How are Companies Avoiding the Environmental Impact of the Cryptocurrency Ecosystem?

The metaverse is the next major technological framework, luring online game developers, social networks, and other technology professionals to an approximately $800 billion market potential. It is creating a merger between the physical and digital domains in the next development of the internet and social networks utilising real-time 3D elements.

In fact, metaverse technologies are already being used in a variety of ways, including technical skill training, communication skill development, and cooperation. In fact, during the epidemic, Accenture workers gathered and were onboarded in their virtual workplace. And, PwC employees who communicate with advisers in Hong Kong have also engaged in Sandbox, a virtual realm where PwC acquired virtual real estate.

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Despite this growing interest in the metaverse, there has been consistent criticism of the environmental effect of data centres, energy use, and other aspects of the technologies behind metaverse. Building an infrastructure for metaverse involving the integration of blockchain, AI, etc involves the use of an enormous amount of computation and electric energy and this has caused worry within certain communities.

The Problem with Energy Intensive Tech Powering the Metaverse

The Metaverse’s reliance on virtual reality (VR) technology and data centres will have a negative influence on the environment. While data centres use artificial intelligence to monitor eye and hand movements, virtual reality is dependent on cloud services. And, operating such plants requires a massive quantity of energy, which has a major environmental cost.

In fact, a report by the UK-based digital transformation consultant ECS, states that training a single AI model may emit over 626,000 pounds of carbon dioxide, which is more than five times the lifetime output of an average automobile. Even according to Lancaster University experts, a scenario in which 30% of gamers have moved to cloud gaming platforms by 2030 will result in a 30% increase in carbon emissions above present gaming.

Along with the impact of AI, there is also an environmental concern with blockchain solutions such as NFTs, which are expected to fuel the metaverse. NFTs consume a significant amount of energy. Since most creators continue to utilise Ethereum, a proof-of-work consensus mechanism, it includes mining, which is an energy-intensive computer activity. As a fact, Ethereum consumes around 31 terawatt-hours (TWh) of power every year, roughly the same as the whole country of Nigeria.

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Although the metaverse appears to be a fancy and magnificent technology, the science behind it has prompted several concerns about its high energy consumption. However, things are slowly changing as new projects enter the fray with innovative eco-friendly metaverse solutions.

Potential Solutions on the Rise

Developers and crypto enthusiasts are now working to ensure the blockchain and crypto ecosystem’s long-term viability. Many NFT and P2E projects are implementing an environment-friendly layer into their ecosystem to tackle the energy problem. One such project implementing such less energy-intensive strategies is Planet Mojo.

Planet Mojo is a player vs. player (PvP) cross-platform auto chess game reinvented for blockchain, allowing players to own their game characters (as NFTs) and play-to-earn in ongoing tournaments. Players will have the option to use their customised game characters and assets across an upcoming suite of games set inside the Planet Mojo universe.

Interestingly, it is one of the few projects that is aiming to keep the core principles of green crypto alive by choosing to build on Polygon due to its low gas fess. Moreover, its plans to partner with carbon-neutral environmental groups to give back and help the planet on a regular basis has caught the attention of many. While continually building a robust P2E game, the game is also keeping the green NFTs approach alive.

Building a Green Crypto Ecosystem

Although metaverse is still in its early phase, it has significantly contributed to high emissions. With truly robust VR environments, it would be possible for emissions to go above the roof. However, a combination of hardware, software, and protocol upgrades may be able to mitigate the worst consequences of the metaverse. Moreover, with projects like Planet Mojo building environment-friendly projects from the base, things may turn out to change positively.

However, it is too early to state the environmental consequences of a metaverse. More research and analysis must be done in order to come to conclusions. At the same time, innovations in the blockchain space on the green ecosystem cannot be ignored. We are at the start of a revolution, let’s wait and watch how things unfold.

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