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ConsenSys Marks Ethereum Merge With Green NFTs

By Crypto BriefingCryptocurrencySep 02, 2022 01:15AM ET
ConsenSys Marks Ethereum Merge With Green NFTs
By Crypto Briefing   |  Sep 02, 2022 01:15AM ET
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The Ethereum development firm will release a free collection of NFTs called "Regenesis."

Key Takeaways

  • Ethereum development firm ConsenSys has announced a line of NFTs to mark Ethereum's upcoming Merge.
  • Ethereum's switch to Proof-of-Stake will reduce energy consumption, a fact reflected by ConsenSys' green NFTs.
  • In recent years, Ethereum-based NFTs have been criticized due to their dependence on energy-intensive mining.

Blockchain development firm ConsenSys has announced a line of green NFTs to commemorate Ethereum’s upcoming Merge.

ConsenSys Announces NFT Line

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

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

ConsenSys noted that Ethereum’s transition to Proof-of-Stake will reduce the blockchain’s carbon footprint by 99.95%, which is in line with estimates provided by Ethereum developers last year. With this change, the Ethereum network will be about 2000 times more energy efficient than it is today.

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

ConsenSys will begin to mint the NFT at 1:00 PM UTC on the Merge date and will allow minting to continue for 72 hours.

NFT minting will be free except for gas or transaction fees, and users will be able to mint as many NFTs as they like. 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 environmentally damaging because the Ethereum blockchain relied on energy-intensive mining.

Companies and brands such as Ubisoft, the WWF, Minecraft, Discord, and Sega have received backlash over the past year after announcing plans to release NFTs. Even Kickstarter, which opted for Celo’s energy-efficient blockchain, faced criticism.

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

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

Original Post

ConsenSys Marks Ethereum Merge With Green NFTs

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ConsenSys Marks Ethereum Merge With Green NFTs

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