Brazilian Company uses NFTs to help Preserve the Amazon Rainforest

Roughly 410 square kilometers of the Amazon rainforest is owned by a Brazilian company and it is currently seeking new methods of funding its conservation efforts. The company, Nemus, announced last Friday that it has begun selling NFTs that allow buyers to sponsor the preservation of specific areas of the jungle.

According to CNN, the proceeds of the sales will fund conservation efforts to preserve the trees, regenerate clear-cut areas, and foster the sustainable development of the forest.

According to the company’s founder, Flavio de Meira Penna, buyers will not own the land. Instead, they will have access to key information about its preservation via satellite images and other documentation.

Meria Penna stated that the company sold 10% of its offering for 8,000 hectares on the collections launch day. “My guess is this will accelerate rapidly in coming weeks,” he added. Furthermore, he is confident that blockchain technology will ensure the legitimacy of the transactions.

Buyers may choose the plots of land they sponsor (ranging from 0.6-200 acres) as the NFTs cost between $150-$51,000 depending on how large the area is. Penna aims to raise between $4-$5 million to buy 2 million hectares of land.

The tokens feature artworks of an Amazon plant or animal and are processed by the San Fransisco-based Concept Art House. Recently, critics have questioned the use of NFTs for environmental causes as the technology requires high amounts of electricity to run smoothly. Penna refutes this stance as he claims that the preservation of threatened areas outweighs the environmental cost of NFT transactions.

Asides from preserving the forest, Penna notes that the funds will support sustainable development efforts in Brazil.

Source: CNN Business