The platform is estimated to be 65,000 times more energy-efficient than Bitcoin and 17,000 times more than Ethereum
Spotted: Voice is launching an environmentally friendly NFT platform to help emerging creators get discovered. Users will be able to mint NFTs at no cost and buyers can buy creations with a standard credit card. The platform excludes cryptocurrencies and does not require gas fees or previous NFT experience.
There is currently a lot of controversy surrounding crypto art, known as non-fungible tokens (NFTs). NFTs are accused of contributing to carbon dioxide emissions because they rely on cryptocurrencies like Ethereum or Blockchain to be created, bought, and sold.
According to the verge, most major cryptocurrencies are built on a system called “proof of work” which works as a security system to compensate for the lack of an overseeing third party, like a bank. “To keep financial records secure, the system forces people to solve complex puzzles using energy-guzzling machines. Solving the puzzles lets users, or “miners”, add a new “block” of verified transactions to a decentralized ledger called the blockchain.”
What makes Voice’s new platform so environmentally competitive is that it is powered through Delegated Proof of Stake, a blockchain network which demands fewer resources and is designed to be more sustainable and eco-friendly. As a result, the platform is said to be 65,000 times more energy-efficient than Bitcoin and 17,000 times more than Ethereum.
The platform is collaborating with curators such as Kimberly Drew, Misan Harriman, Myriam Ben Salah, and Azu Nwagbogu. The partnership is a sort of inaugural residency that will allow emerging creators to explore the opportunities connected to NFTs. The resulting collection will only be discoverable and purchasable on Voice.
Currently, Voice is being privately tested. However, a public beta is forecasted to become available in mid-August with initial releases from the NFT Residency artists.
Written By: Katrina Lane