In the ever-evolving world of technology, few innovations have captured the world’s attention just as much as blockchain. At the heart of this world lies NFTs, which are digital assets that represent ownership or proof of authenticity of a piece of art, collectibles, virtual real estate, or any other digital asset. What sets NFTs apart is the fact that each one is unique and cannot be replicated – unlike traditional cryptocurrencies like Bitcoin. The popularity of NFTs has been rising – so much so that in 2021, the NFT trading volume hit $10.7 billion, according to CNBC
However, the rise of NFTs has also raised concerns about their environmental impact and the sustainability of their growth. This mainly falls back on the carbon emissions of the underlying blockchain technology, particularly in the case of popular networks like Ethereum.
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