Music Tech Firm Launches Eco-Friendly Platform Designed to Simplify the NFT Experience for Music Themed Collectibles
Some of the controversy over NFTs comes from the energy sucking “Proof of Work” formula required to get on the blockchain. A music tech company, Serenade, is changing the game by utilizing a “Proof of Stake” method. This lowers the Gas fees incurred in the minting process.
Serenade is breaking new ground with the launch of an artist/fan-centric music platform, which aims to break down the barriers to entry surrounding Non-Fungible Tokens (NFTs) and make them easily accessible and affordable for artists and their fans.
Launched by Australian tech entrepreneur Max Shand, the eco-friendly music-based platform produces 1/44,000th of the carbon emitted by a standard NFT (or 1/10th of the energy usage of a Tweet) through an energy-efficient NFT authentication method called ‘Proof of Stake,’ a counterpoint to the standard Ethereum ‘Proof of Work’ method.
Purchases are made using a Debit/Credit card via Serenade’s check-out facility, designed to function as a standard eCommerce site, with the platform handling the creation of a digital wallet and transfer of traditional payments into cryptocurrency.
Serenade launched in August 2021 with music-related digital collectibles that included unreleased tracks, limited edition artwork, and VIP ticketing and experiences.
“We made sure to work with a company caring about the environment. Our NFTs are 1/10 of the carbon footprint of a tweet.” Josh Lloyd-Watson and Tom McFarland, founders of the band, Jungle.
Serenade’s Environmental Credentials Explained.
Serenade NFT emits just 1/10th of the carbon of a tweet, which comes to 1/44,000th of the footprint of a normal NFT. They do this through an energy-efficient NFT authentication method called ‘Proof of Stake,’ a counterpoint to the standard Ethereum ‘Proof of Work’ method. This marked improvement is a result of the Serenade platform being built on top of a layer 2 blockchain called Matic. Matic has a trusted relationship with Ethereum, which means it doesn’t have to go through the exhaustive process of proving every single NFT transaction to the blockchain, but rather achieves this via collective proofs. Not only does this lead to far better ecological outcomes, but it lowers the cost of creating NFTs so artists can be free to produce more work for their fanbases without bearing any gas fees.