The continuous change in the climate is the central issue we all face on the global stage. From the usage of single-use plastic to the energy consumption for the NFT minting is affecting the world.
Well, to be honest, Non-Fungible Tokens(NFT) is not affecting the climate and the environment, but the process of minting preserves a lot of energy. Mostly the NFT minting takes place with the help of proof of work.
The minting on the proof-of-work consumes a lot of energy and affects the environment directly. Any sort of minting through the proof-of-work concerns the climate. So what is the solution if not building traditional NFTs?
Well, the solution for the environment is Green NFT. Create a green NFT marketplace to create a better environment for future generations.
RisingMax cares for the environment and takes steps forward to make it a better place. We deliver a green NFT marketplace and try to contribute our best to the environment. Click on this to the detail of what else we provide with gree NFT.
Today's blog will discuss how green NFTs are more eco-friendly and why we should prefer them. The future of the green NFTs and the making of green NFTs.
How Is NFT Affecting The Environment?
The minting of the NFT needs a lot of energy, and this is what affects the climate of the world. Let's see how it is affecting:
Keep your refrigerator open for a month and inform us about your electricity bill.
No, no, don't worry, it was just a kind of a joke. But just think about how much energy it will consume in a month. The same level of energy a transaction consumes on the Ethereum blockchain. It is a matter of concern if a single transaction consumes this much energy.
Other activities on the Ethereum platform also consume a lot of energy like bidding, selling of NFT, the ownership transfer process of NFT, etc. But the minting of NFT consumes the most.
The consumption of the energy is much higher when the sale of 2 tokens by a single artist happens on the platform. The estimation of such an act is above 175 MWh of energy. It is equal to the greenhouse gas emissions of a single American household over a 21-year span.
One of the studies showed that a single transaction of NFT on the Proof Of Work Ethereum release around 124.8kg of CO2.
A single series of transactions of the NFT consumes energy worth 340Kilowatt-hours(kWh).
So much energy consumption in just one goes something scary that has pushed to find a better solution for NFT. Green NFT making is the only solution through which we can resolve the complication of power exhaustion.
Think About The Nature And Make NFT Marketplace Green
Okay, how can we eliminate the complication of saving energy and simultaneously move forward with future technology? NFT Minting Website Development Company can be a better deal for the business owner for saving energy consumption and, at the same time generating revenues from the NFT marketplace.
We promise to deliver high-performance blockchain app & software at affordable cost to achieve business goals faster.
How To Create Green NFT Marketplace?
The Green NFT marketplace's development provides a better environment with advanced technology. Here are some of the essential steps needed for creating a green NFT marketplace.
Get in touch with us for complete information and to create a green NFT marketplace.
We have a team of 150+ NFT marketplace developers and an excellent team who can help you to build an NFT marketplace.
For the development of the green NFT marketplace, select the blockchain platform on which you want to build. Each of the blockchains has its own advantages. But the major thing that the blockchain platform provides is the ultimate security to the running application and the data stored on the platform.
Set The Target Audience
If you don't know where you want to go for the ride, then every road will be challenging. The same with the business. If the business didn't know about its target audience, it would be really difficult to run the business. Learn about the target audience who is going to invest in such projects. There are plenty of people who are willing to invest in NFTs but to be honest, it is not everyone's cup of tea. Get the data, research, and generate surveys the know the best about the market.
Choose the tokens through which you want the NFTs to get exchanged in the marketplace. Green NFTs marketplace is making the environment safe for future generations. The tokens for the Green NFTs will also help to make an eco-friendly environment.
The token for the Green NFT marketplace is built with the quality standard by our developers and is somewhat like the minting, but as compared to the usual NFT tokens, the Green NFTs tokens minting requires less energy. The tokens developed by our developers are of high quality and work as a peer-to-peer connection where each transduction is completely safe and almost impossible to hack.
Develop Smart Contracts
The NFT marketplace works on diverse processes, the place in which its processes are built with smart contracts. All the works on the NFT marketplace process with the smart contracts, from the listing of the NFT to the exchange of the NFT.
The NFT marketplaces are completely decentralized, so smart contracts are developed to make the exchange and the auctions without faults to verify and other causes.
Our proficients developers the best smart contract developers with years of experience and creates after examining the major components and working procedures of the marketplace.
Smart contracts are automated programs that work with distinguished functions, and these smart contracts store all the metadata of every single NFT created.
Implications of Interface
Once the development of the UI is done, the building of tokens and launching of the smart contracts, the front end, and the back end development is to be linked to produce the marketplace as a fully developed one. Next, the developers work on implementing the user interface that makes the marketplace operable with the ownership of every command from the users.
The developers set up the graphical user interface of tabs, menus, and all the buttons required for the multiple operations on the backend, making the NFT marketplace a product. Our developers work with Node.js to implement user interfaces.
Well, the major concern for building the green NFT marketplace is to save energy consumption and build the eco-friendly NFT marketplace for the global users currently present and also for the future generation. Next, we will discuss how you can make money from the Green NFT marketplace and what is the scope of the green NFT marketplace.
How To Make Money From NFT Marketplace?
The major target apart from providing solutions to the users is to make money from the NFT marketplace. Below are some of the best money-making strategies on the green NFT marketplace:
Rent The NFT
NFTs are non-fungible tokens which means that the NFT, once created, cannot get copied by any source and cannot get sold if someone tries to make a fake sell of the NFT. But what if even you want to make money from the NFT but don't what to lose the ownership of the NFT? The option is the rent out the NFT for a particular time in the green marketplace. Renting the NFT for a particular time is a good option to make money with the help of money.
It is somewhat similar to giving your shop on the lease for a particular time so that you don't lose the ownership of the real property and also make good interest from it.
And when with every transaction, the transaction charges will be the option to generate revenue from the NFT marketplace.
The strategy of giving discounts on products is one of the oldest tricks, but one cannot deny that it is one of the most useful to attract users on any platform or marketplace.
Let's understand the strategy of the American multinational chain of coffeehouses "Starbuck." Starbucks announced that on October 6, 2018, in India, they provided every type of coffee at just ₹100. This was a huge decision by any the coffeehouse.
The result of such a huge offer turned out to be a big profit for Starbucks. The option to give a discount on the coffee made a huge sale and profit for Starbucks.
The strategy of discount always works. The business makes a good sale by putting some minor discount or any offer NFT can attract the investors to invest and make a profit.
More the customers more the investment in the platform, more exchange and investment, and the company will get more profit from it.
The previous two options were for both investors as well as the company, but the next one is completely for the company.
Allotment Of New NFT
The NFT is the place for the digital artists where they join to enlist their creation into a digital asset and generate revenue by selling on auctions or by direct selling. The NFTs are valuable.
There are multiple NFTs which has been sold for a million and billions. To take the art onto the NFT platform, the artist has to mint and create a new NFT of the art. The cost of issuing the new NFT on the platform is one of the major sources of income. The cost can be as minimum as $1 to even $1000 USD too.
The artist spends as amount as per the quality, the effort, and the level of rarity of the art. The demand and the goodwill of the NFT marketplace also impact digital art.
Apart from just creating, we also provide the Green NFT marketplace marketing service to our clients. We acquire a marketing team where each of the marketeers has 6-10 years of experience in making a marketing strategy. Click and fill out the form for getting the green NFT marketplace development and NFT platform marketing strategy and free consultation by our experts.
Commission On Resale
It is a widely known fact that an NFT original creator never loses its ownership. The real creator will always have ownership of the art that has turned into a digital asset.
When a person buys the NFT from the marketplace and tries to resell the product to any third party, the royalty of the art will be credited into the wallet of the real creator, and also the company will also get the commission on the resale of the art.
Benefits Of Green NFT Marketplace
The usual NFT minting utilizes a lot of energy, and by creating the green NFT marketplace, we can save a lot of energy waste.
With the continuous technological development, we also need to take care of the natural resources that nature provides us. Let the upcoming generation also enjoy technology with no worry of climate change.
When the green NFT mints, it consumes very less energy than the other marketplace minting process. A single process of minting on the other platform consumes almost 175 MWh. which is equivalent to keeping the refrigerator open for a month.
The green NFT marketplace development consumes very much lesser to generate and save energy and also helps to save the climate.
RisingMax Inc. cares for the future and focuses majorly on saving the climate as well as solving the loopholes of the technology. Hire us to create green NFT marketplace development. All you have to do is just fill up your requirements, and our team will get in touch with you within no time.
Think twice and choose what is best for the future and nature and by which you can take a small step towards saving the environment.