The new NFT marketplace realizes the vision of an ecologically sustainable NFT, producing 99.99% less energy than that of energy-intensive systems like Ethereum.
SEOUL, South Korea, June 16, 2021 /PRNewswire/ — Lambda256, subsidiary of Dunamu and operator of Upbit, one of the world’s largest cryptocurrency exchanges by volume, announced today the launch of a Green NFT marketplace on its Luniverse sidechain.
The new marketplace, deployed on Lambda256’s hallmark Luniverse chain, is designed to alleviate the friction that deterred many from entering the world of NFTs. While NFTs, underpinned by blockchain technology, have landed the spotlight with its system of unique digital ownership on an immutable ledger, the system has seen critics for its toll on the environment. A single transaction of an NFT on the Ethereum network emits the equivalent of daily energy used by two American households, its carbon footprint predicted to only exacerbate as more participate in the network.
The green NFT platform on Luniverse is designed to streamline the NFT experience and provide a carbon-neutral NFT ecosystem, bridging creators, wallet partners and collectors to their markets at a fraction of the cost of gas and energy. Users can mint, deploy and manage NFT collectibles, without requiring intense energy and high transaction fees tied to the Ethereum blockchain. The platform also offers fractional ownership of NFTs, powering a more sustainable digital economy.
Luniverse’s high energy-efficiency is envisioned by a validation algorithm called LPoA (Luniverse Proof-of-Authority) behind the Luniverse sidechain, a system that produces 99.99% less energy than that of energy-intensive systems like Ethereum.
“Creative expression should not come at the expense of our environment,” said Jay Jaehyun Park, CEO of Lambda256. “With Luniverse NFT, we’re deeply committed to the idea of fostering collaboration between artists, collectors and platforms, in the most environmentally sustainable and cost-efficient way possible. Our underlying blockchain technology navigates through those challenges, providing an ecologically sustainable marketplace for minting, deploying and selling NFTs.”
The launch also marks Lambda256’s expansion beyond the blockchain-as-a-service market as the company continues to grow, having announced the completion of its $15 million Series A funding earlier this year.
Lambda256, subsidiary of Upbit operator Dunamu, launched in May 2018 as a BaaS (Blockchain-as-a-Service) unit that offers a comprehensive portfolio of blockchain solutions that addresses various challenges of blockchain adoption.
As the global industry-leading BaaS provider, Lambda256 has worked with over 2,000 corporate clients in building, deploying and managing blockchain networks at scale with Luniverse, its hallmark platform. The company also serves as a technology partner for VerifyVASP, a Singapore-based FATF travel rule solution provider designed to ensure data integrity through full-scale compliance for VASPs and their customers. Learn how Luniverse has helped companies unlock the value of blockchain at luniverse.io
About Dunamu Inc.:
Founded in Seoul, Korea in April 2012, Dunamu Inc. is one of the country’s leading fintech companies. Focused on combining traditional financial services with cutting edge technology, Dunamu operates Upbit, the digital asset exchange with world-class blockchain technology, regulatory expertise, and operational know-how. Dunamu also operates Korea’s top stock trading platform, Stockplus, and provides marketing services and IT infrastructure development for financial firms through its subsidiaries.