MIAMI, June 08, 2021 (GLOBE NEWSWIRE) — via InvestorWire – While other blockchains have rapidly become public enemy number one when it comes to the environment, WAX (Worldwide Asset eXchange), the world’s leading blockchain for NFTs, has been quietly making a massive impact on energy efficiency, sustainability, and CO2 reductions. This news sparks excitement for a technology in sore need of environmental allies.
According to ClimateCare.org, WAX has already offset 211 tonnes of CO2 (and counting) as of May 21, and energy consumption on the blockchain remains extraordinarily low at 0.000223 terawatts per year — officially making it the only carbon neutral NFT blockchain on the market.
When put into perspective, this amount of electricity has a carbon footprint of about 111 tonnes per year (1 kilowatt = 0.92 pounds of CO2 footprint). Also, the average person in the US has a carbon footprint of 20 tonnes per year, so the entire WAX blockchain has the same carbon footprint as a mere 5.5 individual Americans per year.
“It’s clear that not all blockchains are built the same,” said William Quigley, Co-Founder of WAX. “WAX was designed from the beginning to be exceptionally energy efficient. We use a tiny fraction of the energy that our competitors need to run much fewer transactions on a daily, monthly, and yearly basis.”
In fact, WAX is 125,000X more energy-efficient than its nearest competitor, while handling more than 11 million transactions per day. The secret to the blockchain’s success is its “Proof of Stake” system, which eliminates the need for an energy-sucking battle between supercomputers to complete a single transaction.
According to WAX’s most recent calculations, if all the vIRL® NFTs minted and traded to date on WAX were created on competing chains, an additional 4 million tonnes of carbon dioxide would have already been released into the Earth’s atmosphere.
Beyond maintaining a carbon neutral blockchain, WAX is working tirelessly to reverse the damage other chains are wreaking on the environment. Soon, customers will be given the power to purchase WAX Carbon Impact vIRL® NFTs — where for every $1 composted, a tree sapling will be planted by the National Forest Foundation. Each tree planted eliminates one tonne of CO2 over its lifetime.
“We’re serious about our role as stewards of the planet and are committed to making sure that WAX plays a significant and lasting role in ensuring the blockchain, NFTs, and the planet are here for many more years to come,” said Quigley.
This drives home WAX’s mission to bring NFTs to the masses in the most safe, secure, and environmentally friendly way possible. Learn more about WAX’s green blockchain and carbon initiatives at https://on.wax.io/co2/.
About WAX – The King of NFTs
The Worldwide Asset eXchange™ (WAX) is the world’s #1 blockchain as measured by both the number of users and by the number of transactions, according to Dappradar.com. WAX is also the leading entertainment NFT network. In 2018, the company introduced vIRLs®, giving consumer product companies the ability to directly link NFTs to physical consumer products. Co-founded in 2017 by William E. Quigley and Jonathan Yantis, WAX delivers the safest and most convenient way to create, buy, sell and trade virtual items and physical products (NFTs and vIRLs®) to anyone, anywhere in the world. WAX has facilitated the trade of more than 100 million digital collectables including Major League Baseball (via Topps MLB collectables), Capcom’s “Street Fighter,” and world-renowned entertainers Deadmau5 and Weezer. For more information, please visit https://wax.io and follow along on Twitter and Discord.
WAX vIRL® NFTs are different from the standard NFTs you’ll find on other blockchains. Every vIRL® NFT is minted on the energy efficient and carbon neutral WAX Blockchain that puts the environment first. They feature a host of additional functionality including app/video game integrations, marketing tools and V-commerce capabilities — linking a vIRL® NFT to a real-world item so you can transfer ownership without needing to physically ship anything.