July 18, 2022
By Anjali Kochhar
Blockchain platform Algorand has partnered with Envision Racing for a series of NFTs (non-fungible tokens) to tie in with the ABB FIA Formula E electric race series.
Each of the 1,000 limited editions NFTs is designed by 3D artist Adam Spizak and creative agency Funday and depicts a helmet representing one of the eight locations hosting an ABB FIA Formula E race.
As per the company, the NFTs can be minted in the week leading up to each race; on the race day itself, City Edition helmet NFTs will be revealed, offering the chance to win unique special editions.
One lucky holder will be able to reveal a Gold NFT that entitles them to claim a 1-of-1 physical racing helmet with art inspired by their City Edition helmet. Nine Silver NFTs can be revealed, with holders able to claim an Infinite Object digital frame featuring their NFT.
Launched in 2014, the ABB FIA Formula E series is a motorsport championship for electric cars; in 2020, the series was awarded FIA world championship status, making it the first single-seater racing series outside of Formula One to achieve world championship status.
The Formula E series is pioneering the shift towards electrification, both in the motor racing world and the broader world of transport.
Similarly, Algorand is also tackling blockchain and cryptocurrency’s energy consumption problem. Where leading cryptocurrencies Bitcoin and Ethereum use the notoriously energy-hungry proof of work consensus mechanism, Algorand uses a novel Pure Proof of Stake (PPoS) model that, it claims, makes it the “greenest blockchain.”
Algorand claims that a final transaction on its PPoS blockchain generates around 0.0000004 kg of CO2 versus 338 tons of CO2 for a Bitcoin transaction. The Bitcoin blockchain also consumes an estimated 87 terawatt-hours of energy annually, according to the Cambridge Bitcoin Electricity Consumption Index—more than many small countries.
Speaking to Bloomberg earlier this year, Algorand Foundation CEO Staci Warden said that proof of work blockchains’ energy consumption makes them a no-go for U.S. businesses.
“For businesses that know that they need to be green and have ESG goals that they have to meet, they are not going to tolerate putting large-scale businesses on a blockchain that uses a lot of energy consumption,” Warden said.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.