The long-awaited shift looks set to make the world of NFTs considerably less harmful to the environment

A long-awaited moment in the crypto world is finally here: Ethereum, the world’s most used blockchain—and the one favoured by the lion’s share of the NFT (non-fungible token) market—today completed a software update that will drastically reduce its energy consumption.

As a result, Ethereum’s electricity use is expected to drop overnight by a massive 99.988%, and its carbon emissions by 99.982%, according to a report published today by the research company Crypto Carbon Ratings Institute (CCRI). The report estimates that prior to the Merge, Ethereum used 23m megawatt-hours per year. Moving forward, that will be just 2,600 megawatt-hours per year.

More details can be found at THE ART NEWSPAPER