to create a series of Uganda-inspired NFTs. Before being auctioned this week by Orica, the Ssese Islands schoolchildren “approved” them. The proceeds from the sales will be utilized to complete the construction of a school for the youngsters on Bugala, their secluded island.

“There are eighty-four islands in the Ssese archipelago, but only fourteen have access to a school.” Sani Hayatbakhsh, creator of the Bbanga Project, adds, “We’d already erected the main school hall on Bugala, but our finance dried up.”

“It seems that we will be able to accomplish the target we set for the NGO we are working with,” said blockchain operations head Danial Zey two days after the launch. I believe it is partly because to incredible outlets like Cointelegraph that we were able to spread the word about the Ugandan school.”

 

 

 

 

NFTs and gaming

Stephen Cutter is the creator and CEO of Wuji Games, which debuted Earth Defender at the United Nations Climate Change Conference (COP26). His passion for saving the environment has led him to develop a project that now incorporates blockchain, NFTs, Natural Capital Accounting Principles, the Metaverse, and tree planting over the last ten years.

Staking, ReFi, prizes, Easter Eggs, and linkages with GiveNation and tree-planting groups Tree Sisters and the Eden Project are also included.

“I got fascinated ten years ago when I began viewing wildlife documentaries with my children. Since then, I’ve made it my life’s job to work with the environment. I think that if you look after your house, it will look after us.”

Cutter utilizes the NFTs to provide his sustainable tree planting partners a real-life twin tree to plant.

You may play games, plant trees, and earn NFTs at Wujigames.

Through the collaboration of filmmakers, digital artists, and technology, the initiative also hopes to assist safeguard animals.

Earlier this week, Cryptograph released five official NFTs from acclaimed director Kristian Schmidt and Pixar artist Andy Harkness. Cheetah Reflection, Annabelle and Lion, Miyavi & Eagle, Whale Shark Depth, and Joiride are among the five animal depictions in “Into The Wild.” The revenues, as well as those from the secondary market, will go to WildAid, a non-profit dedicated to protecting animals from illicit trading and other dangers.

With the purchase of each Cryptograph, the token holder obtains access to an exclusive photoshoot with Kristian, as well as a 30-minute photography lesson, in a nice tie-in with real-world benefits.

 

 

Despite the bad rap, NFTs can be a force for good – Cointelegraph MagazineMiyavi and Eagle is a collaboration between Kristian Schmidt and Andy Harkness.

 

 

Duncan Murray, a serial blockchain and charity entrepreneur, just established Aniseed, which bills itself as the world’s first charity NFT marketplace, with a portion of every NFT sold going to philanthropic initiatives.

Currently, the platform’s affiliated charities are focused on the environment or disaster relief. If the NGO or charity does not have its own artist, Murray recommends using a website like Anytask.com, which is hosted by Electroneum and compensates its vendors in ETN.

“Right now, the NFTs are often simply JPGs or 3D photos, but in phase two, we hope to connect the NFT to a real map — if planting trees — or to enable the owner to digitally plant their tree in the Metaverse.”

Aniseed is a carbon-neutral platform that has generated over 200 metric tons of carbon offsets. There are also plans to issue an Acre token, which will be backed by a real-world acre of rainforest through one of the partners, Rainforest Trust.

Finally, we at Cointelegraph are serious about our dedication to climate change and “NFTs for Good.” Editor in Chief Kristina Lucrezia Cornèr, who is located in Italy, talked at COP 26 on the potential influence of the crypto community on environmental projects.

“Decentralization is an alternative to “campanilism,” or parochialism as it is called in English. She said, “This is a local little mentality against a broad vision of a decentralized society.”

 

 

 

 

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