The World Wildlife Fund (WWF) is an organization that works to make the world a better place for people and animals. As the organization states, they want to make the world safer for all life on the planet. However, the organization is receiving backlash for its latest money-making efforts.
The WWF has decided to issue Non-Fungible Tokens (NFTs) in an effort to raise money to protect endangered species. NFTs have grown in popularity thanks in part to the booming interest in cryptocurrency and the Metaverse.
NFTs are most well-known in the world of virtual art. A collector can purchase a virtual art collection or piece of art that has a one-of-a-kind digital signature. It’s currently impossible to copy a signature, so NFT art is considered rare.
The WWF plans to sell NFTs of 13 endangered species. However, the project hit a snag as WWF supporters voiced their displeasure with the NFT project. Some supporters threatened to stop donating or supporting the organization at all.
The problem is that NFTs currently rely on blockchain technology. NFTs are usually supported on the Ethereum blockchain.
Ethereum is a cryptocurrency, and it takes a lot of energy to mine it. It’s reported that mining Ethereum uses 44.5 TWh of energy per year. That level of energy consumption isn’t environmentally-friendly. And it’s estimated to create a carbon footprint equal to all of Sweden.
WWF supporters say the organization is working against its own interests. And that the organization is supposed to help preserve the climate instead of destroying it.
The UK chapter of the WWF says their project will use the Polygon blockchain. And that Polygon requires only a small amount of energy. However, there’s debate about just how much energy Polygon requires.
Some argue that the Polygon blockchain is equally detrimental because it’s still part of the Ethereum blockchain. And if people are buying Ethereum to buy the NFTs, then they’re directly contributing to the mining of Ethereum. This raises the cryptocurrency’s value, which encourages more mining and increases energy use.
The WWF currently hasn't said if it plans to move forward with the NFT project. However, the organization says that when used responsibly, blockchain technology can create new avenues of fundraising.
Other environmental organizations have also voiced displeasure with the NFT project. Survival International stated that the WWF has done things in the past such as supporting anti-poaching rangers. And Greenpeace EU has also made it known that it doesn’t support NFTs.
However, the WWF has used NFTs in the past to raise money for the organization.
WWF Germany worked with a group of artists to create NFTS called Non-Fungible Animals (NFAS). These NFTs are digital images of 10 endangered species, such as the vaquita whale and mountain gorillas.
The NFAS NFTs are limited in availability. For each endangered species in the collection, NFTS are produced for however many animals remain.
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