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The art industry now revolves around NFTs as the go-to marketplaces for selling various art mediums and collectibles on digital medium. However, there is a hidden aspect that seems to evade the limelight when talking about NFTs. Non-fungible tokens are registered on the blockchain and, like mining Bitcoin, registering NFTs also requires computation power, especially if they are written on a blockchain with a Proof of Work consensus algorithm.
These computations are energy-intensive processes and emit a significant carbon footprint which seems to go unnoticed or at least unmentioned by the majority of NFT marketplaces. However, Serenade, an Australian music tech startup, has shed light on this issue and has developed an NFT marketplace that solves these particular problems.
What is Serenade?
Serenade is a local music tech startup that has developed an eco-friendly NFT platform to simplify the crypto sector for musicians and fans. The platform serves music lovers by offering unique and exclusive digital collectibles powered by an eco-friendly approach.
Serenade offers the artists complete ownership of both their name and signature, and helps them build a sustainable revenue stream solely from their musical work. Artists can work with several labels and producers under Serenade’s umbrella and create new monetizing opportunities.
All musical work posted on Serenade includes copyright of the original musician, which cannot be edited or manipulated, ensuring full ownership of the music item remains with its creator. However, besides this fantastic opportunity, the most noteworthy feature of Serenade is its green approach to minting NFTs.
Serenade produces NFTs by using only 1/10 of the energy required to post a Tweet which roughly amounts to 1/44,000th of the carbon footprint of a normal NFT. Serenade achieves this feat using the Proof of Stake consensus algorithm instead of Proof of Work, usually used in Bitcoin and Ethereum mining.
Proof of Stake algorithm does not require mining hardware to register transactions on blockchain as it is validated by nodes by staking their tokens. This authentication method is much faster, cheaper, and greener than the traditional one, which contributed to the success of Serenade.
How does Serenade work?
Founded by Max Shand, Serenade helps musicians build closer relationships with their fans. Artists can mint their music-related digital collectibles, such as recorded tracks, limited edition artworks, live performances, rare or unreleased items, and documentary footage.
These digital collectibles are sold on the marketplace to fans. Apart from the direct sale, musicians also benefit from the resale of the NFTs. Serenade has already collaborated with various artists such as ArrDee, Kaiser Chiefs, Alexis Taylor of Hot Chip, The Game, Young MA, Ride, Scouting For Girls, Ladyhawke, State Champs, Super Furry Animals, Ash, S1mba, Muki, and more.
Serenade has taken a truly revolutionary approach to the neglected carbon footprint of minting NFTs and is proving to the industry that better and more efficient results can be achieved using a better approach. To learn more about Serenade and buy exclusive music collectibles, visit https://serenade.co/.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.