Tiffany & Co Earns $12.5 Million From CryptoPunk NFT Pendant While Releasing 38,000 kilograms of Carbon
Did you know that Ethereum’s (ETH) blockchain, which enables the existence of NFTs, owns an annual carbon footprint equal to the size of Hong Kong’s? Or that in order to create and sell a single NFT it costs roughly 660 kilowatt hours (kWh), which releases an estimated 153 kilograms (kgs) of CO-2 into the atmosphere? The voluntary target for personal annual carbon allowance (PACA) is about 4,660 kgs per person on earth, per year. Therefore the creation of a single NFT only uses about 3% of that allowance. The creation of 250 NFTs, however, blows that target out of the water by releasing over 38,000 kgs of CO-2.
Why is this relevant today? Last Friday the esteemed jeweler Tiffany & Co., released an opportunity for 250 CryptoPunk NFT owners to purchase an NFT pendant and unique NFT, both of which are based on the likeness of their CryptoPunk, and made out of 18k rose or yellow gold. Tiffany & Co.’s NFTs, known as NFTtiffs, sold out in a matter of minutes, raising $12.5 million (USD); a win for the Tiffany & Co. brand and for those lucky CryptoPunk owners that bought the pendant, provided they hold and increase their value.
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