Nozama Launches NFT Platform for Waste Management

Nozama, an environmental sustainability tech company announced the launch of the world's first utility NFT platform called Plastiks. The primary aim of Plastiks is to bridge the supply chain gap in the recycling of single-use packaging. In their dossier, Nozama listed the objectives of the Plastiks NFT platform as：

· Plastiks is an NFT marketplace where artists can mint NFTs backed by recycled materials.

· Being a bridge between plastic producers and plastic recyclers, and allowing producers to contribute to recycling efforts.

· A platform for investors to enjoy art sustainably.

· A way to track the amount of plastic being recovered and recycled.

With the increasing threat plastic packaging keeps posing to the environment, there needs to be a concerted effort from stakeholders globally. One shocking fact about plastics includes that the world produces 381 million tonnes of plastic waste annually and only 9% of it is ever recycled.

EU gave a directive in 2018 that by 2025, 50% of plastics should be recycled. In keeping up with this directive, Nozama introduced the Plastiks NFT platform to keep track of single-use packaging. In this post, we will discuss the framework behind the platform. We will discuss the possible impacts of this game-changing approach.

Plastiks NFT Platform

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In plastic recycling efforts, customers, recyclers, and companies are stakeholders. Each of the stakeholders has noble intentions, however, there is no systemic framework for collaboration between all these stakeholders. Plastiks is a measure towards increased incentivization of the recycling process. According to Andre Vanyi-Robin, the founder of Nozama, Plastiks aim to revolutionize the recycling industry and the NFT sector.

In an introductory video, Andre explained the Plastiks NFT platform. It is an NFT marketplace in which recyclers can mint and sell Single-Use Packaging guarantees as NFTs to single-use packaging producers. The main aim is to keep track of every plastic being produced and to ensure better supply chain traceability for the recycling of plastics.

The method adopted is to represent every amount of recycled plastic with an NFT. For every NFT to be created, there has to be a verification that plastic was recycled. These recycling guarantees or single-use packaging guarantees (SUPs) will be minted as NFTs by the recyclers and sold to producers. The producers can then brandish these SUPs as proof of recycling.

Plastiks NFT Marketplace

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The official token for the platform is Plastiks Token which recyclers will use to mint, list, and sell NFTs. Sellers on the platform will need the Plastiks token to function, while the buyers can buy NFTs on the platform without it.

Implications of the Plastiks NFT platform

In a world where Bitcoin mining has been heavily criticized over the amount of CO2 footprint, the idea of an environmentally sustainable NFT is game-changing. According to Cambridge Bitcoin Electricity Consumption Index, Bitcoin consumes about 134.69 TWh of electricity annually with renewable sources contributing less than 10%. Ethereum mining is also another massive consumer of electricity however, it is being upgraded to a more sustainable mining method(Proof-of-Stake mining).

Because most NFTs are sold on Opensea which hosts Ethereum blockchain, NFTs are also part of the discussion with regards to clean energy. Data reports from Statista show that Ethereum consumes about 238 kWh per transaction. This data positions NFT transactions as consuming almost the same energy as an average American household. With the upcoming upgrade to Proof-of-Stake mining, energy consumption on the Ethereum blockchain is expected by more than 99.95%.

Ethereum Power Consumption

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As every stakeholder plays their part in ensuring environmental sustainability, the Plastiks NFT platform is also a step in the right direction. While cryptocurrency miners and blockchain developers try to figure out measures to reduce their CO2 footprints, Nozama is taking steps to ensure more traceability and transparency in plastic recycling.

Another step Nozama is taking to ensure environmental sustainability is by running the Plastiks NFT platform on the Proof-of-Stake mechanism. In a Medium post, the platform suggested that they were looking towards eliminating every form of the carbon footprint they have.

Apart from NFTs, the traditional art world has a strong carbon footprint. While artists move their works with jets and cars, carbon emission is eminent. The use of environmentally-unfriendly oils and paints is another practice that undermines climate efforts. With Plastiks, another pathway is being crafted for artists to showcase their art sustainably.



Author: Gate.io Observer: M. Olatunji
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