Crypto Trunks’ environmental impact coupled with high Ethereum gas fees fueled the project closure.CryptoTrunks, a non-fungible token (NFT) project that allows crypto holders to mint NFT trees, closed down only two days after being launched. The project’s primary goal was to display the impact cryptos have to the environment. Simply put, the bigger your crypto wallet, the more Environmental heartache you’ve brought to the world, this ultimately leaves you with a bigger, if not the biggest trunk image. Crypto Trunks project shut after Ethereum’s exorbitant fees proved unsustainable.Pseudonymous developer at CryptoTrunks, Will, noted that high Ethereum gas fees were making the project an expensive venture. Additionally, he agreed that being charged tens of dollars to get some free art on the
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Crypto Trunks’ environmental impact coupled with high Ethereum gas fees fueled the project closure.
CryptoTrunks, a non-fungible token (NFT) project that allows crypto holders to mint NFT trees, closed down only two days after being launched. The project’s primary goal was to display the impact cryptos have to the environment. Simply put, the bigger your crypto wallet, the more Environmental heartache you’ve brought to the world, this ultimately leaves you with a bigger, if not the biggest trunk image. Crypto Trunks project shut after Ethereum’s exorbitant fees proved unsustainable.
Pseudonymous developer at CryptoTrunks, Will, noted that high Ethereum gas fees were making the project an expensive venture. Additionally, he agreed that being charged tens of dollars to get some free art on the network was cool, but hundreds of dollars for the same was outrageous. The developer suggested that the best way forward was to stop the project and let things cool down then resume when things returned back to normal. One hour later, fees cooled off and CryptoTrunks are back in business.
How CryptoTrunks NFT Project Works
Just like Cryptopunks, CryptoTrunks brings the transaction history of a trader into perspective, and ultimately shows the environmental damage caused by the mining activities. Generally, many transactions or high activity indicate that the trader has contributed more to global warming. Beginning Friday users could grow one for every 19,500 trees free of charge. However, they needed to settle the ever-shifting Ethereum gas fees.
As the general crypto market experiences uncertainty, CryptoTrunks is thriving and crypto trunks are becoming more popular. At the time of writing, users had minted over 7,650 crypto trunks, with an additional 645 “genesis trees” created by Reuben, CryptoTrunks’ native artist. The CryptoTrunks craze is so popular as evidenced by one gas consumer on the Ethereum network who slightly ranks below BitMart.
In a tweet, the user claimed that he had just claimed his free trunk at CryptoTrunks and that he had minted a number of generated trunks in addition to 10 “Genesis trees”.
Crypto Trunks is blockchain-based like the other NFTs which draws constant criticism from eco-activists, thanks to the negative impact it has on the environment. Offsettra’s carbon calculator showed that gas fees were so high on Sunday in such a way that each crypto trunk resulted in 250 Kgs of carbon emissions. This can be compared to flying in a commercial plane for one hour.
Reuben and Will, CryptoTrunks co-founders, told Decrypt that their decision to temporarily pause the project was arrived at following the high gas prices coupled with the fact that the pair is mindful of their carbon footprints.
Patrick is an accounting & economics graduate, a Cryptocurrency enthusiast, and a Blockchain technology fanatic. When not crafting informative pieces on any of the above subjects, he will be researching on how the Blockchain technology can transform the world, particularly the financial space.