The Green Movement is gaining ground in the NFT world. Sotheby’s is auctioning off an NFT programmed to self-destruct if the average global temperature rises 2 °C above pre-industrial levels. The NFT, Two Degrees, is a 20-second video of a 3D scan of a forest in southern Germany.
Self-Destructing NFT Explained
Two Degrees is using NASA’s global temperature data as reference. When this value crosses the threshold of 2 degrees centigrade, the token can be burned by anyone who wants to call the smart contract function. The message is straightforward. Just as the real forest will disappear as soon as a certain threshold in global climate change is passed, so will the NFT.
Crypto space is under increased scrutiny for energy intensive proof-of-work. Calls for Crypto projects to examine their carbon footprint dominates the conversation. Ethereum answers this by launching Ethereum 2.0. Proof-of-work for Ethereum will end as it fully transitions to proof-of-stake. This upgrade in the next few years will reduce environmental impact by 99.5% according to the Ethereum Foundation.
Crypto and NFT projects are adapting well to the shift to greener ways. For example, Green music NFT platform, OneOf, is ahead of the game. It will use Tezos proof-of-stake, which runs on less power. The platform raised $63 Million in seed funding. Eco-NFT project CryptoTrunks briefly suspended its operations after Ethereum gas prices soared and risked damaging the environment further.
The auction is ongoing at Sotheby’s and the lot will end on June 10.