LimeWire stated that it chose Algorand as the system's foundation since it is an energy-efficient and carbon-negative blockchain. Unlike Bitcoin and Ethereum, Algorand does not use the energy-intensive Proof-of-Work mining process. Instead, Algorand uses Proof-of-Stake, a low-energy consensus approach.
LimeWire, unlike Algorand's other NFT businesses, has a distinct brand. It remains to be seen whether LimeWire's marketplace will capture a major portion of OpenSea's volume. Over the course of 2021, OpenSea reported $14 billion in trade activity, considerably exceeding any competition.
Algorand is already home to several NFT and digital art marketplaces, including ZestBloom, Artsquare, Aorist, Abrist, Dartroom, Republic, AlgoGems, Blocsport, Asolp, and Mintdrops.
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