Read below how NFTs can be environmentally friendly and support animal welfare.
Imagine that. A zoo issues NFTs. Anyone who thinks a zoo is a bit old-fashioned is wrong. Australia Zoo surprised the world by teaming up with Meadow Labs and Algorand to create an NFT Collection. Very modern, an early bird so to speak.
Well, what are NFTs actually? It is short for “Non Fungible Token” and means that in this case, these are digital images that can be bought and traded and are guaranteed to be unique using Algorand blockchain technology. Non-fungible tokens (NFTs) are unique, non-interchangeable units of data. They contain a piece of identifying information that makes them distinguishable from all other tokens. Because no two tokens are the same, they cannot be traded or exchanged at an equivalent rate or broken down into smaller units like currency
The Australia Zoo team came up with this as the 20th-anniversary special idea and I would say they really nailed it.
Proceeds from this NFT series, entitled “Australian Wildlife”, will go 100% to the zoo and animal welfare organization Wildlife Warriers.
Now some people are probably wondering whether this is also environmentally friendly, as one often hears and reads that Bitcoin and blockchain would consume a lot of energy. This particular aspect is being specifically addressed by the Algorand team. According to Algorand, this technology is the world’s first carbon-negative blockchain with 0.01 gas and transaction fees. These transaction fees are then converted into carbon offsets.
“This green chain and new technology allows us a new
Wildlife Warrior Robert Irwin
avenue to continue to fight for the protection of our wildlife and wild places..”
To achieve this they partnered with Meadow Labs, an Australian-based technology startup that is focused on creating the world’s most meaningful digital collecting experiences by activating ubiquitous brands within the NFT arena, the rare NFT project will comprise of a series of drops, each focusing on a different Australia Zoo Wildlife Warriors animal. The NFTs will be randomly generated, nondeterministic, utility-driven and 100 per cent unique to the buyer (no duplicates).
Available globally, the NFTs can be purchased with fiat (know as the old-fashioned usual money/currency) on-ramping via MoonPay. This will allow customers to buy cryptocurrencies directly from a webstore, simplifying the process and allowing NFTs to be accessible to everyone.
“NFT for good” is an exciting example of what innovative brands can achieve when they open themselves up to the endless possibilities that web3 has to offer
Co-founder and CEO of Meadow Labs, Martin Kelly
(Copyright of all photos is with Australia Zoo and Wildlife Warriors)
The Algorand blockchain — designed by MIT professor and Turing Award-winning cryptographer Silvio Micali — is uniquely capable of delivering on the promise of a borderless global economy. It achieves transaction throughputs at the speed of traditional finance, but with immediate finality, near-zero transaction costs, and on a 24/7 basis. Its carbon-negative platform and unique pure proof-of-stake consensus mechanism solves for the “blockchain trilemma” by achieving both security and scalability on a decentralized protocol, and without a second of downtime since it went live in 2019. The Algorand Foundation is dedicated to helping fulfill the global promise of the Algorand blockchain by taking responsibility for its sound monetary supply economics, decentralized governance, and healthy and prosperous open source ecosystem. For more information, visit https://algorand.foundation
Disclaimer: All articles are for educational purposes only and not financial advice. Consult a professional investment advisor before making any investment decisions!
