NFTs are the most prominent marketplaces for digital media and art collectibles. There is an aspect to NFTs that has been largely overlooked. Registering non-fungible tokens on the blockchain requires computation power. This is especially true if they are written using a Proof of Work consensus algorithm.
These computations require a lot of energy and leave a large carbon footprint. This seems to be overlooked or not mentioned by most NFT marketplaces. Serenade, an Australian music startup, has made this a reality and created an NFT marketplace to address these issues.
What is Serenade?
Serenade, a local music startup, has created an eco-friendly NFT platform that simplifies the crypto sector for both musicians and fans. This platform offers music lovers unique digital collectibles powered with an eco-friendly approach.
Serenade gives artists full ownership of their signature and name, and helps them to build a sustainable income stream from only their music. Serenade allows artists to work with multiple labels and producers and create new monetizing opportunities.
Serenades music items include the copyright of the original musician. This means that the creator of the work cannot edit or manipulate it. The best thing about Serenade, aside from this amazing opportunity, is its green approach for minting NFTs.
Serenade can produce NFTs using just 1/10th the energy needed to tweet a message. This is roughly 1/44,000th the carbon footprint of a regular NFT. This feat is possible using the Proof of Stake consensus algorithm, which is used in Bitcoin mining and Ethereum mining.
The Proof of Stake algorithm doesnt require any mining hardware to register transactions onto blockchain. Instead, it is validated and verified by nodes through the staking of their tokens. This authentication method is faster, more efficient, and cheaper than the traditional one. It was a key factor in the success of Serenade.
What is the working principle of Serenade?
Serenade, founded by Max Shand helps musicians to build close relationships with their fans. Artists can create digital collectibles related to music, including recordings, limited edition artworks and documentary footage.
These digital collectibles can be sold to fans on the marketplace. The resale and direct sale of NFTs also benefits musicians. Serenade has collaborated with many artists, including ArrDee and Kaiser Chiefs, Alexis Taylor from Hot Chip, The Game Young MA, Ride, Scouting For Girls. Ladyhawke, State Champs. Super Furry Animals. Ash, S1mba, Muki.
Serenade is taking a revolutionary approach to the carbon footprint of minting NFTs. This approach proves to the industry that better results can be achieved with a better approach. To learn more about Serenade and buy exclusive music collectibles, visit https://serenade.co/.
Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.