Energy efficiency is increasingly on everyone’s agenda between climate change concerns, ESG ratings, and elevated electricity prices due to the ongoing conflict. Governments and environmental bodies worldwide are constantly urging everyone to contribute towards making the planet more energy efficient.
Although blockchain networks like Bitcoin (BTC-USD) have found themselves in the news for their high power consumption, blockchain-powered initiative EFFORCE is helping organizations and institutions bring down their energy consumption. By introducing tokenization via non-fungible tokens (NFTs) in the energy efficiency industry, EFFORCE helps companies improve their consumption while adhering to Environmental, Social, and Governance (ESG) guidelines.
EFFORCE aims to solve the funding gap and the limitations of centralized models for companies willing to change their energy consumption pattern and those individuals interested in helping them achieve it. At the same time, the added incentives and rewards can bring more people together to advance 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 will kick off with 2,500 Genesis NFTs per project.
NFTs for the Greater Good
The first project EFFORCE is supporting is a Combined Cooling Heating, and Power Plant project. This project will help the company self-produce approximately 1.4 Gigawatt hours (GWh) of electricity per year. Likewise, the second project is an Energy Efficiency Project (EEP). Through this project, an undisclosed company aims to provide 60% of its electricity to a sewage treatment plant and deliver 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 to an equivalent 1 USDC (1 U.S. dollar coin). Once a selected project is delivering the intended results, mWoz are credited to contributors holding the project’s NFTs (users who deposit WOZX) as a reward for their participation in the financing pool.
For the first project, the price per NFT is set at 210 USDC, with a projected target of 735.000 mWOZ . NFTs for the second project are priced 190 USDC each, with a projected target of 665.000 mWOZ. These NFTs draw elements from co-founder Steve Wozniak’s inspiration, and the artwork will be revealed after the implementation of the projects.
Concerns about energy use and waste are no longer regional problems but an expanding challenge of global proportions. By taking steps to back efficiency projects, EFFORCE encourages more projects to apply for financing, overcoming a key pain point for companies seeking to transform their energy footprint.
Importantly, EFFORCE highlights how blockchain can positively influence environmental change by leveraging NFTS to foster a transparent, secure, rewarding, and inclusive platform. Through this effort, anyone can contribute toward energy efficiency, demonstrating how sustainability goals can be achieved via novel applications of blockchain technology.
This article originally appeared on https://www.tipranks.com/news/article/efforce-uses-blockchain-to-promote-sustainability-with-energy-efficient-nfts