WWF Hoped NFTS Could Help Protect Endangered Animals, The Internet Disagreed
A global wildlife conservation body thought turning endangered animals into NFTs and selling them as NFAs (Non-Fungible Animals) could help preserve them, but experts disagreed, and the project has now been shelved. NFTs — short for Non-Fungible Tokens — are pieces of digital art registered on a blockchain for the sake of authentication. They're a fleeting fad for many and serious business for others. Regardless of how much someone spends on a cartoon NFT, someone else can just copy it as a JPEG and save it to their computer or phone. The buyer, at least, has the blockchain-verified copy.
Interestingly, the segment is quite diverse, and NFTs can be anything from a pixelated punk cartoon or a stolen audio file to the world's first Tweet or the original source code of the World Wide Web. The NFT marketplace is touted to touch a staggering $35 billion mark this year, and naturally, every cash-loving entity on planet Earth wants a piece of the pie. From flagship killer aficionados like OnePlus and makers of outrageously expensive cars like Ferrari to social media behemoths including YouTube, everyone is trying to flip an NFT or two.
The World Wildlife Fund — the self-proclaimed "leading organization in wildlife conservation and endangered species" — also wanted to dabble in the NFT trade. WWF said it was trying to "raise awareness and funds for the conservation of ten endangered species" with its Non-Fungible Animals (NFAs) initiative. To hype its NFT drop, the number of NFAs depicting an animal species was equal to the actual number of that animal in the wild. Per WWF's viewpoint, it adds to that limited edition, aka exclusivity, appeal. Among the endangered animals up for auction were a species of porpoises called Vaquita, of which only 22 are known to survive in the wild. The rarer the animal, the higher its value was on the NFT scale. 'Limited edition' NFAs such as those of Vaquita (priced at $349) and the horned-bovine Saola (sold at $399 a pop) were quickly sold out. But all that NFT trade was short-lived.
The WWF said all proceeds from the sale of its NFAs would go towards the conservation of endangered animal species. In addition, every time an NFA is resold, WWF would receive a 10 percent cut of the net purchase value. However, NFTs are intrinsically linked to the energy-sucking tech called blockchain, which also forms the foundation for cryptocurrencies. Alarms have been raised about the environmental impact of NFTs, and some digital artists have even pulled out of lucrative auctions worth hundred of thousands of dollars over legitimate concerns. WWF said its NFAs rely on the 'green' Polygon blockchain, which only consumes 0.001kWh of energy and has a carbon footprint equal to a pint of tap water. The U.K. arm of WWF even published a detailed breakdown of how it calculated the environmental impact of its NFAs, with some heavy scientific terms and decimal-laden numbers in tow. However, that page has now been pulled.
The 'green' Polygon blockchain registers transactions on Ethereum, which is still based on a 'non-green' blockchain architecture. But as usual, the internet (and legitimate experts) were not buying into WWF's NFA explanation. According to Euronews, critics described the move as "astonishingly stupid" and "bafflingly terrible," among other things. "Proof of Work' mining' or validating is what gives Ethereum its dirtiness. If people are buying Eth to spend on WWF's NFTs, the value of Eth then goes up and the amount of mining, therefore, increases, because the rewards for doing so are higher," Pete Howson, a lecturer at the University of Northumbria, was quoted as saying in the report. Facing intense backlash, WWF eventually pulled its NFA plans and posted a statement on its U.K. website noting that it was bringing the NFA trial to a close on Feb. 4. "We recognize that NFTs are a much debated issue, and we all have lots to learn about this new market, which is why we will now fully assess the impact of this trial and reflect on how we can best continue to innovate to engage our supporters," WWF U.K. wrote.