- ConsenSys Launches Green NFTs to celebrate the Ethereum merge.
- The free NFT collection has been named “Regenesis”.
- Ethereum’s shift to PoS will make it an energy-efficient network.
Ethereum development firm, ConsenSys has released a sustainable NFT collection “Regenesis”. It is to celebrate the upcoming merge of the Ethereum mainnet with the Beacon chain. Green NFTs represent the energy efficiency of the Ethereum network.
With the final merge, the Ethereum network will shift from the Proof of Work (PoW) to the Proof of Stake (PoS) mechanism. The transition to the PoS consensus mechanism will make the Ethereum network energy-efficient.
In an announcement on September 1, 2022, the company said,
The merge is cause for celebration.
Commenting on the nature of NFTs, the company said,
“The collection, called Regenesis, comes in different editions including an open edition focused on the most important benefit of the Merge: sustainability. The art explores the scale and significance of the Merge, an ambitious re-architecture of the world’s largest open programmable blockchain,”
ConsenSys noted that after the merge, the Ethereum network will become 2000 times more energy efficient than before. Proof of Work consensus uses high energy which was the sole reason for Ethereum’s worldwide criticism. However, after the upgrade to the PoS mechanism, the miners will use staking to mine new blocks. It will reduce the network’s carbon footprint by 99.95%.
ConsenSys will start the NFT minting at 1:00 pm UTC on the date of the Ethereum Merge. The minting will continue for 72 hours.
As the Regenesis collection is free, users do not have to pay gas fees or transaction charges. They have the flexibility to mint as many NFTs as they wish free of cost.
Ethereum contributors who are also part of Protocol Guild will receive an exclusive airdrop of premium limited edition NFTs.
ConsenSys had previously tried to release Green NFTs in 2021 on the eve of co-launching the Palm ecosystem on Ethereum.