Non-Fungible Tokens (also known as NFTs) are crypto-acquired assets that take the form of digital art. Over the course of the last year, these “one-of-a-kind” digital works of art have gained in popularity, as many powerful people and celebrities started acquiring them, sometimes at extravagant costs.
Regardless of whether you agree with the usage of NFTs or not, there is a Brazilian firm that is utilizing them to raise funds for conservation efforts, which is a cause that all can support.
The firm, named Nemus, controls 410 square kilometers (158 square miles) of Amazon rainforest, and they are now selling NFTs, which offer customers exclusive sponsorship of different-sized sections of the forest.
A plant or animal native to the Amazon is represented by each of the artworks that are associated to the NFTs, which have been handled by Concept Art House, a content creator and publisher for NFTs situated in San Francisco. The plots range in size (from 0.6 to 200 acres) and price (from as low as $150 to a staggering $51,000), depending on the location.
Despite the fact that the holders of NFTs will not technically own the property itself, they will have access to inside information on its preservation and management. This implies that holders will be able to examine satellite pictures of the site as well as access to licenses and other relevant documents.
The money raised goes toward the preservation of trees, the regeneration of clear-cut regions, and the promotion of sustainable development. Acai berries and Brazil nuts are among the crops being harvested by local people in Pauini as part of their efforts to promote sustainable development. On its first day of operation, Nemus has sold a total of 10% of the tokens for 8,000 hectares that were made available.
It is expected that NFTs will continue to grow in the following weeks. It’s also worth noting that since NFTs are based on blockchain technology, the usage of money would be transparent.