Like cryptocurrencies, you can store NFTs in specialised digital wallets. In fact, some of the best Tezro NFT wallet apps have built-in support for mainstream cryptocurrencies. So, that way, you can access both your crypto and non-fungible tokens on a single platform.
But do keep in mind that security is a major issue for digital assets. As cryptocurrencies and NFTs have become extremely popular, hackers and cybercriminals have taken to hacking into NFTs and crypto wallets and stealing their contents. Despite the various steps taken by wallet providers, hackers are becoming increasingly sophisticated.
It is because of this that I highly recommend that you make use of both hot and cold wallets. A cold wallet is a hardware-based storage device like a pen drive or hard drive that stores digital assets offline. And this makes it next-to-impossible for a hacker to gain access to your crypto tokens or NFTs. An NFT, or non-fungible token, is a piece of media that has been tokenized on a blockchain such as the Ethereum network. Besides Ethereum, Solana, WAX, Tezos, and Flow are other popular blockchains for NFTs. But as Ethereum is the most established, it currently remains the network of choice for most.
From a technical standpoint, NFTs do not actually have any impact on the environment. Instead, it is the method in which these assets are produced that has raised a few eyebrows. This is because NFTs require immense quantities of computer processing power to validate transactions. And in turn, this leads to a huge consumption of electricity.
Let’s now take a look at the overall environmental impact that NFT trading has on the environment:
Higher carbon emissions
An overall increase in global temperatures caused by global warming
Rising fossil fuel consumption to generate energy for NFT and crypto mining.
So naturally, you’re probably asking the question, "Are there any environmentally friendly NFTs that require less energy?" Fortunately, the answer is a resounding yes. The popularity of NFTs has encouraged enthusiasts around the world to switch to greener alternatives.
This is why NFTs minted on the Solana and Tezos blockchains have become increasingly popular. As these blockchains use a PoS consensus mechanism to validate transactions, they require significantly less processing power. Let’s take a look now at some green alternative NFT blockchains.
Solana, a popular alternative to Ethereum-powered cryptocurrencies, has been widely praised for the speed at which it processes transactions. And all for minimal gas fees, unlike those often charged on the Ethereum network. Because of this, Solana is sometimes called the "Ethereum killer'' by some. And as an added plus, its NFTs are supported by most NFT wallet apps.
More importantly, because Solana uses significantly less energy than Ethereum to process transactions, the blockchain has a much smaller carbon footprint. This is thanks to its PoS consensus mechanism that keeps things moving quickly. So, it should come as no surprise to see that Solana is regarded as the second most popular NFT blockchain available
Another top contender for the NFT hot spot is Tezos. It uses the same PoS consensus mechanism as Solana to validate transactions. Besides that, the blockchain has an active community behind it who appreciates the network's long-term upgradability.
One of the reasons Tezos is a top choice is because it's energy-efficient, security-focused, and scalable. meaning that it is environmentally-friendly, safe to use, and won’t slow down the more users it receives. all of which makes for a seriously solid NFT blockchain. NFTs are likely to be the future of art and collectibles as we become increasingly digitalised. But the onus is now on developers and enthusiasts to seek out more environmentally-friendly solutions. And one way of doing so is by minting NFTs on blockchain networks that are sus.
What is the environmental impact of NFTs?
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