The Problem with NFTs

Author Delainey Root is a student at Mount Vernon High School; her story first appeared in The MV Current on Nov. 21, 2022.

NFTs, or non-fungible tokens, are unique digital identifiers. They are bought and sold using cryptocurrency. NFTs are often seen in digital artwork, in-game items and special or unique clothing items. What many people don’t know is how awful NFTs are for the environment.

But to understand NFTs, one must first understand cryptocurrency. Cryptocurrency was first invented in 2008 by a person that goes by the name Satoshi Nakamoto. This first cryptocurrency is the ever-so-popular Bitcoin. NFTs, however, were developed in 2012. They operate using a cryptocurrency called Ethereum. 

Ethereum uses an estimated 62.77 Terawatt-hours of electricity in a year. Cryptocurrency mining, “the competitive process that verifies and adds new transitions to the blockchain for a cryptocurrency that uses the proof or work method,” as defined by pcmag.com, is estimated to take 1,449 kWh or 50 days worth of power in the average household. This amount of energy used has a huge effect on carbon emissions, giving NFTs a huge carbon footprint. 

Carbon emissions are one of the biggest problems the environment is facing right now. They are a greenhouse gas, and get caught in the atmosphere, bringing on the ever so infamous phenomenon known as global warming. The levels of carbon dioxide in the atmosphere are at an all time high. This is made even more shocking when put next to the fact that carbon dioxide is one of the most avoidable, but also dangerous of the greenhouse gasses. It is produced by the burning of fossil fuels. 

Therefore, while NFTs may seem like a cool new way to exchange exclusive objects and items, the damage they are doing to the environment is not worth it. Earth being habitable is more important than having a picture of a monkey or an exclusive item in a game. If the Earth is no longer a planet fit for life, having an NFT means nothing.