CryptoTrunks NFT project suspends operations over environmental impact

The environmentally friendly non-fungible token (NFT) project CryptoTrunks has temporarily suspended operations to reduce its environmental impact, according to Decrypt.

CryptoTrunks launched on May 21. The project’s idea is to create a virtual tree as an NFT for free to illustrate the impact of one’s cryptocurrency wallet on the environment.

The platform converts a user’s transaction history into an illustration of environmental damage. The larger the tree, the greater the environmental impact.

On May 23, the creators paused activities due to growing popularity of CryptoTrunks and rising fees on the Ethereum network.

“A few tens of dollars for some free online art — that’s cool; hundreds of dollars — that’s madness. It’s better to take a pause and wait until everything cools down,” said the project’s developer Will.

After the fees were reduced, CryptoTrunks’ creators resumed work on the project.

We’d like to formally announce our partnership with the wonderful people at @Offsetra and https://t.co/9Asu3VgasX — we will be working together to fully offset our carbon footprint and educate the crypto community about carbon offsetting! pic.twitter.com/e6AJxKmXH2

— CryptoTrunks (@thecryptotrunks) May 23, 2021

The CryptoTrunks team has partnered with environmental companies Offsetra and Carbon.fyi to make the project carbon-neutral or even carbon-negative.

Earlier, the international environmental organisation Greenpeace paused accepting Bitcoin donations due to high energy consumption.

Cryptocurrency exchanges FTX and BitMEX said they planned to redirect a portion of their fees to fighting carbon emissions.

From June 1, the mining company Greenidge Generation will fully offset the carbon footprint from Bitcoin mining by purchasing CO2 emission quotas.

A recent study showed that the Bitcoin network consumes less energy than the banking sector.

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