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Known as "one-of-a-kind" due to their unique digital signature, NFTs are a type of crypto asset that shot to fame last year.
A Brazilian company that owns 410 square kilometers (158 square miles) of Amazon rainforest is selling non-fungible tokens (NFTs) that let people pay for the preservation of specific parts of the rainforest.
NFTs are a type of crypto asset that became very popular last year. They have a unique digital signature that makes sure they are only one of a kind. There are also plans for a wildlife reserve in South Africa that will be funded by NFTs, as well.
People in Brazil can buy NFTs from a company called Nemus that give them the right to own a piece of forest. The money from the sale of the NFTs goes to keep the trees, regenerate areas that have been cut down, and encourage sustainable development.
You won't be able to get your hands on any of the land. But you will have access to important information about how it's being kept, from satellite images to licenses and other documents, says Flavio de Meira Penna, who founded Nemus.
In the first day, he said that Nemus had sold 10% of its first tokens for 8,000 acres.
Penna told Reuters that he thinks this will happen very quickly in the next few weeks. He said that blockchain technology would make it easier for people to see how the money was spent.
If you look at an online map, you can see where the plots are. They range in size from 0.06 to 200 acres.
To buy land in Pauini, in the state of Amazonas, Penna wants to raise $4 million to $5 million. He wants to buy another 2 million acres of land already in talks in the municipality of Pauini. The smallest plots of land are worth $150, and the largest are worth $51,000, Penna says.
Also, Penna said that the money would help with things like harvesting acai berries and Brazil nuts by local communities in Pauini, which is the same size as Belgium.
It comes with images of an Amazon plant or animal and is made by Concept Art House, a San Francisco-based company that makes content for NFTs.
Critics have questioned the value of NFTs for environmental causes because tokens that use the blockchain technology require a lot of computing power, which increases the need for electricity that releases climate-warming greenhouse gases.
It doesn't make sense to Penna, who says that preserving the Amazon rainforest far outweighs the environmental costs of NFT transactions.
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