How to save the Amazon? Brazil company says NFTs are the answer
Technology
How to save the Amazon? Brazil company says NFTs are the answer.
BRASILIA (Reuters) - A Brazilian company that owns 410 square kilometers (158 square miles) of Amazon rainforest is offering a new way to fund conservation: selling non-fungible tokens (NFTs) that allow buyers to sponsor the preservation of specific areas of jungle.
NFTs are a kind of crypto asset that exploded in popularity last year, with a unique digital signature guaranteeing they are one of a kind. Other efforts to fund conservation via NFTs include plans for a South African wildlife reserve.
In Brazil, a company called Nemus on Friday began selling NFTs granting buyers unique sponsorship of different sized tracts of forest, with the proceeds going to preserve the trees, regenerate clear-cut areas and foster sustainable development.
Token holders will not own the land itself, but will have access to key information about its preservation, from satellite imagery to licensing and other documentation, said Nemus founder Flavio de Meira Penna.
He said Nemus had sold 10% of an initial offer of tokens for 8,000 hectares on the first day.
"My guess is this will accelerate rapidly in coming weeks," Penna told Reuters, adding that blockchain technology would ensure transparency in the use of the funds.
