Nemus, a Brazillian firm is using the proceeds from NFTs to help in preserving the Amazon rainforest. Here’s how NFTs are saving the environment.
NFTs to preserve the Amazon rainforest
Nemus owns 410 square kilometers of the Amazon and is offering unique sponsorships to various tracks for buying the NFTs. Flavio de Meira Penna, the founder stated that the token holder will not own the land. However, they will have key information about the forest’s preservation with the help of satellite imagery, licensing, and documentation. The platform used for NFT sales uses blockchain ensuring that the collectibles, ranging from illustrations to memes cannot be replicated. Additionally, blockchain ensures transparency in the usage of funds.
As a result of continuous deforestation and the effect of climate change, Amazonia is losing its ability to regenerate and recover the losses. Without intervention, it could transition into a savannah grassland. This transition comes with severe consequences. Researchers are warning that it means that the Amazon rainforest is reaching a ‘tipping point’ at a much faster rate than previously assumed. Based on climate models, the global heating level can single-handedly push the Amazon past the no return point. If the carbon pollution rate is unchanged, the situation will be locked in by the 2050s.
How do these NFTs help?
Through these NFTs, Nemus is allowing buyers to sponsor preserve specific areas of the jungle. Additionally, users can also help in regenerating clear-cut regions or promoting sustainable development. “My guess is this will accelerate rapidly in coming weeks,” stated Penna. On the first day, Nemus sold 10 percent of the starting offers to equal 8,00 hectares of the rainforest. The plots vary in size from 0.25 hectares to 81 hectares. Buyers can also locate their lots with online maps.
Each token comes with an artwork depicting a plant or animal from the Amazons. It is processed by Concept Art House, based in San Fransisco. The NFT for the smallest plots starts from $150 and the largest one is priced at $51,000. Penna is hoping to raise around $4 to $5 million for buying 2 million hectares of land. It is currently undergoing negotiations in Pauini municipality. Penna believes that in addition to preserving the Amazon rainforest, the funds can help in supporting sustainable efforts such as harvesting Bazil nuts and Acai berries by the locals.
However, critics are questioning the value of NFTs for protecting rainforests. After all, blockchain demands high computing power. Hence rising electricity usage and in turn rising greenhouse gases which is a driving force of climate warming. Penna stated that the preservation of threatened areas outweighs the environmental cost of NFTs.
