The Environmental Impact of NFTs | Explained in a Video
It’s time for open forum, the third segment of the week. We’ve received so many great questions from viewers, and we’re excited to answer them. If you watch first mover, you know that you can send us questions on social media and we will find the answers for you. This week, we’ve been covering every aspect of NFTs, and this is our last segment for the week. Let’s dive into the questions.
First, O Ky asked about the environmental impacts of NFTs in terms of energy consumption and carbon emissions. Sarah Galis from DAP Radar explained that carbon emissions associated with NFTs are tied to the energy consumption of Blockchain networks. However, initiatives like Ethereum’s upgrade to the proof of stake consensus mechanism and clear to scaling are reducing energy consumption. There is also growing interest in alternative and more energy-efficient Blockchain technologies.
Next, Graal and Nelda asked how NFTs contribute to artists receiving fair compensation for their digital creations. NFTs allow artists to sell their work directly to collectors, increasing profit margins and giving artists more control over pricing and distribution. Artists can also sell royalties attached to their NFTs, ensuring they earn a percentage of secondary market sales.
Lastly, Buckle Moses asked how to ensure the originality and uniqueness of an NFT artwork before purchasing it. Sarah advises confirming the artist’s identity through official social media profiles and reputable marketplaces. It’s also important to look at the history of ownership of the NFT.
We love answering your questions and making the industry as accessible as possible. If you have any questions, send them to us on X. Thank you to Sarah Galis from DAP Radar for helping us answer these questions.
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