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What is an NFT? How do NFTs work?
NFTs, or non-fungible tokens, are digital assets that can be used to represent ownership of unique items – both tangible and intangible. From collectible sports cards to art, memes and even real estate, NFTs have prompted artists, communities and culture consumers alike to collect, create and sell their works in an unconventional way. NFTs are underpinned by blockchain technology, meaning its data on the shared ledger is immutable and verifiable and decentralized. Like an old house or classic car, an NFT adds a layer of authenticity and uniqueness to digital items of any form – garnering interest from collectors and creators who have long questioned the idea of digital provenance.
Ethereum's Carbon Footprint
NFTs are most popularly run on the Ethereum network, which operate through an algorithm called Proof-of-Work (PoW). Proof-of-Work based networks consume a massive amount of energy, and each NFT transaction on the Ethereum network consumes the equivalent of a footprint of around 340 kWh, 211 KgCO2. This single NFT’s footprint is equivalent to a EU resident’s total electric power consumption for more than a month, with emissions equivalent to driving for 1000Km, or flying for 2 hours (source: Memo Atken).
Luniverse Green NFT
The Green NFT platform on Luniverse is designed to streamline the NFT experience and provide a carbon-neutral NFT ecosystem, bridging creators, wallet partners and collectors to their markets at a fraction of the cost of gas and energy. Users can mint, deploy and manage NFT collectibles, without requiring intense energy and high transaction fees tied to the Ethereum blockchain.
Luniverse’s high energy-efficiency is envisioned by a validation algorithm called LPoA (Luniverse Proof-of-Authority) behind the Luniverse sidechain, a system that produces 99.99% less energy than that of energy-intensive systems like Ethereum.
Why Luniverse?
With a powerful ecosystem integrating various wallet partners, major global marketplaces and Upbit’s partners, Luniverse creates an interoperable environment for the flow of NFTs to various public chains and marketplaces.
Some of the platform’s key offerings include fractional ownership of NFTs where users can co-own a physical and digital asset of an NFT, split loyalty fees amongst creators, and secure storage of NFTs through Upbit Custody – all of which serve to power a more sustainable digital economy.
