WWF wanting to sell NFTs is ‘astonishingly stupid’ | TechTree.com

WWF wanting to sell NFTs is ‘astonishingly stupid’

Environmentalists are criticizing the WWF (World Wildlife Fund) for wanting to sell NFTs (non-fungible tokens) and calling it an ‘astonishingly stupid’ decision.

 

WWF had announced its intention to sell NFTs to raise funds for its conservation efforts.

Taking the form of digital experiences, collectables and artworks, the WWF says they will help raise funds for 13 of the most endangered species in the world.

Alongside unique art, buyers will be rewarded with real-world/in-person experience” like meeting conservationists and the opportunity to see WWF’s work to protect orangutans and gorillas.

But WWF’s NFT plan has attracted massive backlash with threats to cancel donations and unfollow the charity on social media.

Critics on Twitter have labelled it “bleak beyond belief,” “astonishingly stupid” and a “bafflingly terrible decision”.

In a similar way to cryptocurrencies, the majority of NFTs are “minted” or verified using a blockchain - a digital ledger of transactions - called Ethereum. It relies on a huge computer network that consumes vast amounts of energy.

WWF says that its NFTs use an “environmentally- friendly” version of Ethereum called Polygon. It claims that using this side chain involves minimal energy consumption. According to its calculations, one transaction has the equivalent carbon footprint of a single glass of water.

The charity adds that it firmly believes NFTs and blockchain are “here to stay” and wants to engage with this space in a “responsible way” to raise funds for its conservation work. 


TAGS: World Wildlife Fund, NFT

 
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