How NFT Fate After Ethereum Merge Completed?

“Ethereum's electricity consumption of a developed country like Portugal could disappear overnight,” explains Alex de Vries of Digiconomist, a platform that tracks Ethereum's consumption and carbon emissions.

He added that, as the world is facing an energy crisis and climate change, a merger would be a positive step towards making Ethereum more sustainable.Instead of mining for high energy consuming crypto, PoS replaces it with staking crypto assets run by validators. Ethereum will only consume energy from the validators' computers without large mining tools.

This process is estimated to reduce Ethereum's energy requirements by 99.5 percent.Ethereum is the blockchain that handles the highest transaction volume for NFT. 80 percent of the NFT market share lies in Ethereum, while Solana (SOL), which uses PoS, holds 12 percent of the market, according to The Block data.

Merging Ethereum can attract more investors to NFT, especially those who are concerned about the impact on the environment. This was conveyed by Damien Schuster, co-founder of the Offsetra carbon offset platform.Schuster said, “I think there will be a lot of art workers and companies that were previously unwilling to use Ethereum due to environmental issues now being able to enter the NFT sector. The merge process reduces pressure or criticism from the community and investors.”

Although NFT after the Ethereum merger has become more efficient in terms of transaction speed and environmental impact, past carbon emissions need to be taken into account. According to Schuster, Ethereum (ETH) emissions will increase during the NFT mania in 2021 and reach 8.1 megatons of carbon per year.The number of Ethereum transactions last year reached 428 million according to Messari data. Ethereum's energy usage reaches 112 TWh per year.

Ethereum transactions consume an average of 261.7 KWh of energy. This figure is equivalent to 0.113 tons of carbon dioxide emissions, or the equivalent of a gasoline car running 281 miles according to the US Environmental Protection Agency (EPA).