Terra Virtuam a Non-Fungible Token (NFT) ecosystem has announced its move from the Ethereum blockchain to Polygon Network in a bid to stem the energy requirements in minting digital collectibles on the platform. As revealed by the platform, the move will cut the energy requirement to mint a single NFT by about 99%, a move that will guarantee more energy compliance engagements for its growing ecosystem.
The energy usage of most blockchain protocols have been cited as a source of concern in the past months as government regulations focuses on the impacts blockchain networks plays in environmental degradation. For most Proof-of-Work (PoW) protocols of which Ethereum is the second largest, a high amount of energy is expended in mining the coins, and this high energy demand translates to all activities being carried out on the network.
“By harnessing the power of this new blockchain, we can ensure that our NFTs are limiting their impact,” said Terra Virtua co-founder and CTO Jawad Ashraf. The upgrade is currently happening now and all the digital collectibles previously unsold on Ethereum will be reminted and moved to Polygon.
Blockchain Should not Degrade the Environment
The entire innovation behind the blockchain technology is such that is begging for massive participation from the members of the public. While at the earliest stages of adoption, the innovation is billed to be embraced as platforms like Terra Virtua rae building gaming and collectibles experiences that are user friendly.
The move to the Polygon Network by the protocol is billed to reduce how much impact is felt by the environment.
“Our mission is to revolutionise how audiences engage with NFTs and make them accessible to everyone, but we believe that the environment shouldn’t have to pay the price for this new game-changing technology,” Ashraf added. “By harnessing the power of this new blockchain, we can ensure that our NFTs are limiting their impact.”
Users have been given a grace period until the 22nd of August to purchase all NFTs built on Ethereum, after which it will no longer be available. Based on the upgrade, the Terra Virtua network announced its platform will be done for a short while.
We are currently performing a site-wide upgrade – the marketplace will be unavailable for approximately 3 hours.
— Terra Virtua HQ | Collecting. Reinvented. (@TerraVirtuaHQ) August 16, 2021
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