Despite all the buzz and hype surrounding NFTs, the early stages of the technology have been mired in controversy. Perhaps the most often cited point of criticism for the technology — and cause for hesitation for any of its would-be adopters — is its environmental impact.
So, how bad is it? Los Angeles-based artist Kyle McDonald ran the numbers himself and went to social media to share his findings.
The price of progress
McDonald’s calculations essentially lined up with most public estimates on the energy consumption of Ethereum — the most commonly used blockchain for NFT transactions. Assuming the data is accurate (and it seems to be), it means that users on the Ethereum network consume more energy than a country like Argentina. If you weren’t aware, Argentina is home to more than 45 million people. Fewer than one million people currently…
