An Overview Of Green NFTS and Their Significance to Their Environment
The NFTs made using AssetMantle can be referred to as “Green NFTs” because the process of minting them requires little energy. However, Ethereum NFTs (ERC721 tokens) have received harsh criticism from individuals who care about the environment due to their high power needs for the Proof-of-Work (PoW) consensus.
Non-Fungible Tokens (NFTs) have revolutionized digital ownership and the creator economy as they have made it possible for artists to easily reach vast numbers of people with their work. NFTs have also been put to use by businesses to provide customers unique access to events, goods, and experiences.
As a result, in recent years, the appeal of these digital assets has skyrocketed. Given this enormous traction and won’t range of use cases, More NFTs continue to be produced for various purposes and this has led to an environmental concern.
NFTs themselves do not pollute or harm the environment, but their manufacturing process can as the majority of the NFTs are being minted on proof-of-work (PoW), blockchains such as Ethereum.
The mining procedure for these blockchains uses a staggering amount of computational power. This is because powerful equipment that uses a significant quantity of electricity is required by miners, and this leaves behind a substantial carbon footprint.
Given the fact that proof-of-work blockchains are competitive, miners are always trying to outperform their colleagues in speed to receive more incentives, and this has caused more energy consumption and hence a wider carbon footprint.
Hence, Green NFTs or NFTs that do not have any effect on the environment are a possible solution.
Green NFTs are NFTs that are created on Proof-of-Stake (PoS) blockchains hence no mining or special hardware is required, rather interested parties stake their digital assets to the network to be recognized as transaction validators.
The timeline and implications of the Proof of Stake consensus, which is presently being implemented on the Ethereum network, are still uncertain. Nevertheless, on the Cosmos network, Delegated Proof-of-Stake (DPoS) consensus is used by all chains including AssetMantle.
Hence, if NFTs have captured your interest but you are concerned about the environmental effect of creating or trading on well-known blockchains, you should know that AssetMantle offers you an exceptional alternative.
AssetMantle offers an end-to-end stack of open-source modular tools based on the interNFT standard that developers may customize to suit complex use cases.
AssetMantle facilitates the creation of interchangeable NFTs that can travel across several blockchains. AssetMantle’s interoperability, enabled by the IBC protocol and interNFT standards, enables users to use their NFTs across metaverses and chains.
In a single wallet that can be used for transactions with little gas and a smaller carbon footprint, collectors may hold the assets created across various markets and compatible chains.
Creators and collectors may safely create, own, and trade digital assets on AssetMantle’s fast-finality blockchain thanks to its multi-tenant NFT marketplace platform. Moreso, with the AssetMantle no-code toolkit, designers may freely design unique assets and market places to showcase and sell their assets.
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