The Future of NFTs in the World of Web 3.0
NFTs took the world by storm in 2021, bringing forth a digital art revolution while becoming one of the fastest growing asset classes of the year.
The technology of non-fungible tokens has enabled artists to offer digital originals without relying on middlemen, all while being able to receive royalties on secondary sales of their work. But this use-case is just the beginning of the functionality non-fungible tokens bring to the blossoming world of web 3.0.
This graphic sponsored by NFT.com showcases the evolving utility of NFTs, and how they are already building communities, enabling unique and tradeable game assets, and laying the foundations for ownership and identity in the metaverse.
How NFTs are Revolutionizing Digital Ownership Today
NFTs provide a complete history and proof of ownership for digital assets or any other asset that is represented by a non-fungible token. This functionality enables the creation of unique digital assets and items that anyone can buy or sell freely on an open marketplace.
Today NFTs have already evolved to provide further utility across a variety of industries:
- Keys to digital communities
- Tradeable game assets
- Ownership of your username and assets in the metaverse
As the online world shifts from web 2.0 to web 3.0, NFTs are building the foundations of digital communities, economies, and assets.
1. NFTs as Keys to Online Communities and Events
One of the first evolutions in NFT use-cases came in the form of using non-fungible tokens as “membership passes” to a digital community. Ownership of NFT profile picture collections like CryptoPunks and Bored Ape Yacht Club (BAYC) naturally became linchpins around which communities of holders formed.
Today, profile picture NFT collections like Oni Ronin have built on this idea, providing access to exclusive workshops and ceremonies, free airdrops of other NFTs, and prize raffles for holders of the Oni Ronin NFT collection.
Along with access to online communities and events, NFTs have been used to provide exclusive access to in-person events. Since NFTs provide immutable proof of ownership on the blockchain, the technology is primed to solve large issues in the world of event ticketing like forging and digital theft.
2. Productive and Exchangeable Game Assets
Gaming is one of the key sectors where NFTs have been providing utility for players by enabling ownership of purchased in-game assets. Projects like DeFi Kingdoms on the Harmony blockchain have NFTs “heroes”, that players can buy, sell, and rent out on an open market.
Along with providing ownership for the in-game asset, these NFTs are also productive assets, and can be sent on quests where they earn in-game items and cryptocurrency for the player. These items can be exchanged for cryptocurrency, or used to craft other items to power up heroes.
The integration of NFTs into blockchain games like DeFi Kingdoms, Axie Infinity, and Crabada has created vibrant in-game economies where NFTs are valued based on their attributes and statistics that dictate the amount of cryptocurrency they earn. Playtime is rewarded in these games, as levelling up NFT assets results in increased earnings and higher chances of rare and valuable item drops.
3. Redefining Digital Identities and Assets
Worried about someone taking your username in the metaverse? NFTs have already enabled ownership of custom “.eth” Ethereum wallet addresses through Ethereum Name Service (ENS), with more than 671,000 unique “.eth” addresses registered so far.
As an NFT, these custom addresses are integrated in other decentralized applications and simplify previously complex wallet addresses to be personalized and much easier to remember.
Rather than a long string of numbers and letters like “0x0079784df055a06EC5A76A90b24”, ENS allows for much simpler wallet addresses like “visualcapitalist.eth”.
Other projects like NFT.com are using NFTs to provide users with custom ownership of a personal profile like “www.nft.com/yourname”, where users can show and share their NFTs on a decentralized social network.
Enabling Ownership in the Metaverse Economy
Along with usernames and wallet addresses, non-fungible tokens are becoming the foundational technology for assets in the metaverse. Metaverse project, The Sandbox, is already using NFTs to represent digital land, items like furniture and decor for virtual spaces, and much more.
In March of 2022, The Sandbox generated more than $24 million in sales of NFTs representing metaverse real estate, with top brands and celebrities across sectors like Atari, Snoop Dogg, and the South China Morning Post all owning plots of digital land.
NFTs have only just begun to revolutionize the ownership and exchange of digital assets, and are laying the foundations for digital communities, tradeable in-game assets, and the economy of the metaverse.
>> NFT.com is building the decentralized social network of the NFT world, governed and owned by the community.
Ranked: Emissions per Capita of the Top 30 U.S. Investor-Owned Utilities
Roughly 25% of all GHG emissions come from electricity production. See how the top 30 IOUs rank by emissions per capita.
Emissions per Capita of the Top 30 U.S. Investor-Owned Utilities
Approximately 25% of all U.S. greenhouse gas emissions (GHG) come from electricity generation.
Subsequently, this means investor-owned utilities (IOUs) will have a crucial role to play around carbon reduction initiatives. This is particularly true for the top 30 IOUs, where almost 75% of utility customers get their electricity from.
This infographic from the National Public Utilities Council ranks the largest IOUs by emissions per capita. By accounting for the varying customer bases they serve, we get a more accurate look at their green energy practices. Here’s how they line up.
Per Capita Rankings
The emissions per capita rankings for the top 30 investor-owned utilities have large disparities from one another.
Totals range from a high of 25.8 tons of CO2 per customer annually to a low of 0.5 tons.
|Utility||Emissions Per Capita (CO2 tons per year)||Total Emissions (M)|
|Berkshire Hathaway Energy||14.0||57.2|
|American Electric Power||9.2||50.9|
|Florida Power and Light||8.0||41.0|
|Portland General Electric||7.6||6.9|
|Pacific Gas and Electric||0.5||2.6|
|Next Era Energy Resources||0||1.1|
PNM Resources data is from 2019, all other data is as of 2020
Let’s start by looking at the higher scoring IOUs.
TransAlta emits 25.8 tons of CO2 emissions per customer, the largest of any utility on a per capita basis. Altogether, the company’s 630,000 customers emit 16.3 million metric tons. On a recent earnings call, its management discussed clear intent to phase out coal and grow their renewables mix by doubling their renewables fleet. And so far it appears they’ve been making good on their promise, having shut down the Canadian Highvale coal mine recently.
Vistra had the highest total emissions at 97 million tons of CO2 per year and is almost exclusively a coal and gas generator. However, the company announced plans for 60% reductions in CO2 emissions by 2030 and is striving to be carbon neutral by 2050. As the highest total emitter, this transition would make a noticeable impact on total utility emissions if successful.
Currently, based on their 4.3 million customers, Vistra sees per capita emissions of 22.4 tons a year. The utility is a key electricity provider for Texas, ad here’s how their electricity mix compares to that of the state as a whole:
|Energy Source||Vistra||State of Texas|
Despite their ambitious green energy pledges, for now only 1% of Vistra’s electricity comes from renewables compared to 24% for Texas, where wind energy is prospering.
Based on those scores, the average customer from some of the highest emitting utility groups emit about the same as a customer from each of the bottom seven, who clearly have greener energy practices. Let’s take a closer look at emissions for some of the bottom scoring entities.
Utilities With The Greenest Energy Practices
Groups with the lowest carbon emission scores are in many ways leaders on the path towards a greener future.
Exelon emits only 3.8 tons of CO2 emissions per capita annually and is one of the top clean power generators across the Americas. In the last decade they’ve reduced their GHG emissions by 18 million metric tons, and have recently teamed up with the state of Illinois through the Clean Energy Jobs Act. Through this, Exelon will receive $700 million in subsidies as it phases out coal and gas plants to meet 2030 and 2045 targets.
Consolidated Edison serves nearly 4 million customers with a large chunk coming from New York state. Altogether, they emit 1.6 tons of CO2 emissions per capita from their electricity generation.
The utility group is making notable strides towards a sustainable future by expanding its renewable projects and testing higher capacity limits. In addition, they are often praised for their financial management and carry the title of dividend aristocrat, having increased their dividend for 47 years and counting. In fact, this is the longest out of any utility company in the S&P 500.
A Sustainable Tomorrow
Altogether, utilities will have a pivotal role to play in decarbonization efforts. This is particularly true for the top 30 U.S. IOUs, who collectively serve 60 million Americans, or one-fifth of the U.S. population.
Ultimately, this means a unique moment for utilities is emerging. As the transition toward cleaner energy continues and various groups push to achieve their goals, all eyes will be on utilities to deliver.
The National Public Utilities Council is the go-to resource to learn how utilities can lead in the path towards decarbonization.
The Road to Decarbonization: How Asphalt is Affecting the Planet
The U.S. alone generates ∼12 million tons of asphalt shingles tear-off waste and installation scrap every year and more than 90% of it is dumped into landfills.
The Road to Decarbonization: How Asphalt is Affecting the Planet
Asphalt, also known as bitumen, has various applications in the modern economy, with annual demand reaching 110 million tons globally.
Until the 20th century, natural asphalt made from decomposed plants accounted for the majority of asphalt production. Today, most asphalt is refined from crude oil.
This graphic, sponsored by Northstar Clean Technologies, shows how new technologies to reuse and recycle asphalt can help protect the environment.
The Impact of Climate Change
Pollution from vehicles is expected to decline as electric vehicles replace internal combustion engines.
But pollution from asphalt could actually increase in the next decades because of rising temperatures in some parts of the Earth. When subjected to extreme temperatures, asphalt releases harmful greenhouse gases (GHG) into the atmosphere.
|Emissions from Road Construction (Source)||CO2 equivalent (%)|
|Excavators and Haulers||16%|
Asphalt paved surfaces and roofs make up approximately 45% and 20% of surfaces in U.S. cities, respectively. Furthermore, 75% of single-family detached homes in Canada and the U.S. have asphalt shingles on their roofs.
Reducing the Environmental Impact of Asphalt
Similar to roads, asphalt shingles have oil as the primary component, which is especially harmful to the environment.
Shingles do not decompose or biodegrade. The U.S. alone generates ∼12 million tons of asphalt shingles tear-off waste and installation scrap every year and more than 90% of it is dumped into landfills, the equivalent of 20 million barrels of oil.
But most of it can be reused, rather than taking up valuable landfill space.
Using technology, the primary components in shingles can be repurposed into liquid asphalt, aggregate, and fiber, for use in road construction, embankments, and new shingles.
Providing the construction industry with clean, sustainable processing solutions is also a big business opportunity. Canada alone is a $1.3 billion market for recovering and reprocessing shingles.
Northstar Clean Technologies is the only public company that repurposes 99% of asphalt shingles components that otherwise go to landfills.
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