Meta will ‘purchase renewable energy’ to offset its use of NFTs

The carbon footprint of non-fungible tokens (NFTs) is significant. While NFTs are just another hot latest trend that Meta appears keen to embrace, the technology conglomerate’s excitement has evidently been tempered by legitimate concerns regarding sustainability and its recent foray into the field of digital assets.

Meta released a statement detailing how NFTs will be integrated into Instagram, the company’s photo and video-sharing platform. Despite the bright screenshots of its NFT sharing tool, that have a limited release, Meta did make an effort to address the elephant in the room: environmental effect.

Meta noted that “blockchain technology and NFTs present fundamental considerations about sustainability” in its statement, and stated that it intended to purchase renewable energy to “minimize the environmental impact that might be linked with the display of digital artifacts on Instagram.”

Meta then included a link to a page dedicated to the company’s environmental efforts. Meta didn’t say how much renewable power it plans to buy in reaction to the emissions effect of displaying (and promoting) the manufacturing and consumption of NFTs.

According to Meta’s sustainability website, the company has “contracts in place for over 6.1 gigawatts (GW) of solar and wind energy throughout 18 states and 5 countries,” indicating that it has a history of buying renewable energy.

Meta’s data centers are also reported to be fueled by “over 3.4 gigawatts (GW) of the operating renewable energy projects.” As a result, it’s possible that Instagram’s parent firm may follow through on its commitment to mitigating the carbon emissions of the app’s new NFT-friendly feature.

Instagram’s new NFT sharing feature is set to launch this week with a small group of users in the United States. It will include the ability to link Instagram accounts with digital wallets, the ability to display NFTs on a user’s profile, and NFT posts with “a shimmer effect” and “automatic tagging of both the collector and creator.”

The feature currently only works with Ethereum and Polygon blockchains. Others, such as Flow and Solana, will arrive later. Trust Wallet, MetaMask, and Rainbow are among the wallets that support the NFT feature at the moment. “Coming soon” is the status of Coinbase, Dapper, and Phantom.

Although the primary goal of this technology’s presence in the digital universe is unclear, companies in the field are conducting various integration initiatives in order to identify potential sources of funding and revenue. Furthermore, this industry may appeal to people who are looking for new methods to utilize social media. TikTok is the best illustration of this, with double-digit growth at the expense of more traditional alternatives.

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