The Social Alpha Foundation will auction the works of top NFT artists on Nifty Gateway to support the Open Earth Foundation’s efforts to bring open digital solutions to climate-related issues.

Auction sponsors provide online donation carbon credits to offset the impact of NFT

As the auction breaks new sales records almost every week, people’s enthusiasm for NFT is high. The latest collection of works auctioned by the artist Beeple is titled “Everydays: The First 5000 Days”. In an auction held by Christie’s, 5000 original works compiled with a single JPEG image were sold for a staggering US$69 million.

Beeple solves the climate problem by setting the environment as a struggle against humans in his work. After becoming the most commercially successful NFT artist, Beeple is now known as one of the most valuable living artists alive.

As people’s interest in these works continues to expand, supporters of the NFT space are using this growing public interest to support environmental causes through charity auctions. The creative social Alpha Foundation (SAF) of co-founders Jehan Chu and Nydia Zhang will partner with Nifty Gateway to host a charity auction to draw more attention to the environmental impact of NFTs and the larger blockchain ecosystem.

Raising awareness through art

The auction is scheduled to start on March 20 and lasts for 48 hours. It will exhibit original climate works donated by top artists in the NFT field, including Beeple, Sara Ludy, FVCKRENDER, Andres Reisinger, Refik Anadol, Joanie Lemercier, GMUNK and Kyle Gordon (Kyle Gordon).

The auction sponsor Render Network (RNDR) will donate carbon credits to offset 500 tons of carbon footprint, which is the basis of auction production. In addition, the artists are committed to reducing and offsetting their footprints in order to play a leading role in the global fight against climate change.

See also  Kim Dotcom's next-generation content monetization service K.IM announces Bitcoin Cash integration

100% of the auction proceeds will be donated to the Open Earth Foundation, a non-profit blockchain project that aims to develop open source technology to solve the most pressing problems in the environment and address human impact.

Due to the large amount of energy required to run these networks, proof-of-work (PoW) blockchains such as Ethereum and Bitcoin have long been a goal of environmentalists. NFT has also come under fire for similar reasons. Therefore, this auction will showcase the artists’ efforts to assess the environmental impact of their artworks.

The news desk of Bitcoin.com contacted the organizer of the auction and asked the following questions:

Don’t you think there is an inherent paradox in auctioning NFTs that are unfavorable to the environment for environmental reasons? In addition to not returning 500 tons of carbon footprint, wouldn’t it make more sense not to create these NFTs?

Martin Wainstein, Executive Director of the Open Earth Foundation answered:

It is not NFT that is bad for the environment, but the PoW algorithm of Ethereum and Bitcoin. Having said that, Ethereum and Bitcoin have ushered in very important breakthrough innovations, but they need time to develop. Climate action needs a transition. When we are negotiating on climate issues, we gather at the United Nations, and everyone has to fly by plane-this is much more light than NFT Art. If we do not start to push the boundaries and demonstrate the advantages of NFT Art on existing platforms, then where should we start?

What do you think of the environmental cost of NFT-is it worth it? Let us know in the comments section below.

Picture Credits: Shutterstock, Pixabay, Wiki Commons, Beetle, Mic.com, NFT,

Disclaimer: This article is for reference only. It is not a direct offer or solicitation of an offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. For the use or reliance on any content, goods or services mentioned in this article, or any loss or loss related to it, the company or the author shall not directly or indirectly bear any responsibility.

See also  Announced the launch of PlayStation Plus free game in April-Days Gone, Fantasy World: Soul Storm, Zombie Army 4: War of Death