How can you use NFTs to support World Earth Day?

Earth Day is a global event celebrated annually on April 22nd to demonstrate support for environmental protection. This Earth Day we wanted to explore what the NFT community are doing to ensure environmental precautions are followed and look at the environmental impact of NFTs.

The environment is one of the most important things we have on this planet, and it is crucial that we take steps to protect it. As new technologies are emerging they are making it easier for us to do just that. One such technology is NFT minting, which is providing a new way for artists to monetise their work while also promoting sustainable practices.

What are NFTs?

NFTs, or non-fungible tokens, are unique digital assets that are verified on a blockchain. They have been gaining popularity in recent years as a new way for artists to sell their work, as well as for collectors to invest in rare pieces. While some have criticised the energy consumption of blockchain technology, there are now several initiatives working to make NFT minting more environmentally sustainable.

One of the most notable initiatives is the Ethereum blockchain's move to a proof-of-stake (PoS) consensus mechanism. This means that instead of miners using energy-intensive computations to verify transactions, validators are selected based on the amount of cryptocurrency they hold, incentivising them to act in the best interests of the network. This shift has already resulted in a significant reduction in energy consumption for the Ethereum network and is expected to continue to do so as more validators are added.

Polygon

Polygon (formerly known as Matic Network) is a Layer 2 scaling solution for Ethereum, designed to improve the scalability and usability of the Ethereum network. Polygon uses a proof-of-stake (PoS) consensus mechanism, which is much more energy-efficient. It achieves this by creating a network of sidechains that operate alongside the Ethereum main chain, allowing for faster transactions while still maintaining the security and decentralisation of the Ethereum network.

This makes one of the key advantages of Polygon over the Ethereum main chain is that it is much more environmentally friendly, as validators do not need to perform energy-intensive computations to prove their worth

What do we use at BulQ?

Since Polygon is a much more environmentally friendly solution for blockchain scalability than the Ethereum main chain, we chose to use it here at BulQ. This means you can use BulQ to bulk upload your NFTs without worrying about your effect on the environment so much. 

What are other ways you can support Earth Day with NFTs?

1. Creating art that raises awareness about environmental issues 

By selling digital art and other exclusive content as NFTs, artists and creators can make people aware of environmental issues without causing harm to the environment. This can create a buzz around environmental conservation and sustainability efforts on Earth Day.

2. Donating a portion of NFT sales to environmental causes 

Create and sell virtual items that support environmental organisations. NFTs can be sold for a considerable price, making them an excellent tool for fundraising.

3. Using NFTs

You can use NFTs to authenticate the ownership of physical assets that support the environment.

As Earth Day promotes environmental protection and awareness, it is important to consider the environmental impact of NFTs and explore initiatives and solutions to reduce their carbon footprint. One possible solution is to use renewable energy sources, such as solar or wind power, to power the blockchain networks.