With the minting of their NFT collection just around the corner, Carbon Collectible NFTs is eager to share more information about its project. This NFT drop is a social impact project, where 65% of the proceeds from the NFT sale goes towards the end goal of funding low-income forestry communities that are currently excluded from traditional carbon offset programs.
How It Came About
Inspired by the United Nations Sustainable Development Goals that resonated with the core team, Carbon Collectible NFTs was born. The team’s primary focus is to help emerging economies move beyond aid. In this case, the initial beneficiary happens to be the Avatime forestry community in the Volta Region of Ghana.
Using the power of the blockchain, NFTs, and the crypto community, Carbon Collectible NFTs has reimagined the carbon offset industry. Their Web 3.0 solution adds equity and inclusion to climate finance for low-income forestry communities.
How It Works
Carbon Collectible NFTs has rights to more than 24,000 hectares of mature forestry. Each NFT grants the owner digital and virtual rights to 1 hectare of mature trees.
Current plans include a total of 20,000 Carbon Collectible NFTs, with the remaining 4,000 hectares to be used as a reserve supply.
Patrons of the project can use these mixed reality NFTs in the metaverse, gaming, and real-life scenarios.
Traditional “forestry” carbon offsets represent historical carbon in tree trunks, branches, and soil. Trees extract this carbon from carbon dioxide in the atmosphere through photosynthesis. For a similar price to traditional carbon offsets, each Carbon Collectible NFT includes the same virtual rights to “historical” carbon.
However, these NFTs also include additional rights to live carbon sequestration from one hectare of mature trees for 10 years into the future. In addition, these NFTs also offer enhanced provenance that enables a buyer to trace their carbon sequestration to a unique hectare of forestry. This enhanced geolocation feature also adds physical rarity to each NFT by calculating the proximity of its hectare to rare sites within the forest, such as waterfalls and caves.
As such, the sale of these augmented carbon offsets has two launch phases.
The first release will drop 1000 NFTs, limiting each wallet to a maximum mint of 100 NFTs. Each renewable 10-year Carbon Collectible NFT will cost $500; $10 per digital carbon offset per year, and 5 digital carbon offsets per hectare of forestry with a 10-year term.
The second release will comprise 4000 NFTs, again with a limit of 100 NFTs per public key. The minting price and the release dates for the remaining NFTs will be announced later.
How The Funds Are Used
The core team for Carbon Collectible NFTs has allocated 65% of NFT proceeds to fund forest management activities and a social innovation studio in the local community. This social innovation studio will fund sustainable and profitable social impact companies that create jobs and alternative livelihoods — especially for those who have no choice but to log trees illegally for a living.
The project is currently giving away a limited number of free “awareness“ NFTs to early adopters. These free NFTs do not include any forestry rights.
Forestry rights are only conveyed with the project’s paid NFT, which is an avatar that each owner can customize then navigate through a forest-themed metaverse. The goal is for this mixed reality avatar to deliver crypto funding to real-world, low-income forestry communities that are currently excluded from traditional climate finance.