Subsidiary of Korea based crypto exchange Upbit – Dunamu – Lambda256 recently announced the launch of an energy efficient NFT platform.
Lambda256, a blockchain focused subsidiary of owner – and operator – of Seoul, Korea headquartered digital assets exchange platform UpBit, Dunamu, has announced the launch of an ecologically sustainable Non-Fungible Token (NFT) marketplace. Built on the firm’s Luniverse side chain, the NFT platform is claimed to allow for the creation and trading of NFT’s with a 99.99% less energy intensive process than the Ethereum blockchain.
Employing a unique LPoA (Luniverse Proof of Authority) consensus algorithm, the Luniverse side chain is engineered to operate more environmentally, and cost efficiently than current high-use NFT-friendly blockchains. To add to the sustainability appeal of the Luniverse chain, the Lambda256’s NFT platform, allows for the minting and creation of NFTs, while also enabling fractional ownership of Non-Fungible Tokens – opening up a more inclusive wealth creation scheme.
“Creative expression should not come at the expense of our environment,” commented Jay Jaehyun Park, CEO of Lambda256. “With Luniverse NFT, we’re deeply committed to the idea of fostering collaboration between artists, collectors and platforms, in the most environmentally sustainable and cost-efficient way possible. Our underlying blockchain technology navigates through those challenges, providing an ecologically sustainable marketplace for minting, deploying and selling NFTs.”
The launch of the NFT platform forms part of expansion beyond Blockchain-As-A-Service operations.The launch follows the completion of $15 million Series A funding round, earlier this year.