Towards Sustainability of NFT
Since the early days of the NFT , double jump.tokyo Inc. has been seeking model cases of efficient blockchain usage and implementing them into our service.
In the early days of NFT, even game logic was also processed as on-chain, and due to the nature of the Proof of Work blockchain, network fees soared and transactions were delayed, making it impractical as a consumer service.
We have released our first blockchain game by balancing off-chain and on-chain, and making only the necessary parts on-chain.
Last year, with the DeFi craze, transactions increased and fees soared nearly thousands of times.
It was around this time that we started planning to break away from our dependence on PoW-style blockchain.
Here are some of the initiatives we have been working on since last year to achieve sustainability in NFT.
1. Our efforts to de-depend on PoW
1.1. Off-chain evacuation plan
Last summer, we started a plan to evacuate our NFTs to the off-chain, and released AMS (Asset Mirroring System) in the fall so that we can link the NFT with the marketplace via our API.
1.2. Toward a port call
As a result of continuous research on blockchains other than the PoW method, we came up with the side chain method, roll-up method, and PoS method as candidates.
1.3. Multi-chain platform concept
Since the beginning of 2021, there have been a number of leading sidechain, rollup, and PoS chain projects, so it was difficult to make a decision.
As a conclusion, we started the multi-chain concept because we thought it would be ideal for NFTs to be able to move freely between various types of chains, since the use cases of various types of NFTs vary depending on the user target and its use case.
2. Summary of solutions and projects
Recently, the environmental impact of the PoW method has become an issue.
According to Wired magazine, “Every time an NFT is sold on Ethereum, a large amount of electricity is consumed, more than twice the annual power consumption of an average British household.
Below are some of the solutions and the projects to the problem of high power consumption that we are adopting.
2.1. Side chain method
It may be easier to understand if you imagine a main road and a side road.
The side-chain system alone cannot be a solution if the side roads are congested, but more and more companies are adopting sidechain project Polygon because they use PoS method described below from early 2021.
Polygon is integrating with Opensea, the world’s largest NFT marketplace.
2.2. Roll-up method
The roll-up is a method of writing thousands of transactions together on-chain while increasing speed through off-chain processing, which greatly reduces power consumption.
Immutable X, which announced its integration with Opensea, is a popular project of roll-up method specialized for NFT.
2.3.PoS method
Compared to the PoW method, which is a computing power war, the PoS (Proof of Stake) method reduces power consumption because the reward is determined according to the amount of stake of the crypto asset.
FLOW is a famous PoS project method designed for NFT.
FLOW is used in NBA Top Shot, which records the world’s largest NFT trading volume.
3. Toward the future with NFT
We are working to expand the NFT ecosystem through the AMS (Asset Mirroring System) to ensure that NFTs are treated in a sustainable manner.
NFT is an indispensable piece of the puzzle in a future where games have become social networking services and people spend more time in virtual spaces than in the real world.
doublejump.tokyo will continue to work for the sustainability of NFT.
doublejump.tokyo Inc.
Website : https://www.doublejump.tokyo/
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Twitter(JP) : @doublejumptokyo
Twitter(EN) : @doublejump_en
