How do companies avoid the environmental impact of the cryptocurrency ecosystem?

The metaverse is the next great technological framework, luring online game developers, social networks and other technology professionals to a roughly $800 billion market potential. It creates a fusion between the physical and digital domain in the next development of the Internet and social networks using real-time 3D elements.

In fact, metaverse technologies are already being used in a variety of ways, including technical skills training, communication skills development, and collaboration. During the epidemic, Accenture employees gathered and were onboarded to their virtual workplace. And PwC employees communicating with advisors in Hong Kong have also engaged in Sandbox, a virtual domain where PwC acquired virtual real estate.

Despite this growing interest in the metaverse, there has been consistent criticism of the environmental impact of data centers, energy consumption, and other aspects of the technologies behind metaverse. Building an infrastructure for metaverse with the integration of blockchain, AI, etc. requires the use of a huge amount of computing power and electrical energy and this has raised concerns within certain communities.

The problem with energy-intensive technology driving the metaverse

Metaverse’s reliance on virtual reality (VR) technology and data centers will negatively impact the environment. While data centers use artificial intelligence to monitor eye and hand movements, virtual reality relies on cloud services. And the operation of such installations requires an enormous amount of energy, which entails large environmental costs.

In fact, a report from UK-based digital transformation consultant ECS states that training a single AI model can take more than £626,000 carbon dioxide, which is more than five times the life of an average car. even according to University of Lancaster experts, a scenario where 30% of gamers have switched to cloud gaming platforms by 2030 will result in a 30% increase in CO2 emissions over current gaming.

In addition to 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 use Ethereum, a consensus mechanism for proof-of-work, it also includes mining, which is an energy-intensive computing activity. In fact, Ethereum consumes around 31 terawatt hours (TWh) of power every year, about the same as the whole country of Nigeria.

Although the metaverse seems to be a beautiful and magnificent technology, the science behind it has given rise to several concerns about its high energy consumption. However, things are slowly changing as new projects compete with innovative eco-friendly metaverse solutions.

Potential solutions emerging

Developers and crypto enthusiasts are now working on the long-term viability of the blockchain and crypto ecosystem. Many NFT and P2E projects are implementing an eco-friendly layer in their ecosystem to address the energy problem. An example of such a project that adopts such less energy-intensive strategies is: Planet Mojo

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

Interestingly, it is one of the few projects that aims to keep the core tenets of green crypto alive by choosing to build on Polygon because of its low gasfess. In addition, his plans to partner with climate neutral environmental groups to regularly give back and help the planet have caught the attention of many. While continuously building a robust P2E game, the game also keeps the green NFT approach alive.

Building a green crypto ecosystem

Although metaverse is still in its early stages, it has contributed significantly to high emissions. With really robust VR environments, it would be possible for emissions to go above the roof. However, a combination of hardware, software, and protocol upgrades can mitigate the worst effects of the metaverse. In addition, with projects like Planet Mojo building environmentally friendly projects from the ground up can have a positive effect.

However, it is still too early to indicate the environmental consequences of a metaverse. More research and analysis needs to be done to reach conclusions. At the same time, innovations in the blockchain space on the green ecosystem cannot be ignored. We are at the dawn of a revolution, let’s wait and see how things unfold.

Leave a Comment