Platform Enables the Conversion of Carbon Credits into NFTs
First Carbon Corp., developers of the world’s first decentralized carbon credit non-fungible token (“NFT”) onboarding platform, is pleased to provide details for the upcoming launch of MintCarbon.io (“MintCarbon”).
Leveraging the power of the blockchain and specifically Ethereum, MintCarbon is a user-friendly interface, enabling carbon credit owners to easily convert their credits into highly customizable ERC-1155 compliant NFTs which can then be listed for trading on decentralized marketplaces such as OpenSea.io. Every customised NFT is embedded with unique characteristics which can potentially represent thousands of tonnes of carbon dioxide.
ERC1155 is a novel token standard that aims to take the best from previous standards, it is capable of combining fungible (utility tokens and cryptocurrencies) and non-fungible (digital assets) smart contracts to allow for limited run editions of NFTs. Optimizations built into ERC1155 allow for gas-efficient (low emission) transactions and are secure, liquid and immune to hacking.
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Creating MintCarbon tokens on Polygon, a low emission Ethereum side chain, allows for lower transaction fees, increased liquidity and on-chain transaction transparency for trading in carbon offsets. Increased investment and liquidity will drive growth, innovation, expansion and acceptance, particularly in the historically fragmented and opaque voluntary carbon credit market.
MintCarbon was designed to be user friendly and easily accessible for those new to the crypto space. With a few clicks, carbon credit owners can create and customize their profile, upload their credits and effortlessly link them to a decentralized trading exchange such as OpenSea.io, the largest NFT exchange in the world.
Mo Yang, CEO, comments: “We’re proud to introduce MintCarbon as the world’s first NFT minting platform for carbon credit owners. MintCarbon lives up to its namesake, as it truly allows carbon credit owners to mint their credits into NFTs for a secure and efficient method of trading in a market we’re confident is set to grow rapidly in the coming years. We look forward to providing further guidance on the official platform launch in the near future.”
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MintCarbon will allow the owners of the NFT to monitor their assets while tracking their value and trading history.
The platform is currently undergoing beta testing and the Company anticipates an official launch in Q1-2022.
As of June 2021, the Voluntary Carbon Market represented only 0.2% of global greenhouse gas emissions. Demand for voluntary carbon credits is forecast to increase significantly, driven by a growing number of corporate net zero commitments.
The Institute of International Finance believes there is “huge upside potential” for voluntary carbon credits, predicting the market could be worth as much as $100B/year by 2050.
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