Batch minting of carbon credit backed NFTs will enable seamless proof of ownership and the ability to transparently retire used credits.
XELS, a company utilizing blockchain and other breakthrough technologies to promote a greener planet, today revealed its industry-first platform for minting carbon credits as non-fungible tokens, or NFTs (ERC-721). Known in popular culture for their association with lucrative digital collectibles, NFTs are, at their core, one-of-a-kind digital assets that serve as an immutable proof of ownership. NFTs offer transparency and public traceability, making them the perfect vehicle by which to mint the world’s next generation of fully digital voluntary emissions reductions (VERs, or voluntary carbon credits).
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The XELS Platform will benefit from the company’s existing technology, which utilizes cutting-edge satellite imagery and artificial intelligence to map out and quantify the actual amount of carbon being neutralized by protected lands and reforestation efforts in Japan and Australia. XELS’ enterprise blockchain and eponymous token provide the infrastructure for businesses and individuals alike to interact with the global carbon offset markets in a simple, cost-effective, and energy efficient way.
“One of the most powerful features of the XELS platform is the ability for projects to create an infinite amount of digital carbon credit NFTs in a single transaction, saving gas fees while reducing the energy usage associated with multiple blockchain transactions,” explains XELS founder and CEO Takeshi Nojima. “This is huge for the NFT community and takes NFT creation to the next level. We now have a standardized method by which decentralized applications track ownership of a massive amount of NFTs. Creating carbon credits is a great use case for batch minting NFTs, which are secure and can’t be duplicated. Ownership and authenticity can be securely tracked, and you can programmatically transfer ownership and invalidate a credit after it has been retired.”
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Users will simply deposit, or “stake,” one XELS token per 10 tons of carbon to mint a custom carbon offset NFT equal to the amount of carbon they wish to sequester. Upon retirement (or “burning”) of the offset backed NFT, the XELS tokens will unlock, thus forming the basis of the XELS Platform’s consensus mechanism. XELS also provides proof of the amount of carbon sequestered by issuing an official certificate after each NFT is burned on its platform.
Not only will XELS offer the platform for minting carbon offset NFTs, but the company will also introduce a marketplace where users can sell and trade them based on a user’s individual needs. XELs has already partnered with green-tech industry leaders across to globe to make its vision of a healthier, more sustainable planet a reality for anyone who wishes to partake in the carbon offset markets
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