A Hyderabad based Blockchain startup TRST01 (Trust O One) has launched India’s first ever carbon offset NFT to honor Earth day. The NFT is named ‘Bhu’, a Sanskrit word which translates to Earth.
The Carbon offset NFT will be priced around $8 to $10 and it will be the country’s first real world Carbon offset Non-Fungible-Token, on OpenSea marketplace.
The company is aiming to focus on reducing the carbon footprint by the help of Blockchain technology. According to the company, a ‘Bhu’ NFT represents 1000 kg of carbon capture or one carbon credit, which is a real-world salable asset.
The NFT token is based on the Polygon blockchain and users can trade carbon credits for Bhu NFT.
“Bhu NFT aims to address an important pain point of the carbon offset business through the use of Blockchain technology” said Prabir Mishra, Co-founder and CEO of TRST01.
Mishra gave an example to explain the process, “Suppose you do sustainable agriculture, you help to reduce the carbon discharge to the atmosphere. That gets measured per farmer through our application, we send it to the auditor, who validates the data to find out how much carbon reduction has taken place. That’s how it translates into a certain number of carbon credits.”
“Capturing the complete process on blockchain helps in quicker carbon credit generation.”
The generated carbon credit is converted into an NFT, which proves to be a valuable asset because it is backed by a real world carbon credit asset.
The company expects that by 2030, the market for carbon offsets is likely to rise from $4-$5 billion to $400-$650 billion.
“Previously, carbon offset was only used by the industry players who wanted to offset their carbon emission. Now people can buy and sell carbon credits through this non-fungible token, the company said via a release, “the world is moving towards carbon neutrality at a faster pace and there is a supply and demand gap, which is going to come up in a big way by 2025.”
Companies from many fields are trying to save the environment in their own way and crypto related companies are bringing in new and profitable ideas which never existed before. One such example is Crusoe Energy trying to save the environment by using stranded energy like flare gas and curtailed renewables.
