G2 Esports has announced a multi-year partnership with NFT solutions provider Bondly to develop and launch its NFT platform. The Spanish esports and entertainment brand aims to create “truly incredible experiences and collectibles for the #G2ARMY,” it said in a press release.
The G2 NFTs will be available exclusively via the Bondly platform. The first NFT is all set to launch on June 30 and the rest will be unveiled later in the year. The NFTs will include art, video, music, digital items, and more.
First G2 NFTs for free
To kickstart the partnership with Bondly, G2 will offer its first NFT for free. Users will not even have to pay the GAS fees, the company announced.
“Not only will this partnership allow us to immortalise some of our legendary moments, but also give back to our incredible fans, players and supporters and enable them to own pieces of G2 legacy,” said Carlos ‘Ocelote’ Rodriguez, Founder and CEO of G2 Esports. “This is why we’re offering our first NFT for free.”
Rodriguez added that many companies have released NFTs solely for “profiting from communities.” As opposed, G2’s goal is for the NFTs it releases to “grow in value overtime.” The company aims to achieve this by connecting the NFTs with “long term benefits that hold intrinsic value.”
“Our commitment to the NFT world comes from our deep belief in its technology and usability for the purpose of community engagement,” he added.
NFTs to have a minimum environmental impact
In an effort to reduce G2’s environmental impact, Bondly will create NFTs using Polygon (MATIC) Proof-of-Stake (PoS) mechanism. This mechanism is an energy-efficient alternative to Ethereum’s Proof-of-Work (PoW) system.
The PoW validation method requires specialized computing systems, which are highly energy-intensive. As opposed, PoS can be run on even laptops.
While PoS use around 0.00079TWh of electricity per year when validating an action on its blockchain, PoW consumes between 35 to 140 TWh. According to Bondly, switching from the PoW system can reduce the overall carbon footprint by around 99%.
“Our NFTs will be consuming a minuscule fraction of energy and processing power compared to Proof of Work algorithms,” G2 Sports said. “Also, we’ll be continuously evaluating developments for better ways to reduce our environmental impact.”
Amid the growing concerns over the environmental cost of NFTs, G2 and Bondly’s measures are a welcome change. But, they are not alone. Many organisations are also becoming conscious of NFT’s carbon footprint.
Recently, Ethereum announced that it will complete its transition to the PoS model in the coming months. It is estimated to use nearly as much electricity as required by a country the size of Iceland every year.
“That’s just a huge waste of resources, even if you don’t believe that pollution and carbon dioxide are an issue,” Vitalik Buterin, who invented Ethereum, told IEEE Spectrum.
Similarly, last month, supply-chain-as-a-service firm SUKU announced a new NFT marketplace called INFINITE. The company claims INFINITE to be both carbon-neutral and carbon-negative.