NFT gaming platform Vulcan Forged has announced that Elysium blockchain, also known as “the blockchain for Metaverses”, will become the world’s first carbon-neutral blockchain in collaboration with Coorest, a Netherlands-based decentralized carbon credit exchange.
Elysium has joined hands with Coorest and a huge TBA rainforest project to address the global social issue of carbon emissions. With the help of Coorest, the leading gaming blockchain aims to put the problem of carbon emissions into the past. IT has taken the complaints related to massive resource consumption by blockchains and NFTs seriously, and the goal is to create new forests to neutralize carbon emissions.
Elysium will offset the CO2 emitted by the Elysium blockchain using tokenized trees. This will lead to the creation of new forests. The gas fee from transactions on the blockchain will be used to plant trees, and nearly 70,000 acres of land will be covered under this initiative. Elysium will ensure that NFT minting, transactions, staking solutions and other operations on its chain are carbon-neutral.
Tokenized trees will help Elysium become a fully carbon-neutral blockchain, and the NFTs attached to these trees will be minted and stored on the Elysium blockchain itself.
Elysium blockchain has been designed for crypto gaming projects that mostly use NFTs. It is the transfer of NFTs from one wallet to another that uses energy, and Elysium uses proof-of-stake to validate these transactions. The servers used by Elysium to validate transactions emit CO2. A small fee will be levied for every transaction on the chain, and Elysium will use the transaction fee to plant trees. This essentially means that every transaction on the chain will be financing a piece of a tree. This will help Elysium neutralize CO2 emitted from transactions. Elysium is expected to handle 2,500 transactions per second in the beginning.
Coorest is a decentralized carbon credit exchange that uses NFTs and crypto-based yield-bearing assets to offer eco-friendly investment methods. Coorest owns lands all over the world where it plants trees in partnership with companies in the crypto-space. The strategic partnership with Coorest will help Elysium plants trees all over the world and create new forests that will absorb the carbon emitted due to operations on the blockchain.
Designed an easy-to-play and easy-to-build ecosystem, Vulcan Forged is a pioneer in blockchain gaming. It supports game developers through crowdfunding, incubation and development programs. In October 2021, Vulcan launched VulcanDEX, the first-ever DEX for gaming tokens. VulcanDEX has four active pools at present that allow users to stake gaming tokens. Vulcan Forged games are expected to have a user base of 100,000 by the end of the year.