What sets a Clean NFT apart from the rest? What are some of the common misconceptions about Clean NFTs and Proof of Stake networks?
Myth #1: Carbon Footprint is the Same for All NFTs
Estimates indicate that it takes 332 kWh to produce a single NFT on a proof of work network such as Ethereum. On Tezos, it requires 0.0002 kWh. Another way to put it: the average person can generate about .1 kWh of energy pedaling a bike for an hour. So, to mint a single NFT on Ethereum, you’d have to pedal for almost 20 weeks straight (138 days). To do the same on Tezos requires the equivalent of about 7 seconds of pedaling. With an energy consumption rate over 2 million times less than Proof of Work networks, an NFT on Tezos is unquestionably a Clean NFT.
Myth #2: Art Communities Are All on Proof of Work Networks
There is a fast growing community of artists being drawn to Proof of Stake networks like Tezos due to its efficient design with low gas fees (making transactions possible and not cost prohibitive) and consuming a fraction of the energy as proof of work. The significantly lower gas fees and lower ecological impact is attracting newcomers to the NFT space as well as encouraging artists on other chains to explore minting and trading their art on Tezos.
The popular NFT platform hic et nunc has more daily active users than most Ethereum platforms and has minted hundreds of thousands of NFTs to an active collector base. It was recently featured in the New York Times and was ranked a top 10 NFT marketplace for 2021.
The artistic community on Tezos is growing organically, with talent attracting talent, artists of all backgrounds have found a home of like-minded creatives they can collaborate with while sharing their creations with the rest of the world.
Myth #3: Proof of Work Networks Are “More Secure”
With Proof of Work blockchains, computers essentially consume energy in a race to solve a complex number puzzle. The winner gets to “mine” the next block in the blockchain for which they earn a reward, known as a block reward. This method to verify batches of transactions (blocks) on a blockchain network has significantly higher energy requirements and carries a larger carbon footprint — it also has the downside of potential for collusion among miners.
Tezos is the first major Proof of Stake network (2018), with consensus and governance rights based on stake, which is superior in several ways to the more environmentally costly Proof of Work networks. Tezos’ security and stability of the network is secured by over 400 bakers/validators (baking is to Tezos what mining is to Bitcoin) currently staking over $3 billion worth of tez. The network also has an ability to evolve and self-amend — this makes Tezos more resilient and able to adapt to new security requirements on an ongoing basis.
In fact, the network is in the process of deploying it’s sixth major upgrade, Florence, which is expected to go live on May 10th. The rapid pace of evolution and development also supports and fosters the fast growing activity on the network. The Tezos network recently surpassed 1.3 million contract calls for the month of April, showing a big spike in network use fueled in large part by NFT projects and artists looking for a clean NFT solution. Each interaction with the network is a vote of confidence by the users, and both artists and collectors understand that Tezos is a trusted, secure, and cleaner option for their NFTs.
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