A Brazilian business is providing a way to donate to the protection of the Amazon rainforest by selling non-fungible tokens.
An NFT may be applied to any digitally saved item, such as a piece of digital artwork. The NFT may be used to verify the components’ legitimacy. While anybody may look at the painting, only the buyer has official ownership rights.
Nemus, a Brazilian company, owns 410 square kilometers of the Amazon rainforest. It began selling NFTs to allow buyers to maintain a variety of forest sizes. The money will be utilized to help with tree preservation, regeneration of cleared areas, and environmental development.
The land will not be owned by NFT holders. They will, nevertheless, have access to key information concerning its security. According to Nemus founder Flavio de Meira Penna, satellite pictures, licenses, and other paperwork are provided.
He claimed that 10% of Nemus’ initial sale of 8,000 hectares of NFTs was sold on the first day.
Penna predicts that the company’s NFTs will continue to sell quickly.
The size of the land parcels varies from less than one hectare to more than 81 hectares. Buyers will be able to discover the region of land they are supporting using online maps.
According to Penna, NFTs for the smallest plots of land cost $150, while the largest cost $51,000. He plans to raise $5 million to buy another 2 million hectares of property in the Amazonas state.
Penna said that the funding will also be utilized to help indigenous tribes with environmental development initiatives such as harvesting açai berries and Brazil nuts.
Each NFT is accompanied by artwork portraying a plant or animal native to the Amazon. Concept Art House, a content creator and NFT publisher located in San Francisco developed the artwork.
Some critics have questioned the effectiveness of NFTs in achieving environmental goals. Blockchain technology needs a lot of computing power, which means more energy is used, which means more greenhouse gases are released into the atmosphere.
Penna, on the other hand, is not convinced. He claims that maintaining Amazonian habitats is more important than the environmental cost of trading in NFTs.