What's The Link Between NFTs And Climate Change?

The video discusses the energy consumption of NFTs, particularly on the Ethereum blockchain, which uses a proof of work model. This model is energy-intensive, contributing significantly to carbon emissions. Alternatives like proof of stake, which is more energy-efficient, are being considered. The video also explores the carbon footprint of NFTs and the potential for green solutions to mitigate environmental impact.

What is the estimated annual energy consumption of Ethereum, and how does it compare to a country's usage?

• 38 terawatts, similar to Bulgaria

• 50 terawatts, similar to France

• 20 terawatts, similar to Portugal

• 10 terawatts, similar to Greece

How does the proof of work model validate transactions on the Ethereum blockchain?

• By selecting miners based on their coin holdings

• By using energy-intensive computers to solve complex puzzles

• By relying on a central authority to approve transactions

• By using a random selection of users

What is a major criticism of the proof of work model used by Ethereum?

• It is too fast and efficient

• It requires minimal energy

• It contributes significantly to energy consumption

• It is not secure enough

What is one proposed solution to reduce Ethereum's energy consumption?

• Switching to a proof of stake model

• Increasing the number of miners

• Using more powerful computers

• Reducing the number of transactions

How does the proof of stake model differ from the proof of work model?

• It selects miners based on computing power

• It selects miners based on their coin holdings

• It is less secure than proof of work

• It requires more energy than proof of work