How to Mint NFTs With Sustainability in Mind

The Aria Network, an integrated marketing group, announced the launch of its new NFT exchange today, called the Aria Exchange, as well as its five-year deal with the National Basketball Retired Players Association. The exclusive contract will give Aria the rights to mint NFT collectibles of almost 1,500 former NBA, WNBA and Harlem Globetrotters players. The deal comes on the heels of the success of NBA Topshot, an NFT platform that allows users to buy and trade digital clips of professional basketball players, operating in a similar fashion to electronic trading cards. Trades on TopShot, which has only been open to the public since October, neared $400 million at the beginning of June. Through its partnership with Aria, the NBRPA hopes to cash in on that same fervor for digital collectibles, although in this case for retired legends of the game. The ABCs of NFTs: A Guide to Non-Fungible Tokens, the Cryptomedia Trend Bringing Ownership to the Internet “We are excited to partner with The ARIA Network and their groundbreaking ARIA Exchange NFT platform,” said Scott Rochelle, the president and CEO of the NBRPA, in a statement. A more sustainable NFT could boost popularity The craze for non-fungible tokens hit new highs in the first few months of the year, as homebound traders embraced the trending technology. Hype cycles stemming from the rise of cryptocurrency, meme stocks and pent-up spending buoyed the blockchain-based assets to new heights, and NFT sales topped $2 billion in the first quarter of the year. However, due to a mix of motivations, including the relaxation of social distancing, delayed withdrawal times from NBA Topshot and increased skepticism about cryptomedia, NFT transaction volume dropped in April, as Adweek previously reported. In addition to these factors, criticisms of the outsized carbon footprints of NFTs have also led to a decrease in their popularity. In early May, noted crypto enthusiast Elon Musk tweeted that Tesla had suspended its use of Bitcoin for making purchases, citing concern over the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions.” Aria alleviates that concern by offering a carbon-neutral methodology for minting its NFTs. Aria uses the Hedera Hashgraph network to create its tokens, whose blockchain employs a proof-of-stake process rather than the more common proof-of work model, allowing it to consume far less energy. “We’ve created the most advanced, sustainable NFT exchange that addresses crypto climate concerns while giving collectors and consumers unparalleled experiences and content," said Darren Mann, the co-CEO of the Aria Network, in a statement. In addition to this efficiency, the Aria Exchange also calculates the footprint of its NFTs and purchases carbon offsets to “redeposit” more than twice its withdrawal back into the environment. The carbon neutrality offered by the Aria Exchange, coupled with its ability to accept multiple types of currency, including Ethereum, Bitcoin, credit cards and the U.S. dollar coin, could increase its appeal as a platform. "In building with our partners, we look to the future of NFTs and what, in the minds of collectors and consumers, will stand the test of time," said Rebecca Jonah, co-CEO of the Aria Network.

Digital Transformation

How to Mint NFTs With Sustainability in Mind

The Aria Network tokens will be carbon negative, thanks to a new technology

Mark Stenberg

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Mark Stenberg