Web developers are jumping into the world of carbon credits, turning one intangible asset into another.
Non-fungible tokens (NFTs) were developed by the same blockchain technology used to create cryptocurrencies like Bitcoin. Basically, a blockchain is a set of unique digital “blocks” that are linked to each other. They can be substitutable or non-substitutable, like Bitcoin, where essentially all tokens are the same. That is, every token is unique and cannot be replaced by anything else.
At least two NFTs were presented at the National Carbon Agricultural Conference in Albury this week. One was known as Urth Coins and the other was Meta Trees.
Urth Coin was set up as a means of trading carbon credits, giving various projects biodiversity ratings along with credits and allowing them to be sold directly to buyers.
CEO Samantha Jewel The idea was to create a dialogue between farmers and buyers outside the industry. Farmers upload photos of their projects to the Urth app, and the company has a system that gives them a biodiversity rating.
“I have already sold 100 Urth coins to people. They are very excited to be able to pick farmers and get something that gives them the power to filter out what they don’t want. “Jewel said.
“Money is exchanged directly between consumers and farmers, and biodiversity assessments give them the opportunity to increase the value of their measured carbon.”
Jewel said there is a lot of demand for carbon credits worldwide and he hopes to realize the value of Australia’s carbon.
“I’ve been in the blockchain industry for a long time and have been looking at the crypto market during that time. While everyone is talking about related issues, they can also determine what the market will happen. You have to be aware of that, “she said.
“We want the price of carbon to go up from about $ 100 to $ 150 / ton (now $ 35 / ton) because we think it will be more interesting to farmers.”
Metatree used to raise funds
The other NFTs presented at the conference were from web developer Ray Mildoni, also known as “Regen Ray”, who created a product called Metatree.
“Our mission is to buy a degraded farm, use it as a showcase farm, and sell a one-to-one digital tree on the premises,” says Mildoni.
“Then, we will use reclaimed farming to regenerate this farm and return it to its former oasis.”
Mildoni’s project is also based on Metaverse, a simulated digital environment that mimics the real world. In this case, he used real estate and digitally placed the NFT Metatree in the landscape at the time of purchase.
He said trees are now being sold and digitally placed on other farms to raise funds to reach the company’s goals.
“Instead of raising money with investors, we decided to use NFTs, so we have 25,000 trees, each of which is individually numbered and can be purchased online,” he said. Said.
“The tree is then planted with GPS location, farm function, and tree species.
“When you buy one of them, when you buy one of them, you don’t necessarily own part of the farm, but there is evidence of support.”