NFTs are a kind of crypto asset that exploded in popularity last year. They use blockchain technology and digital signatures which makes them one of a kind
Have you heard of using non-fungible tokens or NFTs to save Amazon forest? Well, a Brazilian company is doing just that.
A company named Nemus is selling NFTs that allow buyers to sponsor the preservation of specific areas of the Amazonian jungles. The money collected is used to help protect the trees, regrow cleared areas and support environmental development.
NFTs are a kind of crypto asset that exploded in popularity last year. They use blockchain technology and digital signatures which makes them one of a kind. While anyone can view the work, the buyer has official ownership rights over the pieces.
Nemus offers to support areas of land ranging from less than one hectare to 81 hectares. Buyers will be able to find the area of land they are supporting with online maps.
NFTs for the smallest areas of land sell for $150 and the largest for $51,000. The company clarified that the NFT holders will not own the land itself. But, they will be able to view important information about its protection such as satellite imagery, licensing and other documentation.
Each NFT comes with the artwork of a plant or animal from the Amazon. According to the company, 10 per cent of its first offering of NFTs for 8,000 hectares were sold on the first day.
Along with preserving the forest, Nemus also intends to support sustainable development efforts such as harvesting acai berries and Brazil nuts by local communities in Pauini.
But this is not the first time NFTs have been used for environmental conservation. Some animal protection agencies are also using NFTs to fund the protection of wildlife.
Still, some critics have questioned the usage of NFTs for environmental causes since Blockchain technology requires great computing power which leads to higher energy consumption.
As the world becomes more digital, new ideas, methods and discussions seem to be evolving in the field of nature conservation.
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