For the past several months, the news of NFTs has taken the world like a storm. In case you’ve been living under the proverbial rock (I live there too, from time to time) and don’t know what an NFT is, let me give you the short version. An NFT is Non-Fungible Token created using Blockchain technology. It allows the creator to turn any digital file, whether it be an artwork, a music composition, an in-game asset or even a legal document such as the deed to a house, to be stamped with a cryptographic, globally-unique digital signature so it can’t be duplicated or counterfeited. The token lives on the blockchain network and anyone, anywhere can verify that the token is an original creation, even when compared to a look-alike.
A very famous example of NFTs are those made
by the artist Beeple who sold his 12-year collection for over 70 million
dollars. This has opened up a door of opportunities for struggling artists who for
years have had to rely on galleries and middle-men to even eke out a profit (if
any) for their hard work. The process of minting NFTs is virtually free and
provides these content-creators world-wide access to buyers who would truly appreciate
their visions.
But NFTs have
a downside though. If you know a bit about mining cryptocurrencies like
Bitcoin, you also know that you need very powerful and specialized hardware to
compete in the creation of the blocks that comprise the blockchain. And these
machines consume a LOT of electricity. The world-wide proliferation of almost
4000 different cryptographic networks and projects, as revolutionary as they
may be, has had a significant negative impact on the planet. And NFTs projects are
now part of that ecosystem.
Well why not
find a way to circumvent this problem?
Well this was
one of the major driving forces behind the invention of the Stacks network.
Since a great amount of energy and time have already been expended mining
Bitcoin, there’s definitely no need to waste more! Even though Stacks and
Bitcoin are designed for different purposes, they are now interconnected and
mutually benefit each other. Miners commit their Bitcoin in support of the
creation and running of the Stacks network and get rewarded in Stacks. The much-more
efficient Stacks network leverages the power and security of the Bitcoin network
to open the door for a host of new applications and services. And one of them
is (you guessed it) NFTs!
Stacks has
enabled one of the first NFT marketplaces built on Bitcoin that is simultaneously
environmentally friendly. What an achievement.
‘This is
Number One’ is a platform built in collaboration with Risidio and Chemical X to
enable digital artists to create and share their artwork in an eco-friendly
way. But it goes beyond that.
‘This is
Number One’ is already working to support various charities with a minimum of
ten percent of the proceeds from the sales of artwork created on the platform. Some
of the charities include: Los Angeles Community Action, No Kid Hungry, Martlets
Hospice, The Cara Delevingne Foundation and Refuge. But artists definitely get
to support charities of their own choosing.
Even though Chemical
X prefers to remain anonymous, his artwork is anything but. His work has been
shown in London, Lisbon and Los Angeles and his pieces have regularly sold in
excess of 100K. Now he’s working with Risidio.com to invite, not just artists,
but people from varying backgrounds and interests to actively participate in, and
share this vision and new opportunity.
Not only is
this partnership with Stacks helping to usher in a carbon-neutral world,
‘This is
Number One’ is focused on establishing a foundation whose main purpose is supporting
long-term and environmentally conscious projects.
Do go over to
their page to catch a glimpse of this vision and even if you are not an artist
you can do your part by sharing this with as many people as you can.
Nice Blog.
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