The UK's arm of the World Wildlife Fund (WWF) has decided to abandon its project designed to fund its business operations through sales of non-fungible tokens (NFTs). The organization wrote in an official statement it had closed the project as it recognizes that NFTs are a "much debated issue." It also added:
...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.
The organization announced the so-called "WWFTokensForNature" initiative in early February. The NFTs were supposed to be minted on Polygon, a scaling solution based on the Ethereum network. The WWF tried to convince many critics of the project highlighting that "each transaction has the equivalent carbon emissions of a glass of tap water."
However, some reminded that the organization had even partnered with Shell, BP, Coca-Cola, and Monsanto before, questioning the WWF's true intentions with digital collectibles.
The WWF isn't the only company that faced backlash after it announced the NFT-related initiative. For example, To The Moon recently reported that Team17, a developer of artillery tactical video games, also had to scrap plans for an NFT sale after the community raised concerns over the massive electricity use and environmental impacts of NFTs.