{"id":2764,"date":"2024-08-09T10:09:40","date_gmt":"2024-08-09T10:09:40","guid":{"rendered":"https:\/\/blockwind.news\/china\/2024\/08\/09\/heres-how-algorands-formula-e-nfts-are-tackling-climate-change-head-on\/"},"modified":"2026-01-07T17:22:42","modified_gmt":"2026-01-07T17:22:42","slug":"heres-how-algorands-formula-e-nfts-are-tackling-climate-change-head-on","status":"publish","type":"post","link":"https:\/\/blockwind.news\/china\/2024\/08\/09\/heres-how-algorands-formula-e-nfts-are-tackling-climate-change-head-on\/","title":{"rendered":"Here&#8217;s how Algorand\u2019s Formula E NFTs Are Tackling Climate Change Head-On"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">July 18, 2022<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By Anjali Kochhar<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Blockchain platform Algorand has partnered with Envision Racing for a series of NFTs (non-fungible tokens) to tie in with the ABB FIA Formula E electric race series.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Each of the 1,000 limited editions NFTs is designed by 3D artist Adam Spizak and creative agency Funday and depicts a helmet representing one of the eight locations hosting an ABB FIA Formula E race.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/blockwind.news\/china\/wp-content\/uploads\/2022\/07\/FWVYjK8XgAAR1lK-1024x683.jpg\" alt=\"\" class=\"wp-image-1439\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/twitter.com\/AlgoFoundation\/status\/1541736298465173505?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1541736298465173505%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fdecrypt.co%2F104615%2Falgorands-formula-e-nfts-are-tackling-climate-change-head-on\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/twitter.com\/AlgoFoundation\/status\/1541736298465173505?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1541736298465173505%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fdecrypt.co%2F104615%2Falgorands-formula-e-nfts-are-tackling-climate-change-head-on<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As per the company, the NFTs can be minted in the week leading up to each race; on the race day itself, City Edition helmet NFTs will be revealed, offering the chance to win unique special editions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One lucky holder will be able to reveal a Gold NFT that entitles them to claim a 1-of-1 physical racing helmet with art inspired by their City Edition helmet. Nine Silver NFTs can be revealed, with holders able to claim an Infinite Object digital frame featuring their NFT.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Launched in 2014, the ABB FIA Formula E series is a motorsport championship for electric cars; in 2020, the series was awarded FIA world championship status, making it the first single-seater racing series outside of Formula One to achieve world championship status.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Formula E series is pioneering the shift towards electrification, both in the motor racing world and the broader world of transport.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Similarly, Algorand is also tackling blockchain and cryptocurrency\u2019s energy consumption problem. Where leading cryptocurrencies Bitcoin and Ethereum use the notoriously energy-hungry proof of work consensus mechanism, Algorand uses a novel Pure Proof of Stake (PPoS) model that, it claims, makes it the \u201cgreenest blockchain.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Algorand claims that a final transaction on its PPoS blockchain generates around 0.0000004 kg of CO2 versus 338 tons of CO2 for a Bitcoin transaction. The Bitcoin blockchain also consumes an estimated 87 terawatt-hours of energy annually, according to the Cambridge Bitcoin Electricity Consumption Index\u2014more than many small countries.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Speaking to <a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2022-04-22\/algorand-foundation-ceo-on-carbon-neutral-blockchains-video\"><em><u>Bloomberg<\/u><\/em><\/a>&nbsp;earlier this year, Algorand Foundation CEO Staci Warden said that proof of work blockchains\u2019 energy consumption makes them a no-go for U.S. businesses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cFor businesses that know that they need to be green and have ESG goals that they have to meet, they are not going to tolerate putting large-scale businesses on a blockchain that uses a lot of energy consumption,\u201d Warden said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<strong>About the author<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>July 18, 2022 By Anjali Kochhar Blockchain platform Algorand has partnered with Envision Racing for a series of NFTs (non-fungible tokens) to tie in with the ABB FIA Formula E electric race series. Each of the 1,000 limited editions NFTs is designed by 3D artist Adam Spizak and creative agency Funday and depicts a helmet [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[107,129],"tags":[],"class_list":["post-2764","post","type-post","status-publish","format-standard","category-all","category-ethereum"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Here&#039;s how Algorand\u2019s Formula E NFTs Are Tackling Climate Change Head-On - Blockwind News<\/title>\n<meta name=\"description\" content=\"Here&#039;s how Algorand\u2019s Formula E NFTs Are Tackling Climate Change Head-On . 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