This Brazilian Company Sells NFT To Preserve the Amazon Forest

Posted on March 28, 2022 in Cryptocurrency

COINHOT – Brazilian company Nemus, which owns 410 square kilometers of the Amazon rainforest, is selling Non-Fungible Tokens (NFTs) as an offering of a new way to fund the conservation of the Amazon forest.

The sale of the NFT will allow buyers to act as sponsors of the conservation of the Amazon forest. Proceeds from the sale of the NFT will also be used to regenerate logged areas and promote sustainable development.

Reporting from Reuters.com, Sunday (27/3/2022), NFT holders will not own their own land, but will have access to important information regarding conservation efforts captured through satellite imagery, to permits and other documentation.

Each of these NFTs will be complemented by Amazonian plant or animal artwork, which is processed by NFT content developer and publisher, San Francisco-based Concept Art House.

Nemus founder Flavio de Meira Penna said his company had sold about 10 percent of the original NFT offering, for 8,000 hectares at the time of the first day of sale. Penna added that these sales will grow rapidly in a few weeks.

“My guess is this will accelerate rapidly in the coming weeks,” said Penna.

Penna also said that blockchain technology will ensure transparency in the use of funds, so that NFT buyers do not have to worry about misuse of funds from the sale of NFT.

The NFT will be sold in a variety of plots, ranging in size from a quarter hectare to 81 acres, which buyers can find via online maps. The NFT with the smallest plot will sell for 150 US dollars and the largest plot will sell for 51 thousand US dollars.

Penna hopes to raise US$4 million to US$5 million, which is used to purchase an additional 2 million hectares of land. This additional land is reportedly being negotiated in the municipality of Pauini, Amazonas state, Brazil.

Penna also explained, in addition to preserving forests, these funds will be used for sustainable development, such as harvesting acai berries and Brazil nuts by local communities in Pauini.

NFT is one of the crypto assets whose popularity has been rising since last year. NFT has also been used in environmental conservation efforts, to fund the conservation of wildlife reserves in South Africa.

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