Not everything about Web 3 is virtual. Web 3’s ability to sustain itself relies on the energy that comes from the physical world. However, the next stage of Internet development may impact global sustainability.
When people become more aware of climate change, these shifting marketplaces may have a broader impact in the future. New ideas and technology have already started shaping how we produce and consume.
The world of NFTs, particularly how they are changing the world of art, is one of the topics explored. By allowing artists to interact directly with their audience and widen their reach, NFT technology has the potential to increase market efficiency. It also gives consumers a sense of authenticity and ownership.
The NFT market is still very much in its infancy, and a big part of the problem for digital art is the potential environmental harm that can be caused by blockchain technology. These digital ledgers consume enormous amounts of computer power, increasing our carbon emissions. But Changes are coming.
Big blockchain changes
A more environmentally friendly cryptocurrency future has already been paved by Ethereum, the second-largest cryptocurrency after Bitcoin. Ethereum used to run on a Proof of Work method but converted to Proof of Stake, which fundamentally alters how blockchain technology functions and resolves many concerns about carbon emissions.
The transfer, popularly known as “The Merge,” which took place in September, aligns Ethereum with other more environmentally friendly currencies and significantly reduces the pollution produced. The Ethereum Foundation estimates that cutting the network’s energy consumption would reduce pollution by 99.5%. Future users of crypto platforms may benefit from these more environmentally friendly alternatives.
A shift to a more environmentally friendly blockchain
For many environmentalists and creatives, the carbon emissions of cryptocurrency transactions have been a big negative.
The past several years, however, have offered a glimmer of optimism to those who want to see blockchain develop into a reliable system for online transactions.
The Ethereum organization implemented a new upgrade for its transaction technology in September, making it 99.5% less polluting. This was the most significant development for advocates of cryptocurrency who care about the environment.
By figuratively comparing the Ethereum organization to a made-up transportation company with a 25% global market share, “The merging” can be further highlighted. Imagine it overnight replacing all of its fuel-powered engines with zero-emission models.
Additionally, Ethereum accounts for around three-quarters of the NFT market. As a result, creatives and people who have shied away from blockchain technologies may locate crypto platforms and NFT marketplaces dedicated to environmentally friendly solutions quite readily.
NFTs pioneer the transition to ideology-driven art
With NFTs, the worth of the work is determined by outside factors, such as independent digital communities, as opposed to the traditional method of evaluating art.
Famous artists can interact with communities that value their work and motivation and want to buy it to support the shared cause by minting art in the blockchain to promote a purposeful cause.
In addition, NFT and smart contract technology can guarantee the openness of artists’ and businesses’ commitments to share their sales revenue with concerned parties, potentially reducing the exploitation of vulnerable populations and the environment.
To highlight, blockchain technology enables us to easily comprehend how an artist or business shares their NFT sales among the stakeholders involved. We join a group that can have a beneficial impact on the world when we buy art that fits with a narrative we deem important.
We may participate in intelligent consumerism from the buyer’s perspective thanks to NFT and its smart contracts, improving transparency and seller accountability.
How Web3 can lead to a healthier form of consumerism
As a society, we buy more than ever, which causes our natural resources to be depleted, contributing significantly to our pollution problem. This is particularly evident in the fashion industry, or “fast fashion,” which focuses on quick, inexpensive, and mass apparel production. According to studies, the typical individual only wears 20% of their wardrobe, and in most situations, at least 50% of a person’s garments go unused.
The solution is digital. Fashion designer Regina Turbina built a Web3 marketplace for the metaverse to address this problem. The Replicant marketplace enables users to browse a digital fashion boutique, choose a new outfit, apply it to a photo of themselves, and then receive the new digital outfit 48 hours later.
As long as there are still sales, changing our consumption to be more digital-based could ensure that we maintain economic development while enabling us to consume in an environmentally beneficial manner. Do you recall Ready Player One by Ernest Cline? Could a future similar to the made-up setting of the novel be nearer than we think? Instead of engaging in excessive consumption in the “real world,” we could support the habit by satisfying our demands through avatars. This reasoning could also be used in areas other than fashion. Need a second vehicle? You can have as many as you want in a virtual world without worrying about your carbon footprint.
It’s an intriguing idea, and – almost as a byproduct of increased metaverse use and the sales of virtual goods within them – will inevitably reduce real-world manufacturing and waste.
Although the distinctions between our physical and digital consumption already blur, a digital future may turn out to be the physical world’s friend as parts of blockchain work to become more environmentally friendly and NFTs search for their place in the world.
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