Enjin joins the Crypto Climate Accord and is now carbon-negative

Summary:

Innovative NFT platform Enjin has gone one better than carbon neutral, announcing It's Jumpnet blockchain is now carbon-negative.

Innovative NFT platform Enjin has gone one better than carbon-neutral, announcing It’s Jumpnet blockchain is today carbon-negative.

Blockchain technology’s energy consumption has been a hotly debated topic over the last month. However, whilst much of the focus has been on the negative, Enjin has shown the industry can advance in a way that benefits the planet.

Jumpnet’s green credentials were already impressive, and it uses 99.99% less electricity than Ethereum. In addition, Enjin will now offset more carbon than it uses and purchase carbon credits through Australian climate change pioneer Beyond Neutral.

Furthermore, the NFT ecosystem provider has revealed that on July 9th, it will join the Crypto Climate Accord, reinforcing its commitment to deliver a sustainable future for blockchain technology.

“It’s crucial to consider our planet first, even while innovating. The creation of new forms of technology should never come at the cost of destroying our environment,” said Maxim Blagov, Enjin CEO.

Inspired by the Paris Climate Agreement, The Crypto Climate accord is a leading initiative in the fight to make the cryptocurrency industry 100% renewable.

Energy consumption is now a key consideration for investors. Moreover, as we have seen in traditional markets, the shift to ethical investing is gathering pace. Therefore, with cryptos carbon footprint now under the microscope, Enjin could be well placed to benefit.

ENJ Technical Outlook

The daily chart shows the price is recovering from the recent weakness in cryptocurrencies. Furthermore, ENJ has found good support at $72.00, bouncing almost 40% following its test two days ago.

However, Enjin still has some way to recover the 2021 uptrend, which can be seen on the chart at $123.60. That being said, the latest announcement makes Enjin a prime target to outperform when confidence returns to the market.

As long as EJN stays above the important support level at $72.00, the outlook remains favourable. But, of course, like much of the market, Enjin will be reactive to Bitcoin. Investors should therefore consider the overall crypto market sentiment before trading.