A company from California is putting the environment first with a new NFT marketplace called INFINITE. SUKU, a supply-chain-as-a-service firm, claims that INFINITE won’t just be carbon-neutral, but carbon-negative. This would set it apart from other major marketplaces in use today.
Instead of using the Ethereum blockchain, INFINITE taps into the Hedera Hashgraph, which uses a Proof of Stake protocol. On top of that, the company has partnered with Moss.Earth to provide carbon offsets for what little energy they do require.
Carbon footprint of NFTs is a concern
As NFTs have grown in popularity, so too have concerns about their impact on the environment. Most NFTs are created on the Ethereum blockchain, which currently uses a Proof of Work protocol to ensure its security. Proof of Work results in heavy lifting by computers, which require huge amounts of energy.
It’s been estimated that Ethereum burns through the same amount of energy as a country the size of Iceland every year. So the future of the NFT marketplace depends on finding environmentally responsible alternatives as soon as possible. While Ethereum is aiming to switch to a Proof of Stake system in the near future, it still wouldn’t be carbon negative.
A greener option for NFTs
Thanks to their partnership with Moss.Earth, INFINITE is able to not just reduce damage to the environment, but improve it. The organization has already compensated for over 860,000 tonnes of carbon dioxide, preserved over 734M trees, and sent over $10M to the Amazon Rainforest.
When paired with INFINITE’s initial offerings, it appears that the green revolution will be an exciting one. Their first round of collections include art by the rapper Jeezy, photographer May Pang and sneaker designer Dan “Mache” Gamache.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.