Emissions from digital art creation? This platform strives to make the NFT market greener
A growing mainnet blockchain is taking a greener stance on trading digital assets. Here, team members share the growth prospects of this industry and how they attempt to reduce greenhouse gas emissions.
Nonfungible tokens (NFTs) have recently caught the attention of tech investors, major corporations and well-known actresses like Lindsay Lohan, who have even created some NFTs of their own. Each nonfungible asset is created to be something original that cannot be interchanged, such as a one-of-a-kind sports car or a piece of land. Each asset exists as a token that represents the specific asset.
Unlike physical assets, NFTs face no difficulty verifying their authenticity, and their ownership can be traced back to the beginning. In the Covid-19 pandemic, marked with long periods of isolation, many realize just how much they can now do virtually, unlocking a new world of virtual commerce (v-commerce). As a result, users can now buy and flip assets with anyone around the world. The difference? The elimination of the costs and risks associated with exchanging physical items.
The Worldwide Asset eXchange™ (WAX) has arisen as one of the most used and transacted blockchain ecosystems in the world for NFTs, DApps and video games. WAX continues to provide a safe and convenient way to create, buy, sell and trade physical and virtual items to anyone, anywhere.
WAX has since helped facilitate trades of NFTs from partners, including William Shatner and his memorabilia, Topps ('Garbage Pail Kids') trading cards and other digital assets from bands like Deadmau5 and Weezer. Lee Jenkins, a product manager at WAX shares, the platform "is an ecosystem where all participants win."
Buy, sell and play with NFTs
On WAX, anyone can tokenize their work and sell it as an NFT, with recent headlines of multi-million dollar sales continuing to fuel interest. For example, NFT buyers in projects including Funko, MLB, Alien Worlds, Street Fighter and others paid mere dollars for NFTs that later sold for as much as $150,000.
Some players in play-to-earn games like Alien Worlds and Farmers World are earning thousands of dollars per day through gameplay. Meanwhile, participants in the WAX decentralized platform have earned 802 ETH in rewards from ETH and WAXG with over 30,000 active projects.
Purchasing digital assets is only one way that new buyers can get their hands on a digital asset of their own. DApp developers have since taken to the world of NFT games to provide users with online experiences that bring together the digital and physical world, along with many opportunities to play to earn, which introduces a user-driven economy made for gaming enthusiasts.
Developers have not only been profitable on these fronts, but they have also provided some of the most popular decentralized games in this space. Among them are Alien Worlds, generating nearly $56 million in the NFT secondary market, and R-Planet generating nearly $35 million with tokens of its own.
Based on data from DappRadar, WAX is estimated to process more than 80 percent of all game-related transactions across all blockchains. With its massive volume and easy-to-use wallet, many game developers have taken to WAX as a platform that allows them to create the most accessible and easy to use on-chain game experience for players.
Going green
On the downside, crypto art and the creation of other NFTs are thought to be responsible for the carbon dioxide emissions facing the world today since a lot of people mistakenly believe all digital collectibles are built on Ethereum (ETH).
Since the second-leading cryptocurrency is built on a proof-of-work (PoW) system, large fees are associated with making the transaction.
WAX is positioned to address these concerns as a carbon-neutral blockchain. As a partner with the National Forest Foundation, the platform has introduced a tradable and -compostable (redeemable) vIRL® NFT. Collectors of these assets can have tree saplings planets for each dollar spent on a piece in the collection.
Furthermore, WAX's proprietary vIRL® technology now offers them a new sales channel for their physical goods, with Funko being the first large brand to launch vIRLs on WAX. In the form of Teenage Mutant Ninja Turtles and Big Boy, vIRLS have proven their initial success, selling out in 30 minutes and under and inspiring more than 30 thousand collectors to queue up for an opportunity to get a hold of their piece of the collection.
With its 2022 roadmap in the works, it is only a matter of time until the rest of the world learns what's in store for the WAX blockchain and the future of green NFTs.
On the downside, crypto art and the creation of other NFTs are thought to be responsible for the carbon dioxide emissions facing the world today since a lot of people mistakenly believe all digital collectibles are built on Ethereum (ETH).
Since the second-leading cryptocurrency is built on a proof-of-work (PoW) system, large fees are associated with making the transaction.
WAX is positioned to address these concerns as a carbon-neutral blockchain. As a partner with the National Forest Foundation, the platform has introduced a tradable and -compostable (redeemable) vIRL® NFT. Collectors of these assets can have tree saplings planets for each dollar spent on a piece in the collection.
Furthermore, WAX's proprietary vIRL® technology now offers them a new sales channel for their physical goods, with Funko being the first large brand to launch vIRLs on WAX. In the form of Teenage Mutant Ninja Turtles and Big Boy, vIRLS have proven their initial success, selling out in 30 minutes and under and inspiring more than 30 thousand collectors to queue up for an opportunity to get a hold of their piece of the collection.
With its 2022 roadmap in the works, it is only a matter of time until the rest of the world learns what's in store for the WAX blockchain and the future of green NFTs.