ConsenSys, an Ethereum development firm, will release a free collection of green NFTs called “Regenesis” in time for the upcoming Ethereum merge.
ConsenSys, a leading blockchain software technology company, has announced its plan to release green NFTs on Ethereum following the highly-anticipated Ethereum Merge. The green NFT collection will be called “Regenesis,” and its release commemorates the Ethereum community’s transition to the proof-of-stake (PoS) consensus mechanism.
The impending Ethereum merge is monumental because switching to a PoS consensus mechanism would reduce the Ethereum network’s energy consumption. In recent years, Ethereum-based NFTs have come under fire for being overly dependent on energy-intensive mining. ConsenSys’ green NFTs underscore Ethereum’s significant transition.
However, although the move to PoS will essentially eliminate NFT minting’s environmental impact, it remains to be seen whether the public will fully recognize it, given the disrepute of previous controversies surrounding the issue.
Significance of the Ethereum Merge
On Thursday, ConsenSys announced it would release the Regenesis NFT collection, a line of green NFTs to commemorate the Ethereum merge. According to ConsenSys, the green NFT collection “explores the scale and significance” of the Ethereum merge and is “focused on the most important benefit of the merge: sustainability.”
ConsenSys considers the imminent Ethereum merge a remarkable achievement in the Web3 space’s young history. The protocol likewise added that this accomplishment manifests colossal development in the decentralized software sphere.
Ethereum’s live and seamless network transition to PoS, according to ConsenSys, will reduce the blockchain network’s carbon footprint by 99.95%. The percentage is consistent with the estimates that Ethereum developers provided last year. With this transition, the Ethereum blockchain network will be roughly 2,000 times more energy efficient than it is today.
Moreover, ConsenSys says the development will boost security and create a foundation for activating an unprecedented future scale and opportunity. To mark the historic achievement, ConsenSys “is inviting the world to participate in one of the first sustainable NFT drops on Ethereum mainnet.” Thus, the release of the green NFTs.
ConsenSys’ Green NFTs
The green NFTs, collectively known as Regenesis, comprise many benefits, including scalability and sustainability, which are meant to complement the Ethereum merge’s considerable advantages. Per ConsenSys, the collection will look into the scale and significance of the merge to prepare Ethereum in “sustainably supporting the next generation of Web3 creators and developers.”
The collection of green NFTs will feature art created by Chris Skinner and animated by KeithCity Group. Invisible North, a blockchain marketing agency, contributed to the NFTs’ designs.
Minting will start at 1:00 PM UTC on the day of the Ethereum merge and will continue for 72 hours. The green NFTs’ minting is free, but users must pay for gas or transaction fees, which could vary dramatically depending on the activity on the Ethereum mainnet. Moreover, users can mint as many green NFTs as they like.
The minting process will be open and available to all community members, per ConsenSys. “This isn’t a moment reserved only for crypto insiders, and ConsenSys invites anyone curious about our ecosystem to try Web3-native tools like MetaMask to claim a piece of Ethereum history,” said ConsenSys.
Hence, even Ethereum contributors included in the Protocol Guild will likewise receive a collection of limited edition NFTs via airdrop. ConsenSys says the airdropped NFTs will serve “as a small token of [their] appreciation for the years of decentralized coordination and effort making the merge a reality.”
They added, “These limited edition NFTs were created specifically for this team and will include the team members’ names embedded in the metadata on some of the first blocks of the PoS Ethereum they helped create.”
Incidentally, ConsenSys encourages those who want to participate in the minting to download and install MetaMask wallets on their devices. “On the day of the Merge, a link to claim the NFT will be posted on the Merge hub, and this will lead you to the claim page where you will be asked to connect your MetaMask wallet,” the firm announced.
If users have ETH in their MetaMask wallets, they can use them to pay the gas fee necessary to mint the green NFTs.
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