Our Environmental Policy

Our Overriding Philosophy

 

Podium Legends strongly believes that any new technology must have a measurably positive impact on the environment vs the technology it replaces

 

With our Podium Legends NFTs  we are constantly monitoring the environmental impacts of cryptocurrencies vs traditional ‘fiat’ currencies (USD, GBP, YEN etc)

 

Actual NFT Ownership has  no more environmental impact than, say, storing a digital photo on your PC/laptop or in the Cloud

However, we fully acknowledge that, currently, the same cannot be said about the environmental impact of how cryptocurrencies that currently underpin the sales of NFTs – in particular, Ethereum - operate

 

The Debate

We also accept that, true to our overriding commitment of ‘any new technology having a measurably positive impact on the environment than the technology it replaces’ the jury is still out on whether the current environmental impact of cryptocurrencies is quantifiably worse than the environmental impacts of the global operation of traditional ‘fiat’ currencies. In the interests of fair debate we hope the following links will help you come to your own informed conclusions on the cryto vs fiat energy consumption debate:

  • Bitcoins Energy Consumption Is A Highly Charged Debate – Who’s Right? (Forbes)

https://www.forbes.com/sites/lawrencewintermeyer/2021/03/10/bitcoins-energy-consumption-is-a-highly-charged-debate--whos-right/

  • What Is The Carbon Footprint of Fiat Money? (Coindesk)

https://www.coindesk.com/markets/2021/05/13/whats-the-carbon-footprint-of-fiat-money/

  • The Debate About Cryptocurrency & Energy Consumption (Techcrunch)

https://www.ledger.com/energy-consumption-crypto-vs-fiat

  • Energy Consumption – Crypto vs FIAT? (Ledger)

https://www.ledger.com/energy-consumption-crypto-vs-fiat

 

Constant Monitoring

We constantly monitor the progress on the environmental commitments the ledgers we use are actually making. For our launch we have elected to use the Ethereum blockchain – a blockchain which is widely accepted as not enjoying the best environmental profile. However, Ethereum have made strong commitments to reduce their emissions by 99% by Q2 2022 (please click here for more info from Ethereum themselves)

As supporters to the positive impact they have had on the advancement, reliability and security of cryptocurrencies our short-term plan is to give Ethereum the time to keep their word. However, If we see no progress from Ethereum on reducing g their energy consumption profile by Q2 of this year we will be moving Podium Legends to an alternative lower energy consumption blockchains