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Environmentally friendly NFTs? Top 5 Green NFTs

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There has been a lot of conversation surrounding the environmental impact of NFT and crypto mining. During the minting process, non-fungible tokens are notorious for releasing significant amounts of carbon into the atmosphere. Despite the many positive aspects involved in participating in this industry, there are still many people who prefer not to buy its products or invest their money in it due to environmental concerns.

Bitcoin and Ethereum are two cryptocurrencies that are getting a lot of attention in the mainstream media for having virtually equal carbon footprints with some countries. Because Bitcoin uses a process called “proof of work” that requires a large amount of computation (and, consequently, computing power) to issue a single token, some alternative blockchains have an inherent advantage over Bitcoin when it comes to energy efficiency. Blockchains that use a mechanism known as “proof of storage” or “proof of stake” consume much less energy.

Top 5 Green Blockchains to Mint NFTs

Tejos

Tezos is a decentralized, open-source blockchain that uses PoS, conducts peer-to-peer transactions, and serves as a platform for deploying smart contracts. The Tezos blockchain has made significant improvements in the energy efficiency of each transaction in recent years. In 2021, the amount of electricity required for each transaction was 30 percent less than in 2020.

Features:

  • Tezos enables users to create DeFi apps, games and NFTs.
  • On-chain governance; The network can evolve without the need for a hard fork.
  • Sustainable, secure, and scalable blockchain.
  • Prioritizes innovation due to sustainability.

Algorand

Algorand is a decentralized, open source, permissionless network that was created to address blockchain’s issues with speed, security, and centralization. To create a carbon-negative network and improve the overall sustainability of the algorithm, mining was not included in the design of the protocol. In 2021, the Algorand Foundation announced that blockchain is completely carbon neutral.

Features:

  • Low transaction fees and high transaction speed
  • Energy efficiency and long term performance.
  • Scalable and accessible network

stellar

The prominent cryptocurrency Ripples fork led to the creation of Stellar Network. The Stellar consensus protocol is based on the authentication of transactions performed through a network of trusted nodes and is available as open source software. Stellar’s network token, Lumens, facilitates transactions for a fraction of a cent and with excellent efficiency, resulting in a smaller carbon footprint. Stellar’s cycle for authentication is shorter and faster than the vast majority of other systems, which helps keep costs down and reduces the amount of energy used.

Features:

  • Short and fast authentication cycle.
  • Stellar does not charge any fees to individuals or organizations that use its network.
  • Transactions involving many assets and multiple countries can be completed more quickly, easily and cheaply.

snowfall

Avalanche is a blockchain platform that facilitates fast transactions, cost-effective and eco-friendliness. Avalanche offers an architecture that enables private blockchains to be deployed as subnets, whether they are public or private. These subnets can process around 4,500 transactions per second at a lower cost than Ethereum.

  • Scalability, decentralization, security, and energy efficiency.
  • Proof-of-stake (PoS) is a consensus process.
  • According to the Crypto Carbon Rating Institute, the Avalanche blockchain uses 0.0005% of what Bitcoin uses.

Cardano

Cardano is a PoS blockchain platform that is significantly more efficient overall and competes favorably with more conventional PoW systems. Cardano is positioned as a natural alternative to Ethereum, and one of its objectives is to provide banking services to those who currently do not have access to such services.

characteristics

  • The PoS mechanism results in significantly lower energy consumption.
  • Requires significantly less investment in hardware, yet Cardano transactions are just as secure as using a PoW system.

Conclusion

From reducing the energy consumption of various blockchains to advancing sustainability initiatives, efforts are being made to ensure NFTs are sustainable using the concept of non-fungible tokens. Implementations of networks like Tezos, Cardano, and others have the potential to make NFTs significantly more energy-efficient, and with further research a completely carbon-neutral industry is achievable.



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