The Social Alpha Foundation will auction works by leading NFT artists at Nifty Gateway to support the Open Earth Foundation’s efforts to develop open digital solutions to climate-related problems.
Auction sponsor’s render network to donate carbon credits to offset the impact of NFT
The excitement about NFTs has peaked as auctions break new sales records almost weekly. Artist Beeple’s latest collection, Everydays: The First 5,000 Days, sold 5,000 original works assembled into a single JPEG image at an auction hosted by Christie’s for a staggering $ 69 million.
Beeple, who addresses climate issues by referring to the environment in his work as the fight against humanity, is one of the most valuable living artists today, having become the most commercially successful NFT artist.
As interest in this work grows, the champions of the NFT space are capitalizing on this growing public interest to support environmental concerns through a charity auction. The Social Alpha Foundation (SAF), an brainchild of co-founders Jehan Chu and Nydia Zhang, is partnering with Nifty Gateway to hold a charity auction to increase the environmental impact of NFTs and the larger blockchain ecosystem.
Awareness through art
The auction, which is scheduled to start March 20 and last for 48 hours, will feature original climate-related pieces donated by top NFT space artists including Beeple, Sara Ludy, FVCKRENDER, Andres Reisinger, Refik Anadol, Joanie Lemercier, GMUNK and Kyle Gordon.
Render Network (RNDR), the auction sponsor, is donating carbon credits to offset the 500-tonne carbon footprint that underlies auction production. In addition, the artists have pledged to reduce and offset their footprints in order to take responsibility in the global fight against climate change.
100% of the proceeds from the auction will be donated to the Open Earth Foundation, a nonprofit blockchain initiative that develops open source technologies to address the world’s most pressing issues and human impact.
Proof-of-work blockchains (PoW) like Ethereum and Bitcoin have long been the target of environmental activists, as immense amounts of energy are required to operate these networks. NFTs have come under fire for similar reasons. Accordingly, this auction will showcase the artists’ efforts to inventory the environmental impact of their works of art.
The Bitcoin.com news desk reached out to the organizers of this auction with the following question:
Don’t you think that environmentally unfriendly NFTs auctioned for environmental reasons have an inherent paradox? Wouldn’t it have made more sense not to create these NFTs instead of paying back the 500-tonne carbon footprint?
Martin Wainstein, Executive Director of the Open Earth Foundation, replied:
What is harmful to the environment is not the NFTs, but the PoW algo of Ethereum and Bitcoin. With this in mind, Ethereum and Bitcoin have launched very important disruptive innovations, but they need time to move forward. Climate protection requires a transition. When we negotiate on the climate, we gather at the United Nations and everyone has to take a flight – which exudes a lot more than NFT art. If we don’t start pushing the boundaries and showcasing the benefits of NFT Art on the existing platforms, where do we start?
What do you think of the environmental costs of NFT – whether it’s worth it or not? Let us know in the comments below.
Photo credit: Shutterstock, Pixabay, Wiki Commons, Beeple, Mic.com, NFT,
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or an invitation to submit an offer to buy or sell, or a recommendation or approval of products, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.
