How We're Reducing the Environmental Impact of NFT Ticketing

It's no secret that there are some environmental concerns regarding blockchain technology. 

Blockchains rely on complex algorithms and require significant computational power to secure transactions. Many blockchains get this computational power from 'miners' who use specialised computers to process transactions in return for rewards paid out in cryptocurrency. This process of 'mining' can negatively impact the environment, with some estimating that the total global electricity usage for crypto-assets is between 120 and 240 billion kilowatt-hours per year, a range that exceeds the total annual electricity usage of many individual countries, such as Argentina or Australia!

Critics argue that the energy consumption required to power blockchain networks is unsustainable and could contribute to climate change, which is entirely understandable. 

It's important for any company that uses blockchain technology to consider the environmental impact of its operations and work towards more sustainable solutions.

Here at SeatlabNFT, we've put a lot of thought into how we can minimise our environmental impact, which led to our decision to build on the carbon-neutral NEAR Protocol blockchain.

Progression shouldn't come at the expense of the environment

As we look towards the future of events and adopt new technologies like NFT ticketing, it's important to consider the environmental impact of these solutions. While NFT ticketing has the potential to reduce fraud and improve fan experiences, it's also important to address the energy consumption and environmental impact of blockchain technology.

To move forward with sustainable ticketing solutions, we need to consider the full lifecycle impact of NFT ticketing, including the energy the blockchains powering these solutions consume.

Our efforts to reduce the environmental impact of NFT ticketing

We believe that taking care of the environment is a top priority.

We have made a conscious effort to reduce our carbon footprint and promote sustainability. One of the ways we are doing this is by building our platform on the NEAR Protocol blockchain, which has been officially certified as carbon-neutral. This means that every time you use our platform, you are not only unlocking a new event-attending experience, but also contributing to environmental sustainability.

The NEAR Foundation partnered with South Pole, a leading low-carbon project developer and climate solutions provider, to measure its carbon footprint and meet its climate neutrality commitment.

South Pole assessed NEAR's carbon footprint by considering the emissions of the NEAR Foundation, the members of NEAR's Core Collective, the NEAR validators, and user transactions. The scope of the footprint accounting encompassed both direct and indirect emissions associated with NEAR Protocol, such as electricity use, heating and cooling, purchased goods and services such as hardware and cloud services, generated waste, as well as travel, commuting, and teleworking activities.

It was discovered that business travel and commuting by the core collective members accounted for most of NEAR Protocol's carbon emissions.

However, the use phase, namely the online activity around transaction initiation, constitutes only a tiny fraction of the footprint. This means that using NEAR's platform for your transactions is already a step in the right direction towards sustainability.

NEAR's carbon footprint is relatively small compared to other blockchain networks because of its proof-of-stake protocol, which is more climate-friendly than proof-of-work, which Bitcoin uses to secure its network and process transactions. 

Our commitment to the environment goes beyond just reducing our carbon footprint. We are constantly looking for innovative ways to contribute positively. We recently ran a social media campaign that encouraged our users to share our content, and in return, we donated to One Tree Planted so they could plant a new tree for every social share we received. 

We are proud to be part of a community that is committed to making a difference and pioneering climate-friendly solutions. 

Summing up

By adopting our NFT ticketing solution, the industry can significantly reduce its carbon footprint and promote sustainable practices. We offer a more eco-friendly alternative to traditional paper tickets and use a more eco-friendly blockchain solution than other energy-intensive networks. SeatlabNFT also allows for more secure and transparent ticketing, preventing fraud and scalping.

By supporting sustainable ticketing practices, we can help reduce the impact of the live events industry on the environment and contribute to a greener future.

Let's work together to make a difference and promote a more sustainable and eco-friendly approach to ticketing!