He found that the average NFT has a carbon footprint of around 211 kg of CO2 equivalent. A good way to tackle the environmental impact of NFTs is to secure “a commitment from collectors, developers, artists and investors to explore and move to more sustainable alternatives other than the Ethereum blockchain.

What are NFTs in art?

What is NFT art? An NFT is a digital asset that exists completely in the digital universe—you can’t touch it, but you can own it. An NFT can be any type of digital file: an artwork, an article, music or even a meme such as “Disaster Girl”, the original photo of which sold for $500k earlier this year.

It’s no wonder, then, that despite the cooling of the digital art market – NFT sales have dropped nearly 90 per cent since their peak in early May – Christie’s is continuing to drive demand in the sector, even as pundits declare the death of the NFT bubble. They’re not offering digital art though.

Why are NFTs a thing?

But NFTs are designed to give you something that can’t be copied: ownership of the work (though the artist can still retain the copyright and reproduction rights, just like with physical artwork). To put it in terms of physical art collecting: anyone can buy a Monet print. But only one person can own the original.

NFTs can establish real value for Digital Content by creating and enforcing true scarcity. Digital content is much easier to replicate than physical content, especially on open platforms. There’s little to no distinction between a good digital copy and the original.