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

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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.

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The NFT Sale of the ‘Kia Sedona’ Goes Sour as the Contractor Allegedly Steals $3 Million

A sale of tokens that could be swapped for “Kia Sedona” NFTs raised $3.1 million. But a contractor for the token sale platform Miso allegedly disappeared with all of the funds.

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In the fast-growing market for NFTs, there have been several swindles, frauds, and rug pulls. However, this one strikes out as a little odd.

To begin with, the NFT sale itself was unusual. The entire concept was inspired by a recent meme on crypto Twitter about the Kia Sedona automobile brand (the joke being that the Kia Sedona is a type of hard money). As a result, ten unknown persons built a funky website called “Jay Pegs Auto Mart.” (It was unrelated to the automobile maker in any way.)

DONA reservation tokens were available for purchase. These could be acquired on SushiSwap’s Miso token sale platform, which is run by a decentralized exchange. Out of 10,000 DONA tokens available, each could be exchanged for one 2007 Kia Sedona NFT.

And the token sale went off without a hitch. It raised $3.1 million in ether (ETH), worth 864.8. When the mysterious team of shadowy super coders (another joke) decided to use Miso, they didn’t expect all of their finances to be taken away.

An unidentified contractor placed malicious code into the Miso platform, according to SushiSwap CTO Joseph Delong, changing the destination address for all incoming monies in the token sale to their address. According to Delong, the Jay Pegs Auto Mart sale was the only one affected, and all of the cash raised was stolen.

SushiSwap has urged Binance and FTX to identify the hacker by revealing their KYC information, but they have not done so, according to Delong. He added the platform had directed Stephen Palley, a partner at law firm Anderson Kill, to file a complaint with the FBI if the funds aren’t recovered by 8 a.m. ET.

On the good side, the Jay Pegs Auto Mart Twitter account promised consumers that the Kia Sedona NFTs would still be distributed despite the lack of funds.

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SLAM, a Basketball Brand, Joins the NFT Platform Autograph

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Autograph has taken over the world of sports NFTs. Autograph, co-founded by future Hall of Fame quarterback Tom Brady, has signed deals with renowned athletes from various sports. In addition, the platform is teaming up with SLAM this week on the hardwood.

SLAM has streamlined its company into a new digital era and is known for its classic vintage magazine covers dating to 1994. Basketball enthusiasts may get news, unique features, digital material, and apparel through the portal. Without dipping into NFTs, it wouldn’t be complete.

Autograph and Its High-End Partners

Autograph has signed deals with Naomi Osaka, Derek Jeter, Simone Biles, and Tony Hawk in a short period. Top-tier athletes from many sports verticals make up the increasing advisory board. Additionally, autograph just partnered with DraftKings to give the sports betting platform access to NFTs.

According to a press statement issued this week, autograph will be a launch partner for SLAM’s NFT collection of classic magazine covers. Additionally, this will be Autograph’s first foray into basketball, with SLAM serving as a cornerstone for the platform’s introduction into the sport.

SLAM archives of the 300-plus covers that graced the front of SLAM for decades will be featured at NFTs. In addition, the NFTs will be available for purchase on the DraftKings Marketplace, which Autograph powers.

Blockchain Technology Meets Sports Media

Sports and technology are becoming increasingly entwined.

“We’ve been building a portfolio of companies focused on the convergence of sports media and blockchain technology, and this deal sits firmly at that crossroads,” said Matt Aronson, President of SLAM parent company JDS Sports. SLAM’s digital presence has grown to include over twenty social media channels with over 16 million followers. JDS Sports was also an early supporter of Autograph.

Through established partners, Autograph continues to push the fold on sports NFTs. The two have already issued NFTs for Tiger Woods, Wayne Gretzky, Simone Biles, and others through DraftKings Marketplace. Autograph, on the other hand, isn’t content to stop at sports. The platform also announced a relationship with Lionsgate in July. In addition, Autograph will develop digital collectibles for the new flagship movie series later this year due to the agreement.

It appears that SLAM isn’t starting or stopping here, either. In April, SLAM teamed up with rising basketball phenom Zion Williamson. This collaboration resulted in four limited-edition NFTs based on two of Zion’s SLAM cover appearances.

As brands, companies, teams, leagues, and individuals from practically every sport imaginable get involved, the convergence of sports and crypto continues to increase.

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Following Allegations of NFT Insider Trading, OpenSea’s Head of Product has Resigned

After being accused of NFT flipping using insider knowledge, Nate Chastain, Head of Product at prominent NFT marketplace OpenSea, appears to have left the company.

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The Product Manager has resigned

Chastain’s Twitter profile has been altered to add the term “Past: @opensea” since he was called out two days ago, implying that the marketplace no longer employs him.

Though there isn’t proof that he was fired from OpenSea because of the allegations, it’s a strong possibility.

OpenSea CEO Devin Finzer has already updated his previous blog post about the event with the news that one of their employees “asked and accepted” his resignation just yesterday for violating their “duty to the community.”

According to the CEO’s update, OpenSea promptly commissioned a third-party investigation after learning of the event and is aggressively adopting its recommendations while the inquiry is ongoing.

Despite growing evidence against him, Nate Chastain has yet to issue a public statement. Meanwhile, the general belief on Twitter seems to be that he is guilty, with some even ‘celebrating his death’ with a fresh CryptoPhunk giveaway. However, despite Chastain’s misconduct, others express gratitude for his work for the NFT community and wish him the best in the future.

The Allegations and the Proof

Nate Chastain was accused of buying OpenSea NFTs with insider information before they were released on the platform’s site, then selling them for a much higher profit.

Chastain purchased the NFTs using burner accounts to conceal his identity; nevertheless, he was detected utilizing blockchain data, which proved that all of his winnings were being transmitted to his public address. Later, OpenSea published a blog post indicating that this “insider trade” had occurred.

Chastain made a profit of 19 ETH, which is worth more than $65k at press time.

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