The environmental impact of blockchain technology and particularly NFTs has been a hot button topic over the last couple of months. Environment conscious artists have come out alongside a multitude of people in online discussions expressing deep concern about potential harmful effects non-fungible token technology may have on the planet we all share.
Phantasma has always been focused on sustainability in everything we do, whether it concerns the creation of easy to use but powerful tools for our growing ecosystem, sound tokenomics guaranteeing the future of our blockchain or the carbon footprint of our efforts. That is why we are pleased to share with you some thoughts and examples highlighting how Phantasma and the environment go hand in hand.
Next generation blockchain technology is green
The Phantasma blockchain is an energy efficient blockchain unlike such legacy technologies as Ethereum and Bitcoin which are based on Proof of Work. Our servers communicate and confirm transactions without having to execute infinitely complex calculations due to our eco-friendly Proof of Stake variant protocol.
As a result of this, the entire Phantasma blockchain consumes a mere ~52,500kWh per year. Now, numbers like that may not immediately be informative for the average reader, so let’s compare and contrast to the power consumption of other things in our society:
- It’s around the same annual power consumption as five average American households (source)
- In contrast, the legacy Ethereum blockchain consumes approximately 35,500,000,000kWh per year (35,5TWh) at the time of writing (source). That’s the same as 3,300,000 — three million three hundred thousand — average American households, or 660,000 times as much power as Phantasma consumes.
- The “original” blockchain, Bitcoin, consumes approximately 133,650,000,000kWh per year (133,65TWh) at the time of writing (source). This corresponds to the power consumption of a mindblowing 12,700,000 — twelve million seven hundred thousand — average American households, or 2,540,000 times the amount of energy that Phantasma consumes.
Phantasma ecoNFTs — like your morning coffee
Another important factor to look at from the ecoNFT angle is the amount of power consumed per NFT that is minted. If a single NFT had been minted over the course of a year, the average energy consumption per NFT would be massive. However, Phantasma is already a busy ecosystem, and hundreds of thousands of NFTs have been created using our technology.
With a 52,500 kWh annual power consumption divided by an average of 275,000 NFTs minted annually since February 2019 — and taking into account that NFT minting accounts for much less than half of Phantasma’s energy consumption — an average of 0.1 kWh has been consumed per NFT minted. In contrast, a platform such as Ethereum expends 75 kWh per NFT minted. To mint an NFT on both platforms, this is equivalent to:
- An air conditioner running for 4.5 minutes using Phantasma vs an air conditioner running for 3,375 minutes (2 days 8 hours) using Ethereum
- Using a hair dryer for 6 minutes with Phantasma vs using a hair dryer for 4,500 minutes (3 days 3 hours) with Ethereum
- Letting your coffee maker work for 6.5 minutes using Phantasma vs letting your coffee maker work for 4,875 minutes (3 days 9 hours) using Ethereum
- Spending 12.5 minutes at your home computer minting on Phantasma vs spending 9,375 minutes (6 days 12 hours) at your home computer minting on Ethereum
- Operating a ceiling fan for 25 minutes using Phantasma vs operating a ceiling fan for 18,750 minutes (13 days) using Ethereum
Mind that the above examples even grossly exaggerates the power consumption caused by NFT minting on Phantasma. Considering that Phantasma is nowhere close to maximum capacity being able to mint 1,000 NFTs in a single transaction, any increase in traffic and NFT minting would lower the average power consumption even further.
Phantasma Carbon Neutrality — Protect our Planet!
As is clear for anyone to see by these numbers, minting NFTs using Phantasma’s Smart NFT technology as opposed to a far more power hungry legacy technology is a good way to preserve our planet and help fight global warming.
Despite the already very limited carbon footprint, Phantasma pledges carbon neutrality through purchasing carbon offsets to counter any potential environmental impact from the use of our technology!
Blockchain just turned green — join us and keep breathing fresh air!
Your Phantasma Team