Celo, created on Ethereums network, is a rapidly-evolving ecosystem where NFT creators and supporters can buy, sell, create, and mint NFTs. Blockchain technology is the key in understanding NFT ownership, and Proof of Stake coins are being recognized as more efficient than Proof of Work. Celo is becoming more than just a way to easily transfer funds.
Originally by Elle Jul 22 · 5 min read
NFTs have taken 2021 by storm. Non-fungible tokens bring art and other unique 1-of-1 items into the blockchain, delighting artists, players, and collectors alike.
A lot of creators are putting a lot of thought into the marketplaces and the blockchain that they’re using to mint. There are technical details to consider, like proper image hosting, but there are also values to consider. For the environmentally conscious, Proof-of-Work chains have been proven to have a larger environmental footprint than Proof-of-Stake chains.
Celo runs on Proof of Stake, and has attracted people who share our values. Celo was built by developers with the aim of building a financial system that could create prosperity for everyone. In fact, the word Celo means “purpose” in Esperanto. That mission is resonating with founders from across the crypto space.
Here is a growing list of projects that rely on Celo to create their NFTs:
Award Pool helps companies create novel forms of engagement for their audiences. The platform recently partnered with Celo to create challenges and customizable NFT rewards systems in a move that has gamified the user experience.
The partnership is rooted in Award Pool’s emphasis on eco-sustainability, survivability and cost — values that made Celo a natural partner.
ReSource is an up-and-coming B2B network serving small businesses and freelancers by providing them with fair credit and more customers. Members of the network are provided with 0% interest lines of credit they can only spend with each other, in rUSD, the platform’s stable unit of account that is pegged to the USD.
Soon, the team will add a utility NFT built on Celo that can be staked, enabling holders to earn ReSource Protocol’s governance token, called Mutuality. This is essentially a form of art that gives long term value outside of the ability to resell it.
KR8 was built on Celo to help consumers feel more connected to their favorite athletes and their fans. The idea behind the platform is to create a social network of fans by enabling them to trade NFTs like sports cards, only on a global scale.
As COVID complicated live sporting events with ever-changing guidelines, KR8 wanted to connect different groups of people, from collectors to cryptocurrency enthusiasts, through their shared love of sports. KR8 users can experience a meaningful virtual experience with athletes and fans from all over the globe.
EQ considers itself the Coinbase of the creator economy, on a mission to return value back to artists by reshaping the relationship between creators and their supporters.
In the current music industry, artists are paid last. About 83% of their revenues go to labels and other industry workers. With EQ, artists can engage directly with their fans and supporters on a daily basis, helping them track their value, access capital, control their portfolio, and drive their value. And it’s not just the artists who benefit — fans and supporters can invest early in creators they care about and become an intimate part of their favorite artists’ journeys, while profiting off of their own investments too.
“We see NFTs as one part of the equation for creators to create new revenue opportunities and direct consumer engagement opportunities. We see this is one part of the investment opportunities of creators,’’ said Janice Taylor, co-founder and CEO of EQ. She explains that EQ’s decision to mint their NFTs on Celo grows out of the organizations’ shared mission: “Whether it is serving the underserved (our mission to bring financial inclusion and justice to creators) or wellness of our planet and self. We felt at each step we were aligned.”
Currently operational on Celo, along with Ethereum and five other production blockchains, Unifty is a multichain infrastructure platform for NFT creators and the digital creator ecosystem.
Unifty’s mission is to empower creators, and they do it through offering accessible and affordable no-code solutions to mint functional NFTs. They also offer marketplaces on a number of networks, and offer native support of the first “interactive” NFTs (iNFTs). The decentralized, user-owned platform is highly customizable and reaches across multiple blockchains, unlike other NFT platforms.
“We believe that NFTs are a novel data structure that is highly adaptable for a number of use cases. Many of our users find it particularly helpful to build strong and sustainable two-way engagement with their audiences and learn more about how their community engages with their creations. Celo brings a lot to the table, we were particularly interested in their focus on developing markets and mobile first implementation,” said Colin Platt, Unifty CEO.
CreateSafe is a digital asset issuance platform built on the Celo blockchain that provides musicians with authentication of authorship, provenance, and ownership of their musical assets. Not only does it operate as a ledger for the music industry, it also provides artists with the opportunity to take control of both their content and revenue streams.
Powered by Celo’s mobile-friendly blockchain platform, artists can record their music directly on the CreateSafe app and mint an NFT of the recording. These recordings can easily be authenticated and exchanged in a decentralized marketplace, unlike traditional contracts.
By leveraging smart contract technology, producers of these music assets have complete control over how their art is monetized and exchanged, all without a middleman.
About 67% of all Earth’s wildlife has been lost in the past four decades, causing the most devastating loss of biodiversity since the mass extinction of the dinosaurs. Today, 37,500 species are threatened with extinction, and the statistics get worse: it’s predicted that up to 1 million species could be threatened with extinction in the next decade.
Wildchain is a nonprofit climate action tool gamifying conservation funding by letting users adopt wildlife and plant trees to cut down on their carbon footprint and support real-world conservation efforts — all within a mobile game.
By attracting casual mobile gamers, collectors and donors, Wildchain is helping global citizens become more socially responsible by playing. Rather than competing for donations, Wildchain generates new funding streams from gaming, collectibles, and crypto to support wildlife and nature conservation initiatives.
In the game, each player’s mission is to preserve all wildlife on Earth. In-game actions trigger real-world impact and 100% of the profits go toward wildlife conservation initiatives. Wildchain allows rare animals to be minted as a NFT and players truly own the in-game items that are NFTs. Celo’s focus on mobile and impact — as well as their goal to become a carbon-neutral blockchain — make the two projects a natural fit.
Make sure to check out and research these and other new independent projects on Celo.