Data Analyst Erin Davis outlines the CO2 emissions of NFTs for Quartz.
In the report, NFTs are compared to standard printed art and gas cars. On average, a piece of printed art results in around 2.5 kg of extra CO2 emissions. This is about the same as a gas-powered car creates every five miles. Meanwhile, the CO2 emissions from minting and auctioning off an NFT can be up to 100 times higher.
However, according to the report, it is the mining process that is the big offender. An estimation puts one NFT’s lifetime CO2 emissions are the same as a car traveling more than 500 miles.
Mining costs have gotten so bad that estimates put the power required to mine one bitcoin is equivalent to the electricity used by the average U.S. home in 50 days. That leaves the average cost of mining a bitcoin around $200.
While NFTs are “minted,” not “mined,” the process is the same.