Connect with us

Projects

VeVe is the world’s first digital collectibles platform dedicated to carbon-neutral NFTs

Published

on

VeVe now uses blockchain technology that consumes 99 percent less energy than Ethereum. It was just announced that the platform would fully offset/neutralize the carbon footprint from the minting of VeVe NFTs, as well as creating a grant of 1 billion OMI to offset the cost of developing and manufacturing NFTs, as well as for fundraising efforts by environmental nonprofits.

VeVe’s Environmental Impact: How Can It Be Reduced?

VeVe will begin by buying carbon credits equal to the amount of CO2 used in the production of NFTs to offset its carbon footprint. In addition, the platform has pledged 1 billion OMI tokens ($7 million USD) as a grant to non-profit organizations to promote sustainable practice and growth in this nascent industry.

NFTs aren’t just for collectors; they’re also proving to be effective fundraising tools for a variety of causes, including the environment. The VeVe grant will create an OMI token pool that can be used to pay for artwork, creation, and minting of NFTs with proceeds going to nonprofits. The funds may also be used for matching donations and other environmentally friendly activities.

https://medium.com/ecomi

Going Carbon Neutral

Despite the fact that VeVe’s carbon footprint is considerably lower than that of peer technologies, VeVe has always aspired to reach net-zero carbon at some stage. VeVe, as a platform that hosts major brands, licensors, artists, and other stakeholders, can now advertise their NFTs as environmentally friendly. Sales of sustainability-marketed products are expected to hit $150 billion in 2021, according to NYU Stern, and have risen 5.6 times faster than traditional products since 2013.

“Moving from physical to digital products reduces packaging, logistics, and manufacturing waste, but we want to make sure our products are as environmentally sustainable as possible, and we’re committed to fully reducing our carbon footprint and impact.”

— David Yu, VeVe CEO

Greener Blockchain Technology for a Sustainable Future

Concerns about the environmental impact of blockchain technology have risen in recent months, as the amount of energy used and the carbon footprint of the Ethereum blockchain have exploded. Miners compete to verify transactions on Ethereum’s blockchain, which uses the Proof-of-Work consensus.

The economic motivation to invest resources in more computing capacity increases as the price of Ethereum rises, causing energy consumption and carbon footprint to rise, resulting in 57.6 kg CO2 being generated from the minting of a single NFT.

VeVe, on the other hand, is actually based on a blockchain that does not reward miners for competing. Since incentives are not linked to energy usage, there is no reason to increase electricity consumption. As a result, minting an NFT on the VeVe blockchain consumes 99 percent less resources and has a 99 percent lower carbon footprint than minting on the Ethereum blockchain.

VeVe will become the first digital collectibles platform to offset 100 percent of the carbon footprint from the minting of NFTs after offsetting the carbon produced.

“Sustainability has been a top priority for VeVe and ECOMI since the beginning. Our commitment to carbon neutrality is a step toward making NFT digital collectibles and the digital AR metaverse a part of a sustainable future.”

— Dan Crothers, Co-Founder and COO

What’s Next for Veve?

Regular collectible releases will be available on the VeVe app in the coming months, including a variety of 2D artworks and premium 3D sculptures, as well as the platform’s first interactive NFTs.

Continue Reading

NFT

Could this trademark application indicate that PayPal is developing an NFT market? 

A trademark application for blockchain and cryptocurrency technology has been submitted by PayPal. Some claim that the file has something to do with Web3 and the metaverse, although it may be tied to an NFT marketplace.

Published

on

A recent trademark application by PayPal has been found, and it suggests the development of a service pertaining to several facets of blockchain technology. The file, which was made on October 18, makes a notable allusion to the potential introduction of a non-fungible token (NFT) market.

For its logo, PayPal submitted two trademark applications. The first one concerns “downloadable software” for cryptocurrency trading and storage. The second discusses cryptocurrency-related payment processing services.

Although users may currently buy cryptocurrencies on PayPal’s platform, this filing suggests that there may be more to come. The concept of assets is substantially broader in the filing’s terminology. Mike Kondoudis, a trademark lawyer licensed by the USPTO, claimed on Twitter that this filing relates to NFTs and the metaverse.

Although there is no proof to support this, it would not be shocking if it were true. The finance business would be adding its name to a lengthy list of businesses that are starting to make inroads into the Web3 and metaverse spaces.

PayPal is investing more in cryptocurrency.
Over the past two years, PayPal has intensified its focus on cryptocurrencies. First, the company made a huge announcement for the industry by saying that consumers would be able to purchase cryptocurrency on its platform.

However, it didn’t start enabling users to move those funds into wallets outside of the network until recently. It indicated that it would roll out additional crypto-related features in the latter part of last year. One of those additions might be an NFT marketplace.

It teamed up with Coinbase’s TRUST network more recently. This was viewed by many as an endorsement of the sector. The TRUST network upholds consumer security and privacy while adhering to the banking industry’s Travel Rule.

Increased Criticism of Payment Giant
Additionally, PayPal has been in the spotlight for all the incorrect reasons. The business has recently come under fire for a contentious policy that penalized users for disseminating false information. Later, it claimed that false information was released with the amended policy. Crypto aficionados, however, were eager to point to this as evidence of the value of decentralization.

PayPal established a blockchain and cryptocurrency advisory committee earlier this year. According to the company’s management, working with governments is essential to overcoming obstacles and seizing possibilities.

Continue Reading

NFT

Seba Bank, a cryptocurrency company, aims to store valuable NFTs

Seba Bank, a cryptocurrency company, has launched its first NFT service, a blue-chip NFT-specific institutional-grade, certified, and independently audited hot and cold storage custody product.

Published

on

The launch comes in response to requests from customers to keep their NFTs with the bank alongside other crypto assets, such as the already-approved Bored Ape Yacht Club, Cryptopunk, and Clone X NFTs. The bank stated that new collections would be added based on customer demand.

With its newest offering, Seba Bank seeks to entice investors who view NFTs as an asset class and crypto natives. Not your keys, not your bitcoin is a well-known phrase in the crypto sphere, and adherents of this maxim could object to having their Apes or Punks stored with a third-party custodian.

Urs Bernegger, co-head of markets and investment solutions at Seba Bank, however, highlights a growing group of NFT holders who are more at ease handing up their NFTs and private keys to a company.

They don’t want the key because they aren’t even aware of how to handle and store it. He claimed that they’re more concerned with damaging the key than giving it to a bank.

It’s a significant issue. Between 2.3 million and 3.7 million bitcoins, according to Chainalysis, are trapped in inaccessible wallets. Numerous accounts of people have lost millions owing to losing private keys, including Russian officials, students, and engineers. Families have also been prevented from accessing substantial quantities of money following sudden deaths in which wallet owners had not disclosed their private keys.

Bernegger asserts institutional custody can be advantageous for native crypto users as well. There has been an increase in businesses providing services that employ NFTs as collateral for conventional banking services like loans.

Seba Bank is thinking about implementing these features in the future. Based in the crypto-friendly Swiss town of Zug, the four-year-old bank already backs several investing, credit, lending, and staking options for cryptocurrencies and might extend them to NFTs.

“Instead of traveling to the market, for instance, we could create a club for collectors and assist them in finding other collectors. There are a few things we have in mind, but we laid the groundwork by storing NFTs securely at first, “explained he.

Continue Reading

Projects

The NFT album maker for Kings of Leon now includes a metaverse music venue

YellowHeart, a Web3 ticketing startup, is opening a metaverse music venue in an effort to transform how performers, teams, and event organizers distribute tickets and interact with fans.

Published

on

The facility, constructed on Spatial, will feature Grammy-nominated blues musician G.Love as its opening act later this year. Fans can communicate with one another, participate in meet-and-greets before and after performances, and use several screens to view what is happening in various areas of the stadium simultaneously.

They will soon be able to order meals and drinks before the event, which will also be available as digital things.

The idea of an online concert has so far primarily been popularized by big gaming companies. The most well-liked virtual competitions have occurred on sites like Fortnite and Roblox. Ariana Grande’s Fortnite concert in August 2021 received 78 million viewers. Next month, Decentraland will host its second Metaverse Music Festival. Over 100 musicians are on the lineup, including well-known performers like Ozzy Osbourne and Soulja Boy.

In addition to throwing an event, YellowHeart, which assisted Kings of Leon in releasing an NFT version of their most recent album, stated that it hoped to accomplish more. It was established in 2017 with the lofty goal of revolutionizing the music ticketing sector as a whole, which has historically been dominated by powerful reselling organizations and exclusive ticketing relationships. These alliances frequently impose limitations on what purchasers can and cannot do with their tickets. Trying to resell a ticket for a concert you can’t go to might be a headache.

YellowHeart believes these issues can be resolved by returning control to artists and fans via web3 technology. Additionally, it may provide advantages that cannot be programmed into conventional tickets.

“These range from complete albums to personalized vinyl records, exclusive merchandise, and immersive visual art. Web3 tickets also allow performers to update fans on new tour dates, music releases, giveaway possibilities, and much more, according to the business.

It has already collaborated with well-known figures, including Julian Lennon, Maroon 5, and MGM Resorts. Contrary to the non-NFT versions offered on Spotify, iTunes, and other platforms, those obtained through YellowHeart entailed particular customer benefits.

Continue Reading

Trending

bitcoin
Bitcoin (BTC) $ 17,008.48 0.29%
ethereum
Ethereum (ETH) $ 1,285.21 0.73%
tether
Tether (USDT) $ 1.00 0.23%
chiliz
Chiliz (CHZ) $ 0.170523 5.03%
enjincoin
Enjin Coin (ENJ) $ 0.311967 0.67%
decentraland
Decentraland (MANA) $ 0.422960 4.05%
flow
Flow (FLOW) $ 1.11 0.49%
the-sandbox
The Sandbox (SAND) $ 0.605870 3.07%
wax
WAX (WAXP) $ 0.061899 0.47%
ecomi
ECOMI (OMI) $ 0.000936 3.36%