NFTs Face a Setback as Brands and Publishers Consider Environmental Implications

Still looking for that lean, green, nonfungible token minting machine

If you’ve given even a cursory look into the environmental impact of cryptocurrencies, you can quickly get lost in the wash of near-meaningless analogies. The Ethereum network uses as much energy annually as the country of Chile, and selling a nonfungible token uses as much energy as a European Union resident’s electricity consumption for one-and-a-half months. Mining Bitcoin uses more electricity than entire countries like Argentina.

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This story first appeared in the Nov. 1, 2021, issue of Adweek magazine. Click here to subscribe.