Last week Stratis teamed up with Paolo Taticchi, a professor at the UCL School of Management and an expert in corporate sustainably, to launch the “NFT sustainability manifesto” to raise awareness about the opportunities and environmental considerations for companies using NFTs.
Joining the project was NFT designer Michele Fabbro and Italian artist Massimiliano Donnari (aka “MAMMO”) to build the “royal influencer”, Queen Elizabeth II NFT, who is wearing a top featuring the earth with the tagline: “NFT— use and consume responsibly.”
We are thrilled to be offered the opportunity to promote the message of responsibly using the technology underpinning NFTs. Accessible on through a non-for-sale NFT, hosted on the Stratisphere platform, the manifesto lays out some of the best practices for companies thinking of using this technology.
Traditional consensus mechanisms such as Proof of Work (PoW) consume substantial quantities of energy and generate carbon emissions. That’s why UCL choose to mint the NFT on the energy-efficient Stratisphere platform, powered by the Stratis blockchain, which is based on Proof-of-Authority (PoA). This design balances decentralization with energy efficiency, helping to reduce energy usage associated with NFTs on Stratis.
PoA requires fewer nodes to operate than traditional PoW blockchains and uses much less power. By leveraging our implementation of Proof-of-Authority on Stratis, a globally distributed group of nodes validate transactions without the need for energy-intensive ‘mining’ common to Bitcoin and Ethereum.
We support UCL’s efforts to raise awareness of the sustainability issue related to NFTs and blockchain technology and wish them the best of luck with this project.