Cryptocurrency and NFTs have shared their fair share of criticism. In 2021, the crypto market exploded, closely followed by NFTs. There are now over 17,000 different cryptocurrencies on the leading listings platform CoinMarketCap. The biggest cryptocurrencies in the world have increased exponentially in value, from 100%-1,000,000+%. Ethereum (ETH) is the second-biggest digital currency with a current market cap of $312,786,513,863. In 2021 it increased by more than 500% to reach its all-time high of $4891.
Crypto and NFTs Affect the Environment – So Does Everything Else
With this popularity and attention comes criticism. Cryptocurrency and NFTs have been widely mocked by people in almost every sector. The rise of NFT ownership by celebrities has seen the famous owners derided as being involved in and legitimising a ‘scam’. This is an ill-informed and cynical argument. There tends to be pushback when new technological innovations are presented to the world, and as the latest branch on the digital art tree, NFTs are the most recent punching bag.
Ignorance of crypto and NFTs are rife.
What is inarguable is that a large majority of cryptocurrency could be considered environmentally unsustainable. Transactions on the Ethereum (ETH) Network, on which the majority of the business of NFTs take place, cost around the same as 2 days worth of electricity for an average home. However, art as a whole has always been unsustainable. In fact, the merchandise offered to fans on tours by famous musicians consumes more energy than the entire NFT space combined. The hypocrisy around cryptocurrency and NFTs’ environmental impact is startling, and the industry as a whole is making huge strides to become more sustainable.
The latest target for ire was the World Wildlife Fund, which recently announced plans to release a series of NFTs in order to raise money to save a number of endangered species. There was a significant backlash to this news, with the tired arguments about environmental impact trotted out once again. A genuinely pro-animal argument would be to rally against the meat industry, which is responsible for almost 20% of the entirety of global carbon emissions. In an effort to utilise a popular art form to raise money for a worthwhile charity, the WWF has been widely criticised.
Cryptocurrency is Rapidly Becoming More Sustainable
The crypto sphere has already made steps to become more environmentally friendly. Cardano (ADA), the 6th biggest cryptocurrency in the world, has broad aims to become a climate-positive blockchain. For a start, Cardano recently reached a goal to plant 1 million trees. Their blockchain runs on a proof of stake model, which is more environmentally friendly than other chains such as Ethereum (ETH).
Algorand (ALGO) is in the top 25 ranked cryptocurrencies and has pledged to be the greenest blockchain by becoming carbon neutral. Algorand was built with a low carbon footprint in mind and is continuing to reduce emissions whilst not compromising on speed or security. It currently has a market cap of over $6 billion.
A promising new cryptocurrency that could help the wider market on the way to greater sustainability is Seesaw Protocol (SSW). Seesaw Protocol will allow its users to conduct cross-chain swaps from network to network, providing a truly multi-chain bridge. It will launch on the Binance Smart Chain, Polygon, and Ethereum Network. SSW, the native token of Seesaw Protocol, could be used to seek the network with the lowest emissions for the desired transaction.
Seesaw Protocol’s (SSW) presale began at the end of January 2022 and has already increased from $0.005 to $0.0167, a 240% increase in under a week. It has been proven on multiple occasions that early investments can yield massive rewards. Seesaw Protocol (SSW) could follow the successes of the likes of Filecoin (FILE) and EverGrow (EGC), and in addition, help the cryptocurrency market on the way to becoming more sustainable.
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