NFTb Partners With Nori to Enable Artists to Reduce the Environmental Impact of Their NFTs
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Singapore, 27 May 2021 — NFTb, the leading premium NFT Marketplace built for speed and affordability, today announced its collaboration with Nori to empower artists to reduce the environmental impact of their NFTs via the platform’s advanced income share feature.
The growing popularity of NFTs has drawn the attention of both artists and creators. But in addition to generating a new source of income for artists, it’s also creating an unintentional byproduct that results in the unsustainable practice of excess energy consumption adding to the overall carbon footprint created by cryptocurrencies.
Nori has developed a carbon removal marketplace to combat climate change that allows users to purchase Nori Carbon Removal Tonnes (NRTs) to remove carbon from the atmosphere. With Nori, users have a verifiable way to track carbon removed in the form of NRTs recorded on a public ledger, the company has already helped businesses such as Shopify go carbon net-zero and beyond carbon negative.
NFTb is built on the Binance Smart Chain, which by design consumes much less energy than blockchains that use the Proof of Work consensus mechanism, like Bitcoin and Ethereum. According to some estimates, the energy cost of minting an NFT on Ethereum is 332kWh (presuming full blocks), and the similar cost (presuming full blocks) on BSC is 200mWh, or a factor of about 1.5 million.
“It’s great to see artists working to fund a climate positive future and we are excited to help them do that. We are excited to see continued innovations in blockchain technology that are drastically reducing the energy usage associated with NFTs” said Giovanni Sornatale from Nori.
How it works
With NFTb, artists can donate a portion of proceeds towards a social cause of their choosing. The platform offers a built-in advanced income share feature in the checkout process. A seller may opt to share some of the income from the sale of a NFT to purchase NRT to reduce their carbon footprint.
Once the NFT is sold, funds will be automatically distributed within a sellers wallet and sent to Nori to purchase NRTs.
About Nori
Nori is a company on a mission to reverse climate change by removing enough carbon dioxide from the atmosphere to lower the overall concentration of CO2 below 300 parts per million.
Reversing climate change is an achievable goal. It’s not a problem of technology or engineering, but rather a problem of organization and financing. Nori sits in the middle of this space and offers a maximally efficient method of coordinating the financial incentives of all parties to remove carbon dioxide.
About NFTb
NFTb is a Premium NFT Marketplace built for speed and affordability on Binance Smart Chain and expanding to multi-chain support with subsequent product updates. Users anywhere around the world can join the platform and create, sell and trade digital art at a fraction of the cost of other platforms.
