Non-Fungible Tokens, commonly known as NFTs, are crypto-acquired assets in the form of digital art. These “one-of-a-kind” digital pieces rose in popularity last year, with plenty of influential personalities and celebrities purchasing them, often at exorbitant prices.
Well, whether you’re a fan of NFTs or not, there’s a Brazilian company that is using them to fund conservation efforts—which is a cause we can all get behind.
The company, called Nemus, owns 410 square kilometers (158 square miles) of the Amazon rainforest, and they are now selling NFTs that grant buyers unique sponsorship of different sized parts of the forest. The artworks that are attached to the NFTs depict a plant or animal native to the Amazon and are processed by San Francisco-based content developer and publisher for NFTs, Concept Art House. The plots vary in size (0.6 to 200 acres) and cost (as little as $150 to a whopping $51,000).
Though the holders of the NFTs will not actually own the land itself, they will have access to inside information about its preservation. This means, according to Nemus founder Flabio de Meira Penna, that holders can view satellite images of it and can have access to licensing and other documentation.
The proceeds go toward preserving the trees, regenerating clear-cut areas, and fostering sustainable development. Some of these sustainable development efforts include harvesting acai berries and Brazil nuts by local communities in Pauini. On its first day, Nemus has sold 10 percent of an initial offer of tokens for 8,000 hectares.
“My guess is this will accelerate rapidly in coming weeks,” Penna told Reuters, also saying that since NFTs use blockchain technology, the use of funds will be transparent.
Penna hopes that between $4 million to $5 million can be raised through the NFT initiative to help purchase an additional two million hectares of land that is already under negotiations in the municipality of Pauini in Amazonas state.