With NFTs gaining a lot of popularity lately, we have seen a rise in Ethereum’s energy consumption since most NFTs are created on the Ethereum network. It is estimated that the annual power consumption of Ethereum is equivalent to the power consumption of Portugal.
MyMetaverse, a platform powered by Enjin which brings together games and NFTs under a single Multiverse experience, has become the world’s most eco-friendly gaming platform according to a recent announcement. The gaming platform revealed that they have removed 4-times their carbon emissions for this year and used fewer than 50 tones of carbon per annum.
To further make the project more environmentally friendly, MyMetaverse will buy 200 carbon credits. Each carbon credit is a permit that gives a company the right to emit one ton of carbon in the atmosphere. By purchasing these carbon credits, MyMetaverse will save the environment from 200 tons of greenhouse gases every year.
Moreover, they are hopeful of cutting their carbon emissions each year to make the use of NFTs more ethical and prevent the harm that they would otherwise cause to the environment.
MyMetaverse worked with Verra, a leading global organization tackling environmental challenges. The organization is dedicated to providing investments to initiatives that reduce greenhouse gas emissions and preserve nature.
How NFTs Are Contributing To World Pollution.
The cryptocurrency world has been facing a lot of criticism for its high power consumption, mainly due to the consensus algorithm “proof of work” used for maintaining ledgers on Bitcoin, Ethereum, and other blockchain networks.
Proof of work is a system of verifying transactions on a blockchain network where “miners” have to solve complex puzzles using mining machines to create new blocks on the blockchain and earn a reward as a transaction fee. These mining machines consume high amounts of electricity since they have to run constantly and process many transactions.
In the sense of humor, proof of work is bad not only for the environment but also for graphic card prices.
Ethereum still uses PoW, which is a significant environmental challenge because most NFTs exist as tokens on its blockchain. NFTs are kept in a ledger the same way as ERC-20 tokens, and when users send them from one wallet to another, they have to follow the same confirmation process.
The recent boom of the NFT market means that the number of transactions has increased rapidly. Miners saw this surge in demand as an earning opportunity and set up new networks of mining machines. More mining machines mean more consumption of energy and more pollution through carbon emissions.
MyMetaverse is a project that connects different games, economies, characters, and other in-game items in a single platform where players can own tokenized lands, trade, and build.
Their team is working on different gaming projects like MyMeta Minecraft, MyMeta Roblox, MyMeta Twitch, MyMeta Discord, and MyMeta Telegram, allowing players to interact on a wide variety of platforms.
MyMeta Minecraft is the first blockchain network on Minecraft based on the Blueprint server and Java SDK, Enjincraft, an open-source Blockchain-based server by Enjin that allows players to link their Enjin wallets and use Minecraft ERC-1155 tokens.