Polygon Based “Environmental Friendly” NFTs Cancelled After Backlash

Amidst the rise of NFTs, environmental concerns are rising as well. Cited to be one of the highest energy-consuming processes within the crypto space, many individuals and organizations concerned about the effects of crypto on the environment managed to counterblast an entire NFT series out of existence.

No More NFT Pandas

The World Wildlife Fund recently talked about their upcoming NFTs which were deemed to be “environmentally friendly” but soon after canceled their plans to raise capital for the NFTs.

The Tokens for Nature collection constitutes 22 NFTs which can be described as endangered animals within a glass cube. These NFTs were listed on Opensea for a floor price of 0.049 Ethereum which translates to about $157.05.

WWF reasoned for calling these NFTs unharmful to the environment by citing their existence on the Polygon blockchain.

The layer 2 blockchain is known to be significantly more economical in comparison to Ethereum. It is faster cheaper and causes lesser damage to the environment. But it causes damage nonetheless. 

Despite not running directly on the Ethereum mainnet it still is not an independent chain and eventually goes back to Ethereum mainnet which is the reason environmentalists stood against them.

One such digital currency economist Alex de Vries told The Verge:

According to Alex’s estimations, a single transaction on Polygon is still 2,100 times higher than what WWF estimated which makes it worse for the organization’s plans of releasing the NFTs on Polygon.

Ethereum Is the Problem

While Ethereum is in the process of transitioning from Proof-of-Work (known to be the most harmful block verification method) to Proof of Stake, it still hasn’t achieved it entirely. 

The difficulty bomb which is aimed at making proof of work verification method obsolete is scheduled to go off in June this year.

Maybe post the difficulty bomb Ethereum Layer-1 and Layer-2 based NFT protocols and Dapps could observe a much lesser negative impact on the environment and projects such as the Tokens for Nature could be successful.

This article was originally posted on FX Empire

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