In the world of blockchain, one of the most anticipated incoming developments is the Ethereum network upgrade. Through this upgrade, the Ethereum blockchain will formally switch from a proof-of-work mechanism to a proof-of-stake one. This will have massive implications for network users, especially when it comes to energy use.
To celebrate this impending upgrade, blockchain firm ConsenSys has announced that it will be launching the first sustainable Ethereum-based NFT collection called Regenesis. This collection will feature artistic images of depictions of worlds that embody the benefits that will come with the upgrade; sustainability, security, and scalability.
Details About the Collection
Announced by ConsenSys on September 1, 2022, this collection will be, in essence, a tribute to Ethereum and its significance within the blockchain community.
“The art explores the scale and significance of the Merge, an ambitious re-architecture of the world’s largest open programmable blockchain, which makes the network 2000x more energy efficient and positions Ethereum to sustainably support the next generation of Web3 creators and developers,” the announcement said.
There will be several editions of the NFTs, including an open one and a limited edition one that will be airdropped to members of the Protocol Guild who helped design the new Ethereum chain.
It was noted that these NFTs, which were developed in partnership with Invisible North and Keithcity Group, will be free to mint, with only gas fees to be paid. To claim one of these, users only need to connect their Metamask wallet and fund it with ETH to cover the gas fees. The NFTs will be available from the day of the upgrade (called the merge) for 24 hours in total.
The statement also explained that more concrete details would be made available once the actual date of the merge is confirmed by the Ethereum Foundation. Regardless of when this is, the upcoming upgrade has seen a lot of support in the industry.
Just recently, OpenSea confirmed that it will not support assets that are based on forked versions of Ethereum following the merge, sending a clear message to users who might be against it. And there is a good reason why the merge is so popular; energy use.
The most obvious benefit of this merge is that the energy used by the network is estimated to reduce by over 95%. This comes as there is more of a push for the industry to become eco-friendly and sustainable. Clearly, many industry players are with the program and ConsenSys seems honoured to be launching the first of this type of NFT.
Post-merge, we are going to experience a much more wholesome NFT space. Given that the Ethereum blockchain is so heavily used in the industry, the emissions produced by NFTs as a whole are going to drop significantly.
Not only is this good for the environment in itself but it also contributes to a more positive perception of the industry. ConsesnSys might be the first but they certainly won’t be the last to release sustainable Ethereum-based NFTs.