The Brazilian company Grove started selling NFTs for saving the rainforest last Friday. The news agency reports Reuters. With every purchase of such a digital token, interested parties sponsor forest areas of different sizes.
In the course of this, the buyers receive information about the preservation of the corresponding properties through their NFTs. In addition, Nemus promises, among other things, satellite images, licenses and other documents, according to company founder Flavio de Meira Penna.
Nemus sold NFTs for a total of 8,000 hectares of rainforest on the first day. That corresponds to about ten percent of all tokens for sale. “I expect this to accelerate rapidly in the coming weeks,” Penna told Reuters.
This is what the NFT rainforest project looks like
“Nemus’ initial goal is to secure a sufficient amount of rainforest land to form a protective belt within the Brazilian Amazon to conserve the land and protect it from deforestation,” the company’s Litepaper says.
The sale of the NFTs is intended to serve two purposes: First, to set an example of how more value can be created through responsible use of the rainforest than through its destruction. Secondly, an ecosystem should be created in which the participants can be rewarded for their good deeds, the paper goes on to say.
“With this approach, Nemus can become an engine for positive change, using cryptocurrencies to create a new model of environmental action that will help us regain our lost balance with nature.”
$51,000 for rainforest NFTs
Each NFT to protect the rainforest consists of an artwork inspired by the flora and fauna of the Amazon region.
Buyers can purchase tokens for plots of different sizes. Plots of land are available from a quarter hectare to 81 hectares. With the help of an online map, the sponsors can locate their country.
Nemus offers the rainforest NFTs from a price of 150 US dollars. The largest land NFTs sell for up to $51,000.
Nemus founder Penna hopes that the company will raise up to five million dollars. This will then be used to buy another two million hectares of rainforest. The company owner told Reuters that the country in question is already being negotiated.
According to Penna, not only the rainforests should benefit from the sale of the NFTs. Nemus also intends to invest the funds raised in development measures in the future. This includes the harvesting of acai berries as well as Brazil nuts by local communities in the Amazon.
Nemus project not only meets with approval
Although the Nemus project appears very noble overall, critics have nevertheless questioned whether NFTs of all things are suitable for environmental protection. The blockchain technology on which the corresponding tokens are based requires high computing power. This drives up electricity consumption and releases climate-warming greenhouse gases.
However, Nemus founder Penna rejected this criticism to Reuters. In his view, protecting threatened areas of the Amazon far outweighs the environmental costs of NFT transactions.
The fact that all of the land acquired through the NFT sale is in the hands of Nemus could also raise some eyebrows. The NFT owners have no claim to the land thanks to Brazilian law.
One can only hope that the company will not come up with a more profitable use for the purchased land in Amazons in the future.