How can NFTs be used to make a real-world impact?
NFTs, blockchain, and web3 are all terms that have been thrown around recently and are growing more and more popular across the globe and are becoming a huge part of people’s lives. In the web3 world, users control their own data and create a public record of their activity on the blockchain. But, more about that later… Let’s discuss all things NFTs and how they can be used.
What are NFTs, and how can they be used?
NFTs, or non-fungible tokens, are a way of registering art, music, videos, in-game items, and other tokenized versions of real-world objects that use blockchain technology to show ownership. NFTs guarantee ownership and authorship thanks to blockchain, cryptocurrencies, and smart contracts. People buy NFTs for many reasons, such as trading, collectibility, and gaming. NFTs have gained popularity over the years since their birth in 2014. They have even infiltrated the Hollywood scene as more and more celebrities utilize them to leverage their status, raise money for charities, and raise awareness about organizations they support.
Are NFTs good for the environment?
Although NFTs are a fantastic way of allowing artists to create and sell their work, there are many concerns regarding their impact on the environment and climate change. As NFTs are minted (the act of publishing NFTs on a blockchain) on the decentralized web3 and blockchains, this can use an exorbitant amount of energy. However, more blockchains are switching from proof-of-work (a form of adding new blocks of transactions to a cryptocurrency’s blockchain) to proof-of-stake (choosing a random participant on the blockchain to validate transactions). This switch reduces a blockchain’s carbon footprint as it requires much less energy and equipment than proof-of-work. The Ethereum blockchain recently changed from PoW to PoS and stated this “will result in a network that uses nearly 100% less energy”. More recently, carbon-negative blockchains are becoming more and more popular, such as Celo and Algorand, showing NFTs and blockchains can be environmentally friendly and sustainable!
How can organizations use them to make a real-world impact?
Celebrities aren’t the only ones using NFTs to make a real-world impact. Non-profit organizations are also leveraging NFTs to help with fundraising and transparently raising awareness. Museums have also begun selling NFTs of their archives, photos, and real-world assets, for funding purposes. Environmental, eco-friendly organizations began minting digital art or photographs as NFTs representing endangered animals. Australia Zoo (founded by Steve and Terri Irwin) entered the web3 (decentralized web) universe and created the Wildlife Warrior’s NFT project using the Algorand carbon-negative blockchain and made a direct impact by donating all proceeds to conservation. Their son, Robert Irwin, commented, “Something I’m so passionate about is wildlife conservation. Any way we can really support that we welcome with open arms” […] “This new technology allows us a new avenue to continue to fight for the protection of our wildlife and wild places.” Such NFT projects that work towards making a real-world impact on Earth’s wildlife, communities, and climate are a great way of showing how NFTs can make a difference.
Is there proof of impact?
Proof of impact is a way to track and verify that real-world impact has been made using blockchain technology. It provides evidence of an organization or individual’s impact on a decentralized and transparent ledger. This allows for more accountability than conventional funding models and encourages individuals to make a difference. Providing such evidence helps consumers or investors to understand your organization’s impact and make informed decisions about supporting eco-friendly, environmental projects that work towards sustainability. Thanks to blockchain technology, third parties store and verify a record of everyone’s impact. Organizations and individuals can make positive changes worldwide and fight for a better future by having a proof of impact model.
How will Wildchain make a difference with NFTs?
Wildchain is a non-profit organization working towards rewilding the world with our mobile game (coming soon!) that allows people to make a real-world impact and protect endangered species and their habitats. Wildchain will also be releasing special NFTs with in-game utilities and will make a real-world impact as profits from our NFT sales will go toward conservation initiatives.
Wildchain operates on Celo, the world’s first carbon-negative blockchain backed by tokenized natural assets. With our NFTs, you can:
- Mint your adopted animals into carbon-negative NFTs and solidify your ownership
- Adopt animals from your friends, or give your animals up for adoption to let your fellow digital conservationists care for them
- Donate with each adoption to wildlife conservation
- Collect Impact NFTs, and join the fight against extinction & climate change
If you’d like to get involved and join the pack with Wildchain, check out ⬇️
🌐 website
