Rocketize Token (JATO), Ethereum (ETH), and Cardano (ADA) are three examples of cryptocurrencies that are set to revolutionize NFTs by helping them become less damaging to the environment
Rocketize Token (JATO), Ethereum (ETH), and Cardano (ADA) are three examples of cryptocurrencies that are set to revolutionize NFTs by helping them become less damaging to the environment.
Since the first NFT, Quantum, was created in May 2014, the popularity and lucrativeness of non-fungible tokens have continued to rise.
The Bored Ape Yacht Club (BAYC) is the epitome of how profitable an NFT collection can be.
According to research, the highest price for a bored ape was $3,408,000 which means whoever was savvy enough to purchase an ape during its inception in April 2021 and then sold their NFT, made a life-changing amount of profit.
However, the issue with NFTs and cryptocurrency, in general, is the amount of energy used.
Up until recently, an Ethereum-based proof-of-work NFT required over 142 kWh of energy and you don’t need to be a mathematician to realise the constant creation of new NFTs only added to the damage.
Thankfully, new strategies have been introduced by Ethereum, Cardano, and Rocketize Token to make NFT creation a lot more eco-friendly and sustainable.
Ethereum And Its Eco-Friendly Upgrade
Unlike the majority of cryptocurrencies, Ethereum made a major step towards becoming more eco-friendly by upgrading from a proof-of-work protocol to a proof-of-stake mechanism last September.
It has been reported that Ethereum has reduced energy consumption by 99.95% with its latest upgrade and significantly decreased its carbon footprint.
This is good news for a large portion of NFTs that are built on the Ethereum blockchain such as CryptoPunks, Azuki, and Moonbirds.
These collectibles can introduce new digital items without hurting the environment or being scrutinised by investors obsessed with mother nature.
Therefore, Ethereum’s latest customization may also tempt new cryptocurrencies with NFTs to build on the Ethereum blockchain.
Cardano Does Not Mine Coins
Cardano is no stranger to NFTs and has several projects such as The Hoskinsons, Royal Chess Club, Space Pugs, and Rune Fortress.
But, in contrast to Ethereum, Cardano has always utilised a proof-of-stake mechanism to create NFTs and has contributed less to climate change over the years.
Cardano is so biodegradable that it doesn’t utilise energy-intensive mining to form coins and is over 37,500 times more efficient than Bitcoin (BTC).
Thus, Cardano portrays the future of both NFTs and cryptocurrency where increasing coin supply does not come at the expense of excessive energy consumption.
Revamp NFTs With Rocketize
Rocketize token is set to bring a new meaning to NFTs by allowing members of its community, Atomic Nation, to upload their favourite memes and then metamorphosis them into a collectible trading card.
It’s not entirely clear whether Rocketize investors will be able to opt for eco-friendly NFTs.
Nonetheless, with Rocketize Token placing such a big emphasis on its community, allowing its investors to choose how their NFTs collectibles are created is not beyond the realms of possibility.
And if the creation of individualised, eco-friendly NFTs does become an option, Rocketize is likely to entice a large number of green investors.
Ethereum, Cardano, and Rocketize Token are all helping to redefine NFTs by making them environmentally friendly as well as profitable.
Ethereum’s recent upgrade means NFTs on the Ethereum blockchain will use less energy, Cardano’s lack of energy-intensive mining is the key to a less harmful crypto industry and Rocketize may allow investors to create their very own eco-friendly tokens.
Disclaimer: This article is a paid publication and does not have journalistic/ editorial involvement of Hindustan Times. Hindustan Times does not endorse/ subscribe to the contents of the article/advertisement and/or views expressed herein.
The reader is further advised that Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.
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