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I’m aware of the concerns people have raised around NFT energy use and the implications this has on the environment.
NFTs are an especially exciting technology which empowers artists, allowing them to sell their work in a completely novel way after an incredibly tough year.
After doing extensive research of my own I am confident that NFTs do not directly contribute to the carbon emissions of the Ethereum network. However, it is true that Ethereum is energy intensive which is why I support off-setting and a move towards a Proof of Stake system to reduce energy usage.
For further reading I recommend these pages:
NFTs and Crypto Art: The Sky is not Falling
No, CryptoArtists Aren’t Harming the Planet
And for general information on offsetting:
How to bid
- Connect your wallet to Foundation and make sure you have enough ETH in it to place a bid and pay for gas fees.
- Go to the artwork page of the NFT on Foundation and click “Place a bid.”
- If you’re the first to place a bid, you must exceed or meet the reserve price set by the creator. If the reserve price has already been met, the next bid must exceed the current bid by 10% or 0.1 ETH, depending on which costs less.
- Confirm the transaction with your wallet and pay a gas fee to complete the process. When the transaction is completed, the funds will be taken from your wallet and placed in escrow in Foundation’s smart contract on the Ethereum blockchain.
- If you haven’t done so yet, you can add in your email address to receive notifications related to your bids. You can also track the transaction’s status on the Ethereum blockchain by clicking “View on Etherscan.”
- If you are the highest bidder, the reserve price has been met, and the countdown timer has expired, then — congratulations! — you won the auction.
- If you added your email address to your profile, you’ll receive an email notification. To officially add it to your wallet and collection, you will need to claim the NFT which requires submitting a transaction to the Ethereum blockchain to conclude the auction.