{"id":1403,"date":"2022-07-18T00:14:38","date_gmt":"2022-07-18T00:14:38","guid":{"rendered":"https:\/\/nftmetta.com\/?p=1403"},"modified":"2022-07-21T06:48:56","modified_gmt":"2022-07-21T06:48:56","slug":"heres-how-algorands-formula-e-nfts-are-tackling-climate-change-head-on","status":"publish","type":"post","link":"https:\/\/nftmetta.com\/heres-how-algorands-formula-e-nfts-are-tackling-climate-change-head-on\/","title":{"rendered":"Here’s how Algorand\u2019s Formula E NFTs Are Tackling Climate Change Head-On"},"content":{"rendered":"\n

July 18, 2022<\/p>\n\n\n\n

By Anjali Kochhar<\/p>\n\n\n\n

Blockchain platform Algorand has partnered with Envision Racing for a series of NFTs (non-fungible tokens) to tie in with the ABB FIA Formula E electric race series.<\/p>\n\n\n\n

Each of the 1,000 limited editions NFTs is designed by 3D artist Adam Spizak and creative agency Funday and depicts a helmet representing one of the eight locations hosting an ABB FIA Formula E race.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

https:\/\/twitter.com\/AlgoFoundation\/status\/1541736298465173505?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1541736298465173505%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F104615%2Falgorands-formula-e-nfts-are-tackling-climate-change-head-on<\/a><\/p>\n\n\n\n

As per the company, the NFTs can be minted in the week leading up to each race; on the race day itself, City Edition helmet NFTs will be revealed, offering the chance to win unique special editions.<\/p>\n\n\n\n

One lucky holder will be able to reveal a Gold NFT that entitles them to claim a 1-of-1 physical racing helmet with art inspired by their City Edition helmet. Nine Silver NFTs can be revealed, with holders able to claim an Infinite Object digital frame featuring their NFT.<\/p>\n\n\n\n

Launched in 2014, the ABB FIA Formula E series is a motorsport championship for electric cars; in 2020, the series was awarded FIA world championship status, making it the first single-seater racing series outside of Formula One to achieve world championship status.<\/p>\n\n\n\n

The Formula E series is pioneering the shift towards electrification, both in the motor racing world and the broader world of transport.<\/p>\n\n\n\n

Similarly, Algorand is also tackling blockchain and cryptocurrency\u2019s energy consumption problem. Where leading cryptocurrencies Bitcoin and Ethereum use the notoriously energy-hungry proof of work consensus mechanism, Algorand uses a novel Pure Proof of Stake (PPoS) model that, it claims, makes it the \u201cgreenest blockchain.\u201d<\/p>\n\n\n\n

Algorand claims that a final transaction on its PPoS blockchain generates around 0.0000004 kg of CO2 versus 338 tons of CO2 for a Bitcoin transaction. The Bitcoin blockchain also consumes an estimated 87 terawatt-hours of energy annually, according to the Cambridge Bitcoin Electricity Consumption Index\u2014more than many small countries.<\/p>\n\n\n\n

Speaking to Bloomberg<\/u><\/em><\/a> earlier this year, Algorand Foundation CEO Staci Warden said that proof of work blockchains\u2019 energy consumption makes them a no-go for U.S. businesses.<\/p>\n\n\n\n

\u201cFor businesses that know that they need to be green and have ESG goals that they have to meet, they are not going to tolerate putting large-scale businesses on a blockchain that uses a lot of energy consumption,\u201d Warden said.<\/p>\n\n\n\n

 About the author<\/strong><\/p>\n\n\n\n

Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.<\/p>\n","protected":false},"excerpt":{"rendered":"

July 18, 2022 By Anjali Kochhar Blockchain platform Algorand has partnered with Envision Racing for a series of NFTs (non-fungible tokens) to tie in with the ABB FIA Formula E […]<\/p>\n","protected":false},"author":2,"featured_media":1404,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/1403"}],"collection":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/comments?post=1403"}],"version-history":[{"count":6,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/1403\/revisions"}],"predecessor-version":[{"id":1440,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/1403\/revisions\/1440"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media\/1404"}],"wp:attachment":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media?parent=1403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/categories?post=1403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/tags?post=1403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}