Crypto is like a double-edged sword, one good piece of news is followed by ten bad reactions. It\u2019s like being the parent of the hyperactive kid in the kindergarten \u2014 he breaks other kids\u2019 toys, bounces off the walls like a demon and the other parents hate him, but you know he\u2019s a sweet, thoughtful and kind soul who will one day find the cure for cancer.<\/strong><\/p>\n And as you stand surveying the debris of his day in kindergarten with the other parents giving you the evil eye and the Montessori teacher sadly shaking her head, you cannot wait for that day to come soon enough.<\/p>\n So, in crypto, one step forward is the introduction of nonfungible tokens, or NFTs. Finally, something that everyone \u2014 including your non-tech or finance friends \u2014 can get their teeth into and understand.<\/p>\n I listened to a radio program yesterday where during the weekly film roundup a reviewer spoke about Quentin Tarantino producing NFTs of unused pages of his Pulp Fiction script. Sure, he is being sued by Miramax, but the reviewer positively salivated over the term NFT.<\/p>\n \u201cI\u2019m not tech or finance,\u201d she said. \u2018But I like talking about NFTs and Tarantino.\u201d<\/p>\n So NFTs are mainstream. Noobs still get hung up on the Beeple sale ($69 million at Christie\u2019s in March) much in the same way the OGs regard the eye-watering 2017 Tezos ICO that raised $232 million or BlockOne\u2019s epic twelve-month raise of $4 billion the following year. These are the milestones when the money gets silly and crypto gets onto the mainstream news feeds.<\/p>\n But, the backlash has already begun. The amount of energy \u201cwasted\u201d in generating NFTs is a very serious issue currently doing the rounds. If using energy to produce cryptocurrency is seen as wasteful, then expending large amounts of energy to create NFTs of low-resolution cartoon JPGs sounds positively frivolous. A sort of let them eat cake moment in crypto history.<\/p>\n This is why it is good to seek out educators who can balance the rhetoric, to counter the inbuilt prejudice or sheer misinformation bandied about like gospel.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Gary Nuttall, an emerging technology consultant with Distyltics, and a recent finalist in the prestigious U.K. CryptoAM Education Awards, is in demand to explain<\/a> all things crypto. When I spoke with him, he had just hopped off a webinar with bankers. He wears a shirt (to impress the bankers) and a hoodie (to prove his tech credentials), but finds himself answering the same questions again and again.<\/p>\n \u201cThe Silk Road and money laundering in crypto is still a top question,\u201d he says, as he visibly sighs. \u201cAnd I point out to them that the most money laundering is executed in the U.S. dollar. We have a way to go.\u201d<\/p>\n Nuttall begins by addressing layer-one blockchains and the energy charges.<\/p>\n \u201cTalking about layer-one blockchains being energy expensive to mint NFTs misses the point entirely. For example, on the Bitcoin blockchain, a block is produced every ten minutes, while on Ethereum it\u2019s more like every 15 seconds \u2013 these blocks are going to be produced regardless of whether or not there are NFTs onboard.\u201d<\/p>\n<\/blockquote>\n Nuttall compares it to a plane going from London to New York. \u201cThe plane is going anyway, where or not every seat is filled.\u201d<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n The Cambridge Bitcoin Electricity Consumption Index (CBEI), housed in the Judge Business School at the University of Cambridge, UK, has been tracking<\/a> Bitcoin since 2019. In its most recent findings published in May 2021, the CBEI reported that Bitcoin mining currently consumes 133,68 terawatt hours a year of electricity \u2013 consistently rising year each year from when this research began.<\/p>\n Similar studies into the carbon footprint of Ethereum produce similar results. Digiconomist estimates<\/a> a single Ethereum transaction\u2019s carbon footprint at 33.4kg CO2 and each time an NFT is minted or sold, that\u2019s another transaction. These estimates point to a single NFT transaction is likely to have a carbon footprint more than 14 times that of mailing an art print.<\/p>\n Both Bitcoin and Etheruem use proof-of-work (PoW) mining, which is associated with significant carbon output. In the Ethereum ecosystem, this is being addressed by layer-two solutions such a Polygon and the forthcoming move to proof-of-stake (PoS) with Eth2, but for now, the NFT marketplaces are still plagued by high gas fees.<\/p>\n In May, The Financial Times called<\/a> Bitcoin a \u201cdirty currency.\u201d<\/p>\n \u201cThe Bitcoin ecosystem itself accounts for the same amount of energy consumed by the Netherlands,\u201d says Nuttall. \u201cWhich is a lot until you consider that it\u2019s only half the energy consumed by TVs left on standby overnight in the U.S. Perspective.\u201d<\/p>\n Nuttall has a more unique perspective when it comes to explaining the link between cryptocurrency and energy.<\/p>\n \u201cI see it as an alternative way of storing energy consumption. Consider an electricity company operating a hydroelectric dam. When they empty the water, they produce electricity which they sell back to themselves off peak at a low rate to refill the dam but sell onto the grid at a premium rate.<\/p>\n \u201cI see the production of cryptocurrency as an alternative means of storing value \u2014 it\u2019s just that instead of it being water, it\u2019s in a cryptocurrency.\u201d<\/p>\n<\/blockquote>\n Nutall also uses the invention of the motor vehicle as a parallel to blockchains.<\/p>\n \u201cEarly cars were energy inefficient \u2014 it takes time to improve and, too, with proof-of-work \u2014 that is terribly inefficient. But innovations are coming, proof-of-stake is much more computationally efficient and low on energy consumption. Innovation is key here and it is coming.\u201d<\/p>\n Nutall has big dreams for NFTs helping that innovation and reduce energy costs. As he points out, distributed ledger projects are all about traceability, provenance and transparency \u2013 but it\u2019s terribly manual, as\u00a0everything has to be written to the blockchain.<\/p>\n \u201cWhereas NFTs are a programmable layer on top of blockchains. They come with a built-in digital representation of ownership, bragging rights if you will, but we can also program in things like fees for the originator.<\/p>\n \u201cIt\u2019s going to totally disrupt industries where there are licensing rights such as music or gaming. Right now, we are at NFT 1.0 but we are rapidly moving to 2.0 or even 3.0 where NFTs may be more active, used as locks or access points to underlying assets. We are just at the tip of the iceberg right now.\u201d<\/p>\n But even at this early stage, with most NFTs stored on Proof of Work chains, there are already plenty of projects out there looking to tap into this new technology to deliver benefits for humanity.<\/p>\n DigitalArt4Climate was launched<\/a> by the United Nations as part of the Year of Creative Economy for Sustainable Development. DigitalArt4Climate is a multistakeholder partnership initiative that turns art into digital assets (NFTs) and is supported by UN-Habitat<\/a>, and IAAI-Clocha<\/a> with technology partner Unique.Network<\/a> from the PolkaDot ecosystem.<\/p>\n In this project, young people, climate challenges and technology were all brought together to raise awareness of the issues. Storing NFTs on a carbon-neutral network called Unique Network was also a key aspect of the project.<\/p>\n In its FAQ, DigitalArt4Climate says it sees \u201cthe potential of the technology to not only disrupt existing inefficient supply chains, but also the ability to transform how disparate communities communicate and trust each other through permissionless distributed ledger technology. \u201d<\/p>\n A related exhibition \u201cHumanity challenged by Climate Change\u201d was exhibited in Glasgow at COP26, with digital artist, Bricx Martillo Dumas from the Philippines winning the art competition. Dumas said, \u201cThis competition may come to an end, but our fight for climate justice is far from over.\u201d<\/p>\n Religious artifacts from the ancient Portugal\u2019s\u00a0Santa Casa da Miseric\u00f3rdia de Lisboa<\/a> (SCML) museum were dropped<\/a> on the Artentik marketplace on Dec. 1, based on Polygon. These NFTs are based on ancient religious paintings and relics from saints. The proceeds will be used to support Portugal\u2019s largest charitable organization, the SCML, as it bridges the gap between the very ancient and the most modern.<\/p>\n This project claims to be the first religious NFT collection.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n SCML is the keeper of the Museum and Church of S\u00e3o Roque in Lisbon and houses one of the most important religious collections in Catholic Europe.<\/p>\n \u201cIn Lisbon, SCML enjoys a warm relationship with residents and visitors to the museum and church and we see a way of extending that relationship globally and to new generations through NFTs,\u201d says Edmundo Martinho, President of SCML.<\/p>\n Is this the ideal Christmas present for faithful moms and dads?<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Yoshidrops was founded<\/a> by EOS legend Michael Blu, or MBlu, as he is better known. MBlu was previously a precious metal broker before he discovered cryptocurrencies and is particularly bullish on EOS. He made serious money trading cryptocurrencies but also turned his passion into philanthropy. He and his wife adopted a child from Haiti and, from seeing the devastation of the country, began fundraising to build schools through his Uplift Nation (which subsequently morphed into UpliftArt) platform.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n First #nft<\/a> music video on #blockchain<\/a>🔥🔥🔥 imagine the possibilities\u2026 \u2014 mBlu (@mBluCrypto) August 2, 2020<\/a><\/p>\n<\/blockquote>\n \u00a0<\/p>\n \u00a0<\/p>\n He was an early convert to NFTs and created what he says is the world\u2019s first full length NFT music video of his band called My Bitcoin Bull V. Subsequently, he launched YoshiDrops with a musical collaborator, Yoshi, which pairs musicians and artists together in drops which are bundled in a monthly subscription model. He is supporting new and established artists on this platform which has a built-in philanthropic aspect again. Yoshidrops dropped one million Yoshi NFT coins for free to random Wax wallet holders, and MBlu tells Cointelegraph that they have already raised<\/a> $60,000 on the secondary marketplace.<\/p>\n \u201c100% of that income is going to CarbonFund.org, to offset blockchain-generated carbon. It\u2019s taken a while, but we are building a community and getting there.\u201d<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n https:\/\/www.youtube.com\/watch?v=EJIiCOpe1E4<\/a><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n The AIBC conference was held again on the island of Malta in November and during that popular event a new ethical funding platform, Orica, was launched<\/a>. Branded as a platform for digital creatives and social impact projects, its mission is to accelerate wealth equality through digital assets.<\/p>\n The launch project was for an NGO to help build a school in Uganda using NFTs and, in this case, \u201cBlockchain Island\u201d dollars from Malta were funding education for Ssese Island children in Lake Victoria.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n The NGO Bbanga Project collaborated with digital artist Mellowmann to release a collection of Uganda-inspired NFTs. These were \u201capproved\u201d by the Ssese Islands school children before being auctioned this week by Orica. Proceeds of the sales will be used to finish building a school for the children on their remote island of Bugala.<\/p>\n \u201cThe Ssese archipelago has eighty-four islands, but only fourteen have access to a school. We\u2019d already built the main school hall on Bugala but then our funding dried up,\u201d explains Bbanga Project founder Sani Hayatbakhsh.<\/p>\n Blockchain operations lead Danial Zey said two days after the launch that \u201cIt looks like we will be able to reach the goal we set for the NGO we are working with. I think it is also thanks to amazing publications such as Cointelegraph that helped us share the news about the school in Uganda.\u201d<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Stephen Cutter is the founder and CEO of Wuji Games which launched Earth Defender at COP26. His passion for saving the Earth has led him over the past ten years to create a project which now combines blockchain, NFTs, Natural Capital Accounting Principles, the Metaverse and tree planting.<\/p>\n There are also elements of staking, ReFi, rewards, Easter Eggs and links with GiveNation and links with tree planting organizations Tree Sisters and the Eden Project.<\/p>\n \u201cTen years ago, I started watching nature documentaries with my children and I was hooked. Since then, I have dedicated myself to working with the earth. I believe that if you take care of your home, it will take care of us.\u201d<\/p>\n<\/blockquote>\n Cutter uses the NFTs to provide a real-life twin tree to plant with his sustainable tree planting partners.<\/p>\n At Wujigames you can play<\/a> games, plant trees and earn NFTs.<\/p>\n The project also aims to help protect wildlife through combining filmmakers, digital artists and technology.<\/p>\n Cryptograph launched<\/a> five official NFTs recently week from renowned filmmaker Kristian Schmidt and Pixar artist Andy Harkness. \u201cInto The Wild,\u201d features five unique animal representations \u2014 Cheetah Reflection, Annabelle and Lion, Miyavi & Eagle, Whale Shark Depth and Joiride. The proceeds and that of the secondary market will benefit WildAid \u2014 an organization on a mission to protect wildlife from illegal trade and other imminent threats.<\/p>\n In a neat tie-in with real-world rewards, with the purchase of each Cryptograph, the token holder gains access to an exclusive photoshoot with Kristian, as well as a 30-minute photograph masterclass.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n![\"NFTs](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/11\/magazine-NFTs-can-be-a-force-for-good1.jpg\")
The Plane truth<\/h4>\n
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So what is the carbon footprint of NFTs?<\/h4>\n
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![\"Digital](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/11\/digital-art-for-climate.jpg\")
Climate change<\/h4>\n
Religious artifacts<\/h4>\n
![\"POPE](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/11\/POPE-PAUL-III-RECEIVES-ST.-FRANCIS-XAVIER.png\")
Music and tree planting<\/h4>\n
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Great article @kansai_krypto<\/a> 🌈❤️🌅 $wax<\/a> @WAX_io<\/a> @pinknetworkx<\/a> @bytemaster7<\/a> @block_one_ @WilliamEQuigley<\/a> $eos<\/a> #EOSIO<\/a> https:\/\/t.co\/Aj4l0ipfKN<\/a><\/p>\n![\"\"](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/11\/YoshiDrops.jpg\")
<\/p>\nNGOs and NFTs<\/h4>\n
![\"Bbanga](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/11\/Bbanga-Project.jpg\")
Gaming and NFTs<\/h4>\n
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![\"Miyavi](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/11\/Miyavi-And-Eagle-by-Kristian-Schmidt-x-Andy-Harkness.png\")