Radio interview with Prof. Leif K. Oxenløwe

tirsdag 04 jan 22
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Climate Impact of NFT Art

 

In the art world, NFT (non-fungible token) has become mainstream and is commonly used as a unique and non-interchangeable unit of data stored on a blockchain, a form of digital ledger that makes it possible to sell artwork to a single owner – even though everyone else can still share the art.

 

In terms of climate change the digital certificate NFT affects the global warming to a great extent. Cryptocurrency, which is primarily used to trade artwork, used approx. 100 TWh in 2021 and emitted approx. 48 million tonnes of Co2, equivalent to 3 times as much electricity as we use throughout Denmark in one year.

 

Bitcoin's annualized footprint in electricity consumption reached an all-time high in 2021 and the impact factor increased by 10 in the last 3 years.

 

On December 29, 2021 Prof. Leif K. Oxenløwe was interviewed by DR P1 Kulturen about NFT’s deep impact of climate change. Listen to the Danish interview ‘Klimasvinet NFT':  

 

Interview (21:20 – 34:52).

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6 OKTOBER 2022