From the Bored Apes to the CryptoPunks and Lil Moon Rockets, people today are swooning over ‘JPEGs’ on blockchain called NFTs or non-fungible tokens.
There are some people who believe that if Bitcoin is digital gold, NFTs are digital diamonds. They provide a myriad of opportunities for artists, musicians, and celebrities to claim ownership of their work and make huge profits.
They provide a way for fans to own an exclusive piece of their favorite creator’s work and an opportunity for industries like gaming and digital fashion to be catapulted to new heights.
In this essence, an NFT project that could reduce the environmental load and bring in actual scalability would be a complete win-win for the industry. This is exactly what Serenade is doing for the NFT marketplace.
Higher Scalability, Lower Carbon Footprint
Serenade is a cutting-edge music tech startup that started in 2020 as a personalized performance video service for Australian musicians. This year, however, the firm shifted its focus towards creating a global platform for artists to create and sell NFts to their fans.
The driving force behind the tech startup’s transition into an NFT marketplace is its intention to build an easily accessible platform that brings together creators and artists and connects them like never before. The platform allows artists to create exclusive digital collectibles that their fans can own and trade in the form of NFTs. While doing this, Serenade also aims to reduce the environmental impact that NFT mining or minting creates.
In general, the process of minting an NFT creates a significant carbon footprint due to the underlying blockchain on which they are registered. On Serenade, however, the registration of these NFTs amounts to just 1/44,000th of the carbon footprint of a regular NFT.
This is achieved by swapping the proof-of-work (PoW) consensus algorithm used on Ethereum with proof-of-stake (PoS), which is cheaper, faster, and has a negligible impact on the environment.
The PoS consensus also makes Serenade a highly scalable platform with throughput reaching almost 7000 TPS. This means that the entire ordeal of creating, selling, and trading NFTs happens at lightning speeds with minimal transaction costs.
Serenade also allows musicians to collaborate with leading labels and top producers to create their own music albums and videos that they have exclusive ownership rights for. They can then mint parts of these music albums and videos as NFTs that can be sold and traded by their fans.
Musicians can also mint NFTs of their documentaries, behind-the-scenes footage, exclusive artwork, and live performances. They do not just benefit from the sale but also from the resale of these NFTs, which helps them build a reliable, sustainable stream of income.
In a very short time, Serenade has managed to partner with top artists like Kaiser Chiefs, Alexis Taylor of Hot Chip, The Game, Young MA, Ride, Scouting For Girls, and Ash, S1mba, with many more names to be announced soon.
Sustainability For The Win
NFTs have transformed the face of the art, media, and entertainment space allowing artists to finally get what they are worth. It is safe to say that in a few years from now, these industries might be centered around NFTs.
In a crucial time like this, an NFT marketplace that focuses on sustainability and significantly reduces the carbon footprint is a boon we didn’t know we needed. On that note, Serenade, with its innovative initiatives, could change the industry’s perception of NFTs and take them to newer heights.
Disclaimer: This is a paid post and should not be treated as news/advice.