Daily Web3 Headlines You Need To Know
12 August #NFT #Metaverse #GameFi #DeFi&Trading #Policy&Law
Carbon credit NFTs are only effective if burned, experts say
Using nonfungible tokens (NFTs) as carbon credits or carbon offsets reveals an outlet for Web3 technology to foster a more environmentally friendly future. NFTs as carbon credits are a slow-rolling trend in the regenerative finance (ReFi) and decentralized finance (DeFi) markets. Most of this activity currently takes place on the Polygon blockchain, as it has already offset its entire carbon footprint. However, the way these digital assets work with carbon credits differs from other ventures in the space.
Reinventing yourself in the Metaverse through digital identity
Findings from the “Digital Ownership Report 2022” report from the Metaverse platform Virtua show that younger generations are particularly excited by the potential for reinventing themselves in virtual worlds that allow for the creation of digital identities and ownership. For instance, the report found that 63% of American millennials expect the Metaverse to help them reinvent themselves, while 70% of Americans surveyed agreed that digital items like clothing and artwork are already an essential part of their identity…(Read More)
New Look at The Callisto Protocol Confirmed for Gamescom 2022
The Callisto Protocol got a release date earlier this year with some more features and details about the game discussed shortly afterwards, but for the most part, news has been quiet on that front over the past couple of weeks. That’ll change soon, however, with the new game from Striking Distance Studios and Krafton now confirmed for an appearance at this year’s Gamescom event. What we’ll see there remains to be seen, however, though perhaps teasers from the game’s social accounts will share more info ahead of the Gamescom presentation…(Read More)
📈 DeFi & Trading
Maven 11 launches $30M lending pool on Maple as borrowers turn to DeFi
Netherlands-based crypto investment firm Maven 11 has launched its third lending pool on Maple Finance, giving borrowers access to liquidity amid the bear market. The $30 million pool financed by institutional lenders will be utilized by trading firms that include Wintermute, Auros and Flow Traders, among others, Maven 11 announced this week. The new pool is designed “specifically for institutions looking for yield opportunities,” the company said…(Read More)
⚖️ Policy & Law
Indian law enforcement accuses WazirX exchange of aiding in laundering of $130M
India’s Enforcement Directorate (ED), the agency responsible for financial crimes, is looking at cryptocurrency exchanges suspected of processing transactions that sent more than 10 billion rupees, or about $130 million, from firms under investigation to international wallets. At least ten crypto exchanges are allegedly involved, according to an official who spoke to The Economic Times, and bank accounts of exchange WazirX have been frozen, the newspaper reported…(Read More)
South Korea’s financial watchdog wants to ‘quickly’ review crypto legislation
The chair of South Korea’s Financial Services Commission said the regulator plans to expedite its review of 13 bills pending in the country’s National Assembly related to digital assets. According to a Thursday report from South Korean news outlet Edaily, Financial Services Commission chair Kim Joo-hyun said a task force consisting of private experts and government ministries will “quickly” review proposed legislation on cryptocurrencies.
In recent years, the application of blockchain has become very popular and has given rise to unlimited business opportunities in the NFT market, but applying the digital product of NFT to the green economy is a completely new investment concept.
The issuance of carbon credit NFT token can be said to be a perfect combination of blockchain and carbon credit market. Each ton of carbon asset is marked with unique NFT digital identity authentication, which cannot be copied, and the holder does not have to worry about the loss of carbon asset, which is extremely safe and can stimulate enterprises to buy and sell carbon asset NFT on the platform, and the circulation volume increases as a result.
Does NFT generate carbon emissions?
Although NFT is a kind of digital credential based on blockchain technology contract, but its carbon emissions can not be underestimated. The New York Times criticized:
“Creating an average NFT would produce very large carbon emissions, bringing in over 200 kilograms of carbon, equivalent to the carbon footprint produced by an average American gasoline-powered car traveling 500 miles, emissions that would cause the planet to warm.”
In fact, the process of minting NFT alone produces 83 kilograms of carbon, and it does not end there. Each time someone bids on an NFT, 23 kilograms of carbon are produced, each NFT sale produces 51 kilograms of carbon, and each NFT transfer produces 30 kilograms of carbon. In addition, a secondary NFT sale will generate an additional 81 kg of carbon, requiring 1.35 trees to offset.
What is carbon credit NFT?
A carbon credit is a permit that allows a user to emit a certain amount of carbon dioxide, and one carbon credit is equal to one ton of carbon dioxide emissions. Carbon credits are generally divided into two categories: one is voluntary emission reduction (VER), which can be used for over-the-counter or voluntary market for credits trading; the other is certified emission reduction (CER), which is issued by regulatory agencies and can be put into the carbon financial market for trading by countries or enterprises that have not used up their credits.
By putting the carbon footprint on the chain, the technical features of blockchain, such as decentralization and traceability, support the credible record of the whole life cycle of carbon footprint and the credible flow of the whole element of carbon emission. Based on blockchain, users can complete various low-carbon behaviors in the platform and carry out carbon verification, carbon trading, carbon finance, etc.
In the markets of regenerative finance (ReFi) and decentralised finance (DeFi), NFTs as carbon credits are now a slowly emerging trend. The Polygon blockchain, which has already offset all of its carbon footprint, is where the majority of this activity is presently taking place. However, these digital assets utilise carbon credits differently than traditional businesses in the sector.
Carbon credit NFT is not a store of value or an actual content of digital art. It act as a database for data pertaining to a particular bag of carbon offsets. This information may include, but is not limited to, the total amount of offsets, the removal’s vintage year, the project name, the geographical location, or the certification method used.
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