It is estimated that a single Ethereum transaction consumes an average of 60 per cent more energy than 100,000 credit card transactions, while an average Bitcoin transaction consumes 14 times more energy. The average NFT transaction produces 48 kilograms of CO2, which is equivalent to burning 18 litres of diesel.

Does that mean that the metaverse cannot be sustainable? Well, not necessarily. Replacing physical goods with virtual or digital goods, or substituting in-person engagements with virtual interactions can contribute to substantial reductions in CO2 emissions.

Stephen Loynd, a futurist and the founder and principal at TrendzOwl, speaks with Andrew Wrobel about what the metaverse and artificial intelligence might mean for the environment and how business strategists envision the potential of the metaverse in various sectors.

They also discuss how we will live and work in the future, the skills that we all might need, the nature of the metaverse, the hype surrounding it and why it is still unclear how the phenomenon will develop.