EFFORCE Uses Blockchain to Promote Sustainability with “Energy Efficient NFTs”
Energy efficiency is increasingly on everyone’s agenda between climate change concerns, ESG assessments and high electricity prices due to the ongoing conflict. Authorities and environmental organizations worldwide are constantly encouraging everyone to contribute to making the planet more energy efficient.
Although blockchain networks such as Bitcoin (BTC-USD) has found itself in the news for its high power consumption, blockchain-powered initiative EFFORCE helps organizations and institutions reduce energy consumption. By introducing tokenization via non-fungible tokens (NFTs) in the energy efficiency industry, EFFORCE helps companies improve their consumption while complying with environmental, social and governance (ESG) guidelines.
EFFORCE aims to address the funding gap and limitations of centralized models for companies willing to change their energy consumption patterns and those individuals interested in helping them achieve it. At the same time, the additional incentives and rewards can bring more people together to promote sustainability initiatives.
To promote and raise awareness of energy efficiency projects, EFFORCE has announced the public sale of its first batch of “Energy Efficient NFTs” to support two initiatives. The public sale starts with 2,500 Genesis NFTs per project.
NFTs for the greater good
The first project EFFORCE supports is a project for combined cooling, heating and power plants. This project will help the company to self-produce approximately 1.4 Gigawatt hours (GWh) of electricity per year. Similarly, the second project is an energy efficiency project (EEP). Through this project, an undisclosed company aims to supply 60% of its electricity to a sewage treatment plant and supply heat to a sludge drying plant, reducing up to 80% of the total weight of disposable sludge.
EFFORCE measures the impact of its projects with a digital version of Megawatts of Energy Saved, titled mWOZ, each of which translates into the equivalent of 1 USDC (1 US dollar coin). When a selected project delivers the intended results, mWoz contributors who hold the project’s NFTs (users depositing WOZX) are credited as a reward for their participation in the funding pool.
For the first project, the price per NFT is set at 210 USDC, with an estimated target of 735,000 mWOZ. NFTs for the second project are priced at USDC 190 each, with an estimated target of 665,000 mWOZ. These NFTs take elements from co-founder Steve Wozniak’s inspiration, and the artwork will be revealed after the completion of the projects.
Concerns about energy use and waste are no longer regional problems, but a growing challenge of global proportions. By taking steps to support efficiency projects, EFFORCE encourages more projects to apply for funding, overcoming a key pain point for companies looking to transform their energy footprint.
It is important that EFFORCE highlights how blockchain can positively impact environmental change by leveraging NFTS to promote a transparent, secure, rewarding and inclusive platform. Through this effort, anyone can contribute to energy efficiency, and demonstrate how sustainability goals can be achieved via new applications of blockchain technology.
Mediation
