TRST01 Blockchain, Hyderabad, has announced the listing for ‘Bhu’ NFT on OpenSea. This is India’s first carbon offset token that is not fungible. Thu, an NFT that represents 1000kg of carbon sequestration and one carbon credit, is a real-world tradable asset. Bhu NFT is based on the Polygon blockchain and aims to address a critical pain point in the carbon offset industry through the use of Blockchain technology. For Mor Updates Stay Tuned With Moneycompanion.us.
Prabir Mishra is the CEO and Co-Founder of TRST01 Blockchain. He claims that currently, carbon offset business is plagued by double-counting data. Mishra spoke exclusively to FE Online about how Bhu NFT is putting the entire carbon credit generation process on the blockchain.
Earth Day Special 2022
Mishra added that Bhu, in the form of an NFT provides liquidity for carbon assets, allows easy transferability, and makes the whole process secure and safe with the help of blockchain technology. Mishra said that Bhu NFT has a great opportunity because the market for carbon offsets is expected to grow from $4-5 billion today to $400-650 million by 2030. Mishra stated that the world is moving faster towards carbon neutrality and that there is an increasing supply and demand gap. This will increase in significant numbers by 2025.
How Does Bhu NFT Works
The grassroots is often where carbon credit generation takes place. This could be a farmer who practices sustainable agriculture or villagers who practice sustainable agroforestry. It could also include activities such as the generation of bio CNG and solar plants. Auditors quantify the contribution of each activity to reducing carbon dioxide from the atmosphere and assign certain carbon credits.
Carbon credits can be traded on carbon exchanges in London and Singapore. Mishra stated that there are some issues like double-counting data. His company is working to fix these problems by tokenizing the carbon credit generation process.
Mishra explained the whole process using an example. She said that sustainable agriculture helps to reduce carbon emissions to the atmosphere. “That is measured per farmer using our application. The auditor validates the data to determine how much carbon has been reduced. This is how it converts into certain carbon credits.
The complete blockchain process can be captured to speed up carbon credit generation. We convert the carbon credit into NFT once it has been generated. This makes it a type of good asset since it is backed up by real world assets – carbon credit.
Mishra stated that sustainable paddy farming can reduce the atmospheric carbon dioxide by 3-5 metric tonnes per hectare. This is equivalent to 3-5 carbon credits. These are high-quality carbon credits. Each credit is worth around $20 on the international market.
Mishra stated that the capture of carbon credit generation is based upon proven models. It has been tested in Rajasthan. We are also working in Madhya Pradesh on 3800 acres for bamboo plantation.
Who will be Profitable?
Mishra stated that the NFTs will generate income for the entire ecosystem, including farmers, validators, auditors, and partners in tech. Mishra said that farmers typically get Rs 1000 to Rs 1500 per hectare when they share their data or practice. Individuals who purchase the Bhu NFT could also reap the benefits if the price rises in the future.
Individuals have the opportunity to succeed
Carbon offset was previously only available to industry players looking to offset their carbon emissions. This non-fungible token allows people to buy and sell carbon credits. Mishra stated, “Let’s say I create an offset in Telangana. But the moment I convert that into an NFT I can trade it in America and send it to Europe, or I can exchange it in Global Exchanges like the London carbon exchange or Singapore carbon exchange.”
He also stated that Bhu offers investment opportunities. He said, “Investors could buy the NFT and hold it until the price rises. Then they can sell it to the offset guys.” Bhu NFT could even allow individuals to reduce their carbon guilt, as each token represents one carbon credit. “People can buy it and offset their carbon footprint, if they wish. Mishra stated that this will allow common citizens to purchase and offset their carbon footprint.
He said, “The ultimate beneficiaries would be people at bottom of the pyramid such as farmers who help us reduce our carbon footprint.”
Where to Buy Bhu NFT?
On OpenSea NFT Marketplace, you can purchase Bhu NFT. TRST01 Blockchain also offers some tokens free of charge through a lottery system.
Bhu NFT price on OpenSea
Mishra stated that the listing price for Bhu NFT was between $8-10.
India has not regulated cryptos, NFTs and virtual assets. They can lead to losses if you invest in them. Before making any investment decisions in crypto, please consult a professional financial advisor.