In 2022 Eco-Sustainability should be a top priority matter for every new business that in his operational phases could have a negative environmental impact.
It’s well known nowadays that Blockchains with Proof of Work (PoW) consensus mechanism are not carbon efficient and have a huge impact in terms of environmental pollution.
Polygon blockchain (PoS) has been from the beginning an Eco-Friendly solution for fast transactions and low electricity consumption.
The biggest PoW blockchains can consume a yearly quota of anywhere between 35–140 TWh of electricity, with a continuous draw of anywhere between 3–15 GW of electricity. Just the two biggest PoW blockchains would be ranked 27th in yearly energy consumption if it were a country — above the likes of Sweden, Vietnam and Argentina.
It is clear that PoW eats away a huge chunk of the global sustainable energy budget every year.
By contrast, Polygon’s validators approximately consume 0.00079TWh of electricity yearly with an approximate continuous draw of 0.00009GW, orders of magnitude below the energy consumption by the major PoW blockchain networks.
Polyflip choice to use Polygon to host both its NFT collection and Gaming platform has the main goal in being a carbon-neutral and eco-friendly Decentralized Application, with almost 0 environmental impact.
What follows are the shocking data about a single NFT minted and sold on Ethereum blockchain:
- A typical transaction on the Ethereum platform, such as minting an NFT, has the same energy consumption as operating a refrigerator for a month
- But aside from the minting of an NFT, there are also other related activities such as bidding, selling, and transferring ownership of these digital tokens
- When taken together, a series of transactions emanating from a single NFT can consume a whopping 340 kilowatt-hours (kWh) of energy
- Some NFT transactions are even more energy-intensive, such as the sale of two digital tokens by one artist which was estimated to have used over 175 megawatt-hours (MWh) of power – the greenhouse gas emissions equivalent of one U.S. household measured over a period of 21 years.
What reported above of course applies not only for NFTs that are sold on OpenSea for $500.000, but also for NFTs that have not a commercial value but are equally minted, listed, put on auction and sold for few dollars.
We hope to see a big change in eco efficiency as soon as Ethereum 2.0 will be full operative with the sharding process.
Meanwhile, Polyflip team main priority will be operating in Eco-Friendly conditions and our products ecosystem won’t produce environmental pollution.