Crypto Art

In Part 1 of this 2 part series, Lizzie & Zach explore...

• What is an NFT?
• Are NFT’s evil?
• Is there an NFT bubble?
• Are NFTs a pyramid scheme?
• Are there new opportunities for Artists?

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Connect with us on socials @CryptoArt_Show

• Twitter
• Instagram

RESEARCH & SOURCES

• Eric Elliott “NFTs are VERY GOOD for the environment”
• The Next Web "Sophia the robot ‘created’ an NFT artwork and it sold for almost $700K"
• Ten Hundred “My Art Almost Destroyed the Environment: The Dark Side of NFTs & Crypto Art”
• SuperRare “No, CryptoArtists Aren’t Harming The Planet”
• Loopify “The Big Problem with NFTs: Energy Consumption”
• Memo Akten “The Unreasonable Ecological Cost of Crypto Art”
• Wired “NFTs are Hot. So Is Their Effect on the Earth’s Climate”
• Cheddar Now “How NFTs and Crypto Art Impact The Environment”
• Unchained Podcast “Why This Environmentalist Doesn’t Blame Creators for the Carbon Footprint of NFTs”

3D RENDERING

800 watts an hour for 3D rendering. 19kWh per day. Average NFT is 38-48kWh, so 2-3 days of rendering = 1 NFT transaction.

• Source: Andrew Price, Blender Guru
• Source: Render Street Blog

T-SHIRT PRODUCTION & NFTS

It takes about 494 kWh to make just one cotton t-shirt. 200 cotton shirts would be 98,800 kWh, which equals energy consumption of the average American home in 8 years or 2,058 ETH transactions. (This does not include printing, shipping, etc for customized shirts). CO2 emissions from t-shirts: 2.1kg per shirt. 420kg per 200 shirts. 1 NFT transaction is 28kg CO2.

Source: World Wildlife Fund “Impact of a Cotton T-Shirt”

NFT TRANSACTIONS

Important to note that this is for a single transaction for an NFT. Memo Atkin analyzed ~1,800 NFTs and found, with all the transactions, which can include: Minting, Bids, Canceled Bids, Sales and Transfer of Ownership, that the average is: 340kWh and 211kg CO2. But again, this is still half the footprint of the cost of producing 200 cotton t-shirts.

Source: Memo Akten “The Unreasonable Ecological Cost of Crypto Art”

ALTCHAINS MENTIONED

• Algorand
• Pixeos
• Flow is another one we looked into, but was not mentioned in podcast

Cryptography: The art of decoding. Welcome to Crypto Art, the show that decodes the world of art created for a new age and traded on the bleeding edge. Join us as we walk with artists, investors, and the NFT-curious down the rabbit hole that is crypto art.

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In Part 2 of this 2 part series, Lizzie & Zach explore...

• What is an NFT?
• Are NFT’s evil?
• Is there an NFT bubble?
• Are NFTs a pyramid scheme?
• Are there new opportunities for Artists?

Subscribe & Follow wherever you listen to podcasts.

Connect with us on socials @CryptoArt_Show.

• Twitter
• Instagram

CELEBS

• Snoop Dog loves Dogecoin!
• Gorillaz got heat for their NFT release because of their album Plastic Beach
• FansForever.io is the site Lindsay Lohan did her NFT drop on, and it's like the marketplace for celeb NFT drops
• Elon Musk and Grimes posted a song about NFTs as an NFT that he ended up not selling #HODLGANG

SPORTS

• WWE Undertaker NFT
• Tom Brady is launching his own NFT platform
• Golden State Warriors are the first Pro Sports team to release their own NFTs
• proceeds will go to support Warriors Community Foundation, an organization that “supports education and youth development to promote thriving students, schools and communities.”
• The company behind virtual trading card site, NBA Top Shot, said Tuesday it raised $305 million — the biggest ever funding round for an NFT-focused company. (Valuation: $2.6 billion).

BRANDS

• Taco Bell Babbbbyyyyyy
• Proceeds go to “Live Mas” scholarship funds
• “Each NFT held a $500 gift card, which the original owner could spend, which may explain their popularity initially. But these TacoCards are now selling on the secondary market, with the most expensive card selling for $3,500. And just to be clear, that doesn't include the gift card.” - Creative Bloq blog
• VOGUE is launching an NFT platform specifically for Fashion/Arts/Music

MUSIC

• DeadMau5 and Rezz
• K-pop boy band, A.C.E, dropped an NFT on WAX, and fans were disappointed because of the environmental concerns with NFTs, but WAX is not ETH and is more sustainable
• Side note: WAX released a carbon-footprint NFT for earth day.
• Gorillaz got heat for their NFT release because of their album Plastic Beach
• Weezer collab with “death by toys” on WAX
• Will be a pack of trading cards plus “rare” on

BIG MONEY

• “Beeple's Everydays – The first 5000 days” sold a record-breaking NFT for $69.3 million at Christie’s auction house making him, “among the top three most valuable living artists” - source
• The record before this was briefly held by musical artist 3LAU for the album “ultraviolet” which sold for $3.6 million - source
• The Rainbow Cat gif sold for $690,000 by the artist Nyan Cat