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.