NFT sales surged in May 2022, and so did their emissions. 📈

▪️The majority of past NFTs were bought and sold using Ethereum, which like most cryptocurrencies, consumes large amounts of energy.

▪️According to Coin Metrics' research, since July 2021, NFT's share of total Ethereum token transfers has surpassed stablecoins and the major ERC-20s.

▪️Current estimates of global Ethereum consumption is 93.95 TWh, relative to the power consumption of Kazakhstan with a carbon footprint of 52.4 Mt CO2, comparable to the carbon footprint of Sweden.

▪️ Blockchain and cryptocurrency are still relatively new, and more research needs to be done to assess their environmental impact.

▪️On a positive note, the "Ethereum merge" is expected to transition the Blockchain to a proof-of-stake (PoS) system far less energy-intensive this September. Coinbase announced its decision to pause Ethereum transactions "as a precautionary measure" during the event.

Source: digiconomist.net