How NFTs are changing the game for sustainable farming
In November 2021, NMKR announced their cooperation with the NGO called Bluenumber to develop fundamental new use cases for NFTs that support change makers and community leaders. It was one of the first projects developed in collaboration, this idea is still very much experimental and under development, but it has great potential!
NFSTs (Non-Fungible Sustainable Tokens) are sold by leaders of localities who want to make positive impacts in their own communities through projects like sustainable farming. Through the use of NFSTs, localities can fund sustainable projects and activities easily and transparently.
Dr. Puvan J Selvanathan is the founder and copyright owner of Bluechip and NFSTs firmly believes that the philosophy and values behind Cardano (a sustainable proof-of-stake blockchain) are the keys to a successful future for NFTs. The team at NMKR is honoured to be working with such an experienced and progressive leader to help realize the potential of NFTs in making the world a better place.
NFSTs serve as assets of environmental, social, and governance (ESG) objectives, and the use cases are emerging as the global appetite for sustainability-minded investments continues to grow. NFSTs contribute as evidence that an impact has been achieved - for example, tons of carbon captured or mitigated, children enrolled in rural education programs, avoided poverty or exploitation, etc.
Since NFSTs are difficult to fake or manipulate, they have the potential to provide a high degree of assurance around the achievement of ESG objectives. An NFST owner has a property right to the data, which they can use to assert or defend a claim that a given goal has been met. As the market for NFSTs develops, it could play an important role in unlocking investment capital for sustainability initiatives around the world.
NFSTs are designed to create trust and understanding between people who share specific values. The metadata attached to an NFST can be used to show that the person making a claim actually practices what they preach. This way, every NFST becomes a valuable asset because there is a limited number of them, and they are shared among a specific group of people. For example, a group of vegans who share particular values and behaviours can use NFST data to increase trust among a group and for getting rewarded. This way NFSTs can help create a more open and understanding world.
"We are delighted to be working with Bluenumber on this project," said Patrick Tobler, founder, and CEO of NMKR. "NFTs have great potential to support sustainability objectives and we are honoured to be working with such a progressive and experienced team."
In retrospect, NMKR 's decision to collaborate with Bluenumber was a logical one. Both organizations share a commitment to using technology for good and empowering individuals to create positive change in the world. By working together, we can help realize the potential of NFTs as a force for good.