Lambda256, subsidiary of Dunamu and operator of Upbit, one of the world’s largest cryptocurrency exchanges by volume, announced today the launch of a Green NFT marketplace on its Luniverse sidechain.
The new marketplace, deployed on Lambda256’s hallmark Luniverse chain, is designed to alleviate the friction that deterred many from entering the world of NFTs. While NFTs, underpinned by blockchain technology, have landed the spotlight with its system of unique digital ownership on an immutable ledger, the system has seen critics for its toll on the environment. A single transaction of an NFT on the Ethereum network emits the equivalent of daily energy used by two American households, its carbon footprint predicted to only exacerbate as more participate in the network.
The Green NFT platform on Luniverse is designed to streamline the NFT experience and provide a carbon-neutral NFT ecosystem, bridging creators, wallet partners and collectors to their markets at a fraction of the cost of gas and energy. Users can mint, deploy and manage NFT collectibles, without requiring intense energy and high transaction fees tied to the Ethereum blockchain. The platform also offers fractional ownership of NFTs, powering a more sustainable digital economy.
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 99.99% less energy than that of energy-intensive systems like Ethereum.
“Creative expression should not come at the expense of our environment,” said Jay Jaehyun Park, CEO of Lambda256. “With Luniverse NFT, we’re deeply committed to the idea of fostering collaboration between artists, collectors and platforms, 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.”
The launch also marks Lambda256’s expansion beyond the blockchain-as-a-service market as the company continues to grow, having announced the completion of its $15 million Series A funding earlier this year.