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Green NFT: Web3 and Sustainability for Green Planet

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What Luniverse has been doing for sustainability in blockchain

Pursuing environmental sustainability is no longer an option but an inevitable change for all types of businesses. For example, Intel has made a commitment to achieve net-zero greenhouse gas emissions in its global operation by 2040, and Samsung Electronics also announced its new environmental strategy in September to achieve net zero direct and indirect carbon emissions by 2050. There are many other companies applying countless efforts not just to achieve carbon neutrality but to reach net zero for environmental sustainability.

Lambda256 has been working on eco-friendly blockchain technology to dramatically reduce power consumption, providing an environment where anyone can easily issue low-carbon NFTs. Luniverse’s high energy efficiency is envisioned by a validation algorithm called LPoA (Luniverse Proof-of-Authority) behind the Luniverse sidechain, a system that produces 30 million times less energy than that of energy-intensive systems like EthereumPoW and Bitcoin. Luniverse blockchain has received certification from DNV regarding its electricity consumption and greenhouse gas emission for Luniverse mainnet.

Lambda256 has also become a supporter of the Crypto Climate Accord (CCA), the environmental initiative that brings together the blockchain, fintech, technology, and energy sectors to decarbonize the global crypto industry and support the entire industry transaction to net-zero greenhouse gas emissions by 2040. It has gained support from the United Nations Framework Convention on Climate Change (UNFCCC). Other participants of CCA include Web3 foundation, Consensys, Near Protocol, etc.

 

Our Manifesto for Green Planet 

 Not long ago, Ethereum, the largest blockchain network in the world, made a long-awaited software upgrade, the Merge, and it shifted from a proof-of-work(PoW) to a proof-of-stake (PoS) consensus mechanism in September. The foundation announced that the transition was successful, and Ethereum has significantly reduced the volume of energy consumption. This significant transition of Ethereum into the green blockchain brought a huge impact and interest in climate change across the blockchain industry.

As many industry verticals are adopting blockchain technology to develop Web3 services or mint NFTs with their own IPs, the environmental sustainability of the blockchain has become more significant than ever. Luniverse plans to support the Web3 DApp services built on Luniverse to carry out sustainable business aiming to achieve carbon net zero with low-carbon activities in blockchain operations.

 

The figure shows the estimated annual energy consumption in TW/year for various services/industries in June 2022. The figures are from publicly available sources as linked in the next paragraphs, and are visualized from the original source of the Ethereum website. According to them, Ethereum – a platform for securely holding digital assets as investments – can be compared to Youtube (estimated to expend about 244 TWh/yr).

Those estimates imply that people consumed 45 times more energy watching Gangnam Style in 2019 than proof-of-stake Ethereum uses in a year.

Also, they compare the figures of energy consumption from other industries and services such as mining gold (240 TWh/yr) , PayPal(0.26 TWh/yr), the gaming industry (34 TW/yr in the United States alone), Netflix (about 0.45T Whr/yr, their own estimates reported in 2019) up to about 94 TWh/yr (as estimated by Shift Project).

As for the comparison with platforms/services above, Luniverse blockchain consumes 0.0000023 TWh/year, as certified by DNV. The validation algorithm (LPoA) of Luniverse enables the lower expenditure of electricity and high performance compared to the PoW algorithm. Luniverse enables minting and managing NFTs in the most environmentally sustainable and cost-efficient way possible. Our underlying blockchain technology navigates through those challenges, providing an ecologically sustainable marketplace for minting, deploying, and selling NFTs.

In addition, we will actively participate in environmental activities such as CCA’s campaigns, which Lambda256 has already joined, and move toward achieving carbon net zero in the blockchain and digital asset industry. Crypto Climate Accord’s goal is to decarbonize the industry by prioritizing climate stewardship and supporting the entire digital asset industry’s transition to reduced electricity consumption by 2030 and net-zero greenhouse gas emissions by 2040. Lambda256 is participating as a Supporter, whose role is to develop standards, tools and technologies to accelerate the adoption of and verify progress toward 100% renewablely-powered blockchains by the 2025 UNFCCC COP30 Conference. We will actively monitor and support the activities of CCA according to the roadmap.

 

Towards 2040: Web3 and Environmental Sustainability

 

With the advent of the Web3 era, the importance of sustainability in blockchain businesses is emerging more rapidly than ever. Luniverse commits to contribute to the improvement of the global environment and a sustainable future through the operation of eco-friendly Green NFT and blockchain.

Luniverse is creating an environmentally friendly digital asset ecosystem with partners using Luniverse’s Green NFT platforms, such as CYPHRLY, MOMENTICA, and Upbit NFT. Please refer to the brief intro of each of our partners. Stay tuned for more updates!

 

Projects on Luniverse Green NFT

CYPHRLY

CYPHRLY is a curation-based NFT marketplace that provides authentic digital collectibles created with cutting-edge technology. We collaborate with IP holders, artists and brands to help them enter the world of Web3. Our platform expands the values of digital collectibles with physical merits (Digital Pair) and data-driven features (LIVE NFTs). Based on environmentally-sustainable technology developed by Lambda256, the blockchain company of Dunamu, CYPHRLY presents a community where fans can freely communicate together.

MOMENTICA

MOMENTICA is the flagship platform operated by LEVVELS, provides novel and innovative fan-artist experiences worldwide. The platform enables fans to collect and exchange diverse formats of digital collectibles. While the initial service will focus on K-Pop artists, the scope of the service will expand to include different artists and genres of music.

LEVVELS Inc. is a Los Angeles-based company operating a future-proof platform to provide blockchain-based projects for global fandoms and their artists. The company is a joint venture between Dunamu, a worldwide standard setter in blockchain and fintech technology, and Hybe, the global entertainment lifestyle platform company housing multinational music labels.

Upbit NFT

The NFT trading platform of Upbit, the South Korean crypto exchange. Luniverse-based NFTs are issued and distributed on Upbit NFT.

 

Try Luniverse for Free

Luniverse is a consortium-based blockchain service platform that offers a development environment where anyone can easily create blockchain services, including a crosschain support and layer2 solutions.

Anyone with the interest in using Luniverse can start the free trial today!

Join our Community Now

Are you curious about Luniverse NFT? Contact us on this page for an inquiry.

Join Luniverse Discord community to check out and communicate about the latest news of Luniverse and NFT!

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