VeVe: The First Digital Collectibles Platform Committed to Carbon Neutral NFTs
VeVe already operates using blockchain technology that is >99% more energy-efficient than Ethereum. As part of our commitment to environmental sustainability, we have just announced that the platform will completely off-set/neutralise the carbon footprint from the minting of VeVe NFTs, as well as establishing a grant of 1 billion OMI to offset the cost of designing and producing NFTs, and for fundraising efforts by environmental nonprofits.
How Will VeVe Reduce Its Environmental Impact?
Initially, VeVe will offset the carbon footprint by purchasing carbon credits equal to the amount of CO2 used in minting NFTs. The platform has also committed 1 billion OMI tokens ~$7 million USD as a grant for non-profit organisations to encourage sustainable practice and development in this nascent industry.
NFTs are not only suitable for collectors but are proving to be great fundraising mechanisms for purpose-driven causes including the environment. The VeVe grant will establish a pool of OMI tokens that can be used to pay for artwork, development and minting of NFTs where the proceeds go to the nonprofits. Additionally, the funds may be used for matching donations and other environmentally beneficial functions.
Going Carbon Neutral
While our carbon footprint is significantly lower than peer technologies, it has always been important to VeVe to achieve zero-net carbon at some point. As a platform that hosts major brands, licensors, artists and more, VeVe is now able to provide these stakeholders with the ability to market their NFTs as sustainable. According to NYU Stern, sales of sustainability marketed products are projected to reach $150 bn in 2021, and since 2013 have grown 5.6 x faster than conventional products.
“Moving from physical to digital products already cuts down on packaging, logistics and manufacturing waste, however we want to ensure our products are as environmentally friendly as possible, and are committed to completely neutralising our carbon footprint and environmental impact.”
— David Yu, VeVe CEO
Greener Blockchain Technology for a Sustainable Future
Concerns about the environmental effects of blockchain technology have grown recently as the amount of electricity used and the carbon footprint of the Ethereum blockchain has grown exponentially. Ethereum’s blockchain, which uses the Proof-of-Work consensus, incentivizes miners to compete to validate transactions.
As the price of Ethereum increases, the economic incentive to invest capital in more computational power increases, causing electricity usage and carbon footprint to spike, generating 57.6 kg CO2 from the minting of a single NFT.
Conversely, VeVe currently operates on a blockchain that does not incentivise competition amongst miners. There is no incentive to increase electricity expenditure because rewards are not tied to energy consumption. As a result, minting an NFT on VeVe requires 99% less energy consumption, and has a 99% lower carbon footprint compared to minting on the Ethereum blockchain.
After off-setting the carbon produced, VeVe will further reduce this impact, to become the first digital collectibles platform to offset 100% of the carbon footprint from the minting of NFTs.
“Being sustainable has always been a strong priority for VeVe and ECOMI since our founding. Our carbon neutrality pledge is a step toward making NFT digital collectibles and the digital AR metaverse part of a green, environmentally friendly future.”
— Dan Crothers, Co-founder and COO
What’s Next for Veve?
In the coming months, regular collectible releases will launch on the VeVe app, including a range of 2D artworks and premium 3D sculptures, as well as the first interactive NFT’s to hit the platform.
To learn more about which upgrades, updates and collectible brands are due to roll out, please see these Q1 update articles. While you’re there don’t forget to follow and clap the VeVe blog to stay up to date with the latest on VeVe NFTs!
This information was first published on PRweb.
You can read the full press release here.
Information on this channel is subjective and should not be considered financial advice and is subject to change. See disclaimer
About ECOMI
ECOMI is a technology company based in Singapore and is leading the way in the emerging digital collectibles space. ECOMI offers a one-stop-shop for digital collectibles through the VE-VE app bringing pop culture and entertainment into the 21st century.
The VE-VE app allows users to experience true ownership of premium digital collectibles. Through the app marketplace, users can obtain common, rare, or one-of-a-kind digital collectibles, share these across the social network service, and exchange them with the VE-VE community, all from the palm of their hand.
ECOMI sees digital collectibles as a new asset class that offers intellectual property owners the opportunity for new revenue streams in the digital landscape. Digital streaming, gaming, and in-app purchasing have become a multibillion-dollar market and the next to join this digital trend is the pop culture and collectibles industry.
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