What are Web3 platforms doing to help protect our environment?
Web3 and its influence on our environment is one of the largest arguments against blockchain technology. NFTs immediately became targets of criticism, and in some ways, rightfully so. Ignoring the detrimental side of Web3 will only halt its progress, but platforms are taking huge steps to make blockchain projects more sustainable.
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Polygon is going carbon negative in 2022 with the announcement of its Green Manifesto. The platform has pledged $20 million to a series of community projects that include initiatives that use tech to battle climate change.
“As the first step, Polygon is buying $400,000 worth of high-quality and traceable BCT and MCO2 carbon credits, the equivalent of roughly 90,000 tons of CO2 emissions,” Polygon stated in its community blog. In addition, the company is partnering with KlimaDAO, a “decentralized collective of environmentalists, developers, and entrepreneurs.”
Once Ethereum transitions to a Proof-of-Stake mechanism, Polygon will evolve beyond being carbon neutral. It’ll become carbon negative.
How are other platforms pushing for more sustainable processes?
Blockchain gaming company MyMetaverse launched its carbon-sink NFT minting platform in an effort to battle the industry’s energy use.
“We want to give everyday gamers the ability to earn NFTs and literally help save the world just by playing games,” said Simon Kertonegoro, CEO of MyMetaverse. “Up until now a lot of people thought this was just an outrageous marketing claim, but this carbon sink initiative is just one example of how we can use NFTs to make a measurable difference.”
Enjin, the creator of the ERC-1155 token standard, joined the Crypto Climate Accord, an “initiative focused on decarbonizing the cryptocurrency industry.” The company also announced that its JumpNet blockchain is now carbon negative.
— 𝔼𝕥𝕙𝕖𝕣/𝕆𝕣 (@EtherOrWasTaken) April 25, 2022
“We are happy to see Enjin join this fast-growing community of companies that want to build solutions to decarbonize the crypto sector,” said Doug Miller, Global Markets Lead at Energy Web. “The race is on for someone like Enjin to lead the way with delivering proof of green NFTs while promoting standard energy and carbon industry practices.”
The united push to become Earth-friendly is refreshing to see, but the criticisms still remain. Until Ethereum moves to Proof-of-Stake, its energy consumption is astronomical. In January, it was reported that one single blockchain transaction of ETH equaled the “energy consumption of more than several thousands of VISA card transactions.” One ETH transaction equaled 238.22 kWh.
Once PoW is established, Ethereum’s energy usage is reported to decrease by ~99.95%.
What other platforms are pushing to become green? Let us know what you think! Tweet @EtherOrWasTaken and tag your favorite platforms.