Energy consumption and Eco friendly NFTs

There has been a lot of controversy around the energy consumption of cryptocurrencies and NFTs, and there has also been a lot of misinformation. In this blog post we will try to inform you about some of the misconceptions and also explain why our NFTs are environmentally friendly. This is a very important discussion for us, since the primary goal of this project is to help conservation efforts and not add up to an existing problem.

NFTs for the most part are minted on the Ethereum blockchain, which is a Proof of Work based blockchain network. Due to its configurations, these systems can not be described as energy efficient as we’ve seen in many articles. However, as Ethereum changes to a Proof of Stake algorithm, this will become a non-issue.

The Binance Smart Chain where we’ve decided to mint our NFTs is a low-carbon based network that works with significantly lower values of energy than the other Proof of Work blockchain, giving us an environmentally sustainable way to go towards real conservation. This Proof of Stake system doesn’t have the energetic dependence between the values of crypto transactions and its energy consumption, eliminating it through direct economic incentives. The only thing that will stay are the transaction costs, which will be energetically irrelevant.

Thanks to this, we are comfortable with working with our partners towards the protection of endangered species without being part of the bigger problem. CNFT plans to expand our services to a number of different conservation organisations therefore it’s extremely important that we are able to highlight the negligible environmental impact of our NFTS. Cryptocurrency as a collective is moving towards more sustainable methods. CNFTs are happy to be at the forefront for this innovation by promoting the most environmentally friendly chains for our NFTS. Further down the line we will be going into more specifics when there is more time to gather data, however right now as minting NFTs via BSC is still a new process we will need to await further information to be able to provide as transparent as possible data in regards to energy consumption. What we do know is that BSC consumes negligible energy, and right now that’s perfect for CNFT.