New app offsets NFT energy costs with bike power
Digital transformation company Compass UOL announced today its new Cryptobike mobile app, an innovative way to inspire large organizations to use cutting-edge technologies to help reduce global carbon emissions and reward people with non-fungible tokens (NFTs) for using their own bikes.
Cryptobike users will receive a new NFT when they ride each of the four stages of the Tour de Terre at 103 miles, 206 miles, 620 miles, and 2067 miles.
The Tour de Terre is similar in distance to the 2,200 miles in the famous Tour de France circuit, but rather than completing it at one time, Cryptobike users will log their miles when biking to work, or in the park.
Cities around America have invested in bike paths to make it safer to pedal to work, but 76 percent of Americans still prefer to commute by car vs. 10 percent by bike. In contrast, the Tour de Terre uses crypto to help regular people do something for the environment by themselves.
The creation of digital assets like NFTs, called crypto mining, already takes up 1.7 percent of the nation's total power usage according to a recent White House report. The report says U.S. crypto mining uses between 120 and 140 kilowatt-hours per year, comparable to the power needs of entire countries like Denmark.
Facing this new reality, technology companies, investors, and enthusiasts are looking for ways to develop the transformative applications enabled by crypto while mitigating its environmental impact.
"Cryptobike offers a win for the planet because the energy saved by replacing cars for bikes is greater than the energy needed to create the NFTs to award riders who take on the Tour the Terre," says Alexis Rockenbach, CEO of Compass UOL. "This shows how a small choice can have a huge impact on the planet and how technology can be used to make the world a better place."
By choosing the use of bikes, around 1 ton of CO2 is not emitted into the atmosphere, a pollutant that a small car would release on this same route of just over 2,000 miles.
The Tour de Terre also offers partnership opportunities for organizations working on meeting environmental, social and governance (ESG) investment criteria. Companies can offer their own rewards for community milestones, such as the first million miles logged.
The Cryptobike app is available for iOS and Android at no cost. Once installed, it connects to the popular Strava app to access the user's ride logs, based on which the exclusive NFTs are minted as each stage is accomplished.