NFT stands for non-fungible token, meaning it can neither be replaced nor interchanged because of its unique properties. NFTs are digitals assets that represent internet collectibles like art, music, and games with an authentic certificate created by blockchain technology that underlines Cryptocurrency. As our world becomes more and more digital, NFTs are becoming the forefront of most online conversations, sparking many heated debates.  

  One of the most popular conversations are if NFTs are worth anything. To some people, there is value in NFTs, just like how there are value to regular pieces of art. However, the extreme prices are what wards regular people away. You have to buy NFTs with Cryptocurrency, more specifically Ethereum. It’s the most decentralized, popular, and trusted network after Bitcoin. But the Ethereum blockchain technology isn’t suited towards minting, buying, and trading NFTs at scale. This process of minting Ethereum raise the prices significantly. For example, if you decide to buy an NFT for $200 or $300, the price will raise due to the minting process which adds another 20% to 30%. The scarcity of NFTs also raise the prices, giving people an incentive to buy the NFTs quickly. However, this scarcity is also its downfall, as the higher prices push people away from the idea of buying them.  

NFTs also have a huge impact on the environment. As the popularity of the NFTs rise, so too does the impact they have on the environment. NFTs have already been identified as sizeable carbon contributors. Data Analyst Erin Davis outlines the CO2 emissions of NFTs for Quartz. The report, according to beincrypto.com, compared NFTs to standard printed art and gas car. On average, a piece of printed art results in around 2.5 kg of extra CO2 emissions. This is about the same as a gas-powered car creates every five miles. Meanwhile, the CO2 emissions from minting and auctioning off NFTs can be up to 100 times higher. Mining costs have gotten so bad that estimates put the power required to mine one bitcoin is equivalent to the electricity used by the average home in 50 days. That leaves the average cost of mining a bitcoin around $200. 

It is important to recognize that Cryptocurrency is trending towards renewable energy. The power debate with cryptocurrencies are still ongoing. Earlier in 2021, Elon Musk made a stir by backtracking on Tesla’s acceptance of bitcoin payments due to its environmental effects. However, NFTs and their impact on the world around us can’t be ignored.