The Wax Token is a new cryptocurrency that uses blockchain technology to track carbon offset credits.
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Non-fungible tokens, or NFTs, have become one of the most sought-after digital commodities on the world. Everyone wants in on the NFT frenzy, but almost no one thinks about the environmental effect of minting and selling NFTs.
Many of the blockchains used to generate and trade NFTs are very energy inefficient (like Ethereum for example). On the other side, blockchains like WAX are smashing it in terms of being the world’s most energy-efficient blockchain, and they’re now taking it a step further by introducing carbon offset NFTs.
We’ll explain what it means in this post, so keep reading to see why carbon offset NFTs are so essential.
What Exactly Is WAX?
The Worldwide Asset eXchange, or WAX, is dubbed the “King of NFTs.” Its blockchain network, which was launched in 2018, was created specifically for the production, trade, and powering of NFTs, which may take many different forms, including digital artwork, collectable memorabilia, trading cards, apparel, video games, and more. The technique of tokenization provides a verifiable evidence of authenticity as well as actual worth in the real world for these digital-native objects.
There are many additional advantages as well, such as the ability to test new ideas thanks to digitalization. The appeal of WAX’s NFTs has been shown in the past, with whole collections including hundreds of thousands of unique pieces selling out in minutes. The MLB, Capcom’s Street Fighter, Deadmau5, Atari, William Shatner, Godzilla, Topps, and many more famous companies and personalities have collaborated with WAX.
It’s Not the First Time It’s Been a Green Rodeo
WAX’s popularity in the NFT industry is nothing new, and this isn’t the first time it’s been involved in environmental sustainability initiatives. It’s worth noting that the most computationally intensive blockchains may take up to one typical household’s entire annual energy consumption only to “mint” – or produce – a single PNG file as an NFT. WAX, on the other hand, is based on Proof of Stake (PoS) technology, as opposed to the protocol established by other major blockchains (such as Bitcoin), which rely on energy-intensive mining to function.
WAX is more than 320,000 times more energy efficient than Bitcoin, and 125,000 times more energy efficient than Ethereum, its nearest competitor in terms of NFT use and popularity. To put it in numbers, WAX’s average energy usage to process data on its blockchain is approximately 0.000223 Terawatts per year, compared to Ethereum’s 28 and Bitcoin’s ominous 72. WAX promises to be a completely carbon-neutral network thanks to its lean design.
Overall, the usage of WAX for generating, minting, bidding, trading, and transacting NFTs has resulted in the offset of almost 4-million tonnes of CO2 emissions that would have occurred if the transactions had occurred on Ethereum. According to the EPA, to absorb the 4 million tonnes of CO2 in the air, 88.9 million tree seedlings would have to be cultivated for ten years. In other words, it’s the equivalent of more than 5.9 billion pounds of coal burned in emissions.
Going the Extra Mile
But WAX isn’t stopping there; they’re also trying to offset the carbon emissions of NFTs and blockchains outside of their own ecosystem. The aim is no longer to build the most environmentally friendly blockchain as an example for others to follow, but to allow its users to help other networks reduce pollution as well. WAX will introduce a brand-new line of Carbon Offset vIRL NFTs in August 2021.
These would be the first tradable carbon impact NFTs whenever they’re released. People like you and me may purchase these NFTs in order to reduce our own personal effect on the environment, since the company is more than eager to improve the greenness of its filthy blockchain countrymen.
If you’re going on a long journey, flying for your summer vacation, or buying a lot of goods from Amazon, you can offset the emissions from each of these activities.
For just $1, you can make a huge difference.
The National Forest Foundation will plant one tree seedling for every $1 “composed” (or redeemed) via WAX’s carbon offset NFTs, which may offset an average of one tonne of CO2 throughout its lifespan. After they’ve been composted as a vIRL, each NFT card is given a dollar value. Purchasing a $5 carbon impact NFT card via WAX, for example, is the same as planting five tree seedlings. Unlike many other WAX collections, this one isn’t restricted in quantity.
As a result, WAX’s carbon offset collection will always be accessible for purchase, enabling users to reduce their carbon footprint at any time. This collection will be available in four pack sizes, each having five different tree designs, six different rarities to collect, and 30 different variants.
Get Planting ($19.99) — This is the smallest pack of the lot, with eight cards altogether, five $1 cards and three $5 cards.
Greener Living ($49.99) – This pack is a step up, with 12 cards in total, including five $1 cards, five $5 cards, and two $10 cards.
Consider the Big Picture ($149.99) – This pack will only include two cards, one of which will be $50 and the other will be $100.
Save The Planet ($199.99) — This is the largest of the packs, including 18 cards divided into ten $10 cards, four $5 cards, two $10 cards, one $50 card, and one $100 card.
These NFTs may be given, exchanged, sold, or “composted” to others. When you’re ready to offset your carbon emissions, you just “compost” the carbon impact NFT to redeem it, and the company will plant one tree seedling for every dollar you spend.
What Are vIRL NFTs and How Do They Work?
As previously stated, WAX’s carbon offset NFTs are driven by a technology known as vIRL. The abbreviation vIRL stands for “virtual + In Real Life.” In this sense, vIRLs are digital NFTs that are linked to real-world goods or services and may be utilized to decrease emissions beyond their present use. On WAX, vIRL-powered carbon impact NFTs may be redeemed in the real world for both a product (a real tree sapling) and a service (planting the tree sapling into the ground).
They may be employed in the future for other purposes, such as decreasing the increasing carbon footprint associated with the growth of e-commerce. It can do so by reducing the number of packages destined for global shipping (possibly by millions of individual boxes or parcels), resulting in fewer deliveries needing to be planned and made, fewer trucks and vans needing to crank up to deliver these packages, and fewer packaging wrappers or raw materials ending up in landfills.
By decoupling ownership from actual possession, vIRL NFTs make it possible for someone to buy something in the real world and then digitally transfer it to someone else without having to ship it. Individual products or services, such as shoes, clothing, accessories, furniture, tech things, gadgetry, or other stuff that you could purchase and have delivered online, are examples of vIRL NFTs. As a result, its use in WAX’s carbon offset NFTs is just the beginning.
The news that WAX is shifting its focus to a more environmentally responsible goal is quite encouraging, particularly considering that the image of blockchains and crypto in general has been tarnished by its insatiable reputation for excessive energy consumption. Although the green movement is beginning to take shape in the form of utilizing renewable energy sources and switching to more efficient Proof-of-Stake systems, there is still much more work to be done. WAX, on the other hand, has been going on for years.
WAX’s blockchain processing has been lean from the start, using just one droplet of electric current at a time. This will provide reassurance to WAX users and artists that purchasing an NFT would not harm Mother Earth, but that what they do on WAX may have an effect elsewhere. With the introduction of carbon offset NFTs, we now have a viable option for reducing the effect of the emissions that we may have produced unintentionally every day.
Furthermore, if WAX’s efforts in this area gain enough traction, they may be able to help offset the carbon footprint of other blockchain systems and associated NFTs, as well as other resource-intensive services like decentralized banking. Overall, we really hope that initiatives like this acquire momentum sooner rather than later. Goodness knows, if blockchains and cryptocurrency are to achieve public acceptance, they’ll have to address their filthy energy issue.
The wax blockchain is a cryptocurrency that uses the Carbon Offset NFTs on Wax protocol. There are two types of tokens in the system, one for carbon offset and one for trading.
Frequently Asked Questions
Is WAX blockchain environmentally friendly?
Yes, WAX is environmentally friendly and sustainable.
What is wax Blockchain?
Its a type of Blockchain that uses an append-only log to maintain the database.
Does carbon offset mean carbon neutral?
Carbon offset is a term used to describe the process of reducing greenhouse gas emissions by investing in projects that absorb more carbon dioxide from the atmosphere than they produce.
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