Carbon Sequestration Venture Debuts First-Ever Certified CCNFTs

Source : coinquora.com

SavePlanetEarth (SPE) – an emerging trailblazer in eco-driven carbon sequestration initiatives and the ever-evolving cryptocurrency market – has unveiled the world’s first-ever certified Carbon Credit NFTs (CCNFTs). According to SPE, these “green-minted” CCNFTs, which further reinforce efforts in combating climate change from a cryptocurrency angle, are verified by the UN (VCS, CDM, REDD+). Its initial batch – made live since Friday on the Phantasma blockchain – consists of 1,000 limited/collector’s edition CCNFTS, with more batches, or “series” of additional regular CCNFTs to follow shortly.

SPE’s carbon credits are generated from various carbon sequestration projects, such as reforestation efforts. It has a cryptocurrency called $SPE, primarily created to be the exclusive currency used within SPE’s carbon credit exchange. SPE’s dive into the crypto market is part of a larger goal in creating a green blockchain, entirely powered by renewable energy – an initiative that will primarily have a carbon offset utility design. Due to SPE running their environmental initiatives in various countries, they can earn carbon credits for every ton of carbon sequestered by their initiatives, which are then verified by the Carbon Consulting Company (CCC). Every carbon credit sold to the SPE token is bought and burned, with the proceeds being used to fund more sequestration projects to generate even more credits.

Currently, the SPE team is setting up carbon sequestration nurseries in the Maldives, Sri Lanka, and Pakistan, and has recently partnered with the Pakistani government to engage in the planting of 1 billion trees, as part of the country’s massive “Ten-Billion Tree Tsunami” initiative. To date, SPE has contracted a total of 1.1 billion trees via projects worldwide.

Although SPE is still a fledgling NGO, it has so far planted over 70,000 trees that are native to their respective countries, while also providing empowerment to the local communities and partnering with other NGOs and like-minded volunteers on collaborative planting initiatives within that short period. 6 months since SPE’s inception, it has gathered a community of over 80,000 investors.

SPE expresses its firm belief that the effects of climate change have rapidly emerged during the last century, adding that inaction against climate change is often attributed to the necessary funding falling short or being entrapped in bureaucratic processes that stop it from reaching projects promptly. It also emphasized the need for new and innovative financing to support strategies that combat carbon emission buildup, which includes funding projects directly and developing innovative funding mechanisms. It further noted that the emerging cryptocurrency market can help combat these funding issues and help aid in the sequestration processes to combat global warming.

The showcasing of the first-ever CCNFTs wouldn’t have been possible if not for SPE’s partnership with Phantasma, whose environmentally-friendly portfolio, as well as its eagerness to lower its carbon footprint, makes it a suitable associate and an excellent option since SPE’s blockchain and carbon credit exchange are still in production.

Phantasma is home to carbon-neutral SmartNFTs with some of the most advanced NFT capabilities in the industry. The Phantasma blockchain can be used for digital goods and services such as communication, entertainment, on-chain storage, and – in SPE’s case – for their green NFT technology and marketplace. As a core part of their partnership, SPE will verify Phantasma’s carbon neutrality. Through SPE’s CCNFTs, Phantasma will take its focus on the environment one step further and become carbon negative, making it a provably green blockchain for developers to build their decentralized applications on.

SPE has further plans to reinforce the crypto sphere’s environmental impact, not just through their initiatives, though. It is also fine-tuning its “SPEPad” – a “green” launchpad for new carbon sequestration-related cryptocurrency projects that the SPE team has vetted.

The combined might of SPE and Phantasma is set to take the blockchain space by storm with their adaptive innovation and rapidly growing communities, as they use their respective green platforms to promote environmental initiatives, carbon credits, and sustainability.

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