ConsenSys Marks Ethereum Merge With Green NFTs

Key takeaway

  • Ethereum development firm ConsenSys has announced a line of NFTs to celebrate the upcoming Ethereum merger.
  • Ethereum’s move to Proof-of-Stake will reduce power consumption, a fact reflected by ConsenSys’ green NFTs.
  • In recent years, Ethereum-based NFTs have come under criticism due to their reliance on energy-intensive mining.

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Blockchain development firm ConsenSys has announced a line of green NFTs to commemorate the upcoming Ethereum merger.

ConsenSys announces the NFT line

ConsenSys is releasing a line of eco-friendly NFTs to celebrate the merger.

The company announced Thursday, Sept. 1 that it will release a collection of NFTs called “Regenesis”. ConsenSys says the NFT collection “explores the scale and meaning” of the Ethereum union and is “focused on the most important benefit of the union: sustainability.”

ConsenSys noted that Ethereum’s move to Proof-of-Stake will reduce the blockchain’s carbon footprint by 99.95%, a number in line with estimates provided by Ethereum developers last year. With this change, the Ethereum network will be around 2,000 times more energy efficient than it is today.

The NFT collection will feature artwork created by Chris Skinner and animated by KeithCity Group. Invisible North blockchain marketing agency contributed to the design.

ConsenSys will start minting the NFT at 13:00 UTC on the merger date and will allow minting to continue for 72 hours.

NFT minting will be free with the exception of gas or transaction fees and users will be able to mint as many NFTs as they wish. Ethereum contributors who are part of the Protocol Guild will also receive an airdrop featuring a collection of limited edition NFTs.

NFTs have historically been criticized for being harmful to the environment due to the fact that the Ethereum blockchain was previously based on the energy-intensive mining process.

Companies and brands like Ubisoft, WWF, Minecraft, Discord, and Sega have received a backlash in the past year after announcing plans to release NFT. Kickstarter, which opted for Celo’s energy-efficient blockchain, also faced criticism.

ConsenSys had already pursued energy-efficient NFTs in 2021, when it launched the Palm ecosystem on Ethereum.

While Ethereum’s move to Proof-of-Stake will virtually eliminate the environmental impact of NFT minting, it’s unclear whether this will be fully recognized by the public given the notoriety of past controversies over the issue.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.

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