Non-fungible tokens (NFTs), which topped $25 billion (about Rs 184,700 crore) in sales last year, have emerged as a delightful new chapter for artist communities around the world. Marking a nod to the next generation of South Asian creative community, the upcoming Indian Art Fair in Delhi is set to show off some digital art as well. Tezos, which claims to be one of the world’s greenest blockchains, has teamed up with BeFantastic, an art platform to showcase NFT artwork and inspire more Indian artists to join the virtual art army.
A decentralized blockchain chain governed by itself, Tezos was founded in San Francisco, US in 2014. The open source network is a Proof of Stake (PoS) blockchain that consumes more than two million times less power than Proof of Work (PoW) networks like Bitcoin and Ethereum.
In 2019, Tezos tapped into India for the richness of its technical and software minds, with the launch of its subsidiary in the country’s startup capital, Bengaluru.
Speaking to Gadgets 360, Tezos India President Om Malviya said that the platform aims to spread awareness of cryptocurrencies in India, given the country’s proven potential in the technology and IT sectors in the past. The platform aims to get Indians ready to start and promote green Web3 initiatives that are easy on the environment.
“So, India is a huge focus for us. In terms of this talent, there are a lot of developers and artists in India that we want to be with us. At first, our focus was very much on the developer adoption aspect. But now, we are bringing in sponsored hackathons like the Tezos India Fellowship. More than 4,000 students apply and only the top 30 are selected. But those 30 students, when they finish the program, are full-fledged entrepreneurs who are in the Web3 startup stages,” Malvia said.
After nearly two and a half years, thousands of students and hundreds of NFT artists from India are flocking to Tezos, the platform claims.
According to Malviya, Indian sentiment towards the crypto sector has improved “incredibly”, especially among young people. Where Indians two years ago were skeptical about experimenting with cryptocurrencies and other virtual digital assets, today more than 100 million people are estimated to experiment with the blockchain sector via crypto, NFTs and the metaverse.
Moving beyond the campuses of India’s most prestigious colleges of technology, Tezos joins crypto giant like Coinbase in diving deep into the country’s second and third tier cities.
“We realized that Indian students are very keen to learn the courses related to blockchain technology. The hard part is convincing senior officials and management why this is the right thing for students to learn. We want to make sure that students get awareness about Web3 while they are there. In their early days of college, ”added Malviya, the same engineer.
Malviya’s remark resonated with Mastercard official Harold Bossé, who recently pointed out that a lack of blockchain knowledge among senior management levels around the world is hindering the adoption of this inevitable next phase of the Internet as we know and use it today.
In an effort to overcome barriers, Tezos India incentivizes developers and innovators who show promise in web technology, blockchain, and digital art through grants and field training.
The platform looks forward to continuing to accommodate the right Indians in their teams and projects.
“There is a growing demand for green blockchain initiatives due to the significant carbon footprint that PoW mining leaves in the environment. As we expand our cause and the green crypto community in India, we hope that more people will actually join the industry with an environmentally friendly approach.”
A report by PricewaterhouseCoopers Advisory SAS in December last year said that the Tezos blockchain accounted for approximately 50 million transactions at that time, and that the entire network constituted an energy footprint for 17 global citizens.
The energy efficiency of each transaction on the grid increased by 70 percent, while the estimated electricity requirements for each transaction were 30 percent lower than in 2020.
At this point, Ethereum undergoes a code regeneration to convert it from a PoW mining model to a PoS process to make it energy efficient. The upgraded blockchain network called “Merge” is expected to be launched in August of this year.
The New York Assembly was considering whether it should deny permits to all miners who use non-renewable energy to set up mining farms in the Empire State. Miners using carbon-based energy sources will face the brunt of this rule.
At the moment, the cryptocurrency mining scene in India is not as strong as in other countries like Russia, Iran, and Kazakhstan, among others.
However, Malviya is betting that whenever India’s crypto mining culture takes off, which it will eventually, green blockchains will be the preferred option for operations.