Environmental Concerns Have Cast Doubt on NFTs—But That’s Changing

Environmental Concerns Have Cast Doubt on NFTs—But That’s Changing

In Scotland this month, world leaders bickered about global efforts to reduce carbon emissions at the COP26 summit. Meanwhile in the oil-drilling capital of Alberta, Canada, a tech company is doing its own small part to help the world reach carbon neutrality: turning oil waste into environmentally-friendly energy that powers crypto mining. This self-sustainable system, developed by a company called CurrencyWorks, will ultimately help power the distribution of Zero Contact, a new movie starring Anthony Hopkins, which is set for release next month as an NFT, or non-fungible token, with zero carbon footprint.



At the Canadian plant, municipalities pay a fee to give away their waste. That organic material—in this case, solid waste—undergoes a process called pyrolysis, decomposing it at high temperatures under pressure. That generates electricity, which can go towards crypto mining; between municipal waste and oilfield waste, the plant can power up to 200 mining machines. With its giant oil tank and hefty metal pipes, the operation may not, at first glance, seem to have much in common with the shiny world of NFTs and Web3, the next generation of digital and virtual tools and platforms. But this industrial facility is playing an essential role