Hyderabad-based blockchain solutions startup TrayamBhu Tech Solutions (TRST01) on Monday announced the launch of carbon offset NFT token Bhu.
The NFT token is built on the Polygon blockchain and the company intends to employ blockchain technology to address a major pain issue in the carbon offset industry. Users can people can buy and sell carbon credits through Bhu NFT, which is Made in India and the country’s first real-world carbon offset non-fungible token, on the OpenSea marketplace.
Prabir Mishra, Co-Founder and CEO of TRST01, stressed the importance of end-to-end blockchain traceability on carbon sequestration, saying that “NFT tokenisation will further enhance the value in the climate ecosystem”.
The company expects that by 2030, the market for carbon offsets is likely to rise from $4-5 billion to $400-650 billion. Its NFT token represents 1,000 kg of carbon sequestration or one carbon credit, which is a tradable asset.
Dr Srikanta K Panigrahi, Director-General of the Indian Institute of Sustainable Development, said, “Nature has the power to recoup itself. Still, because of the excessive extortion on nature, the earth’s average temperature has gone beyond the tolerance limit of 1.2 degree centigrade. We have lost more than 30 percent of our biodiversity; agricultural productivity has decreased…all [this is] related to the increase in earth temperature.
“I am highly delighted that TRST01 has planned on such an auspicious occasion to launch their first carbon token, and engage with five essential elements (Pancha Maha Bhutas). Blockchain is such a critical technology that enables trust and transparency in the ecosystem. With the release of the first carbon token, we are celebrating the earth and pancha bhutas.”
Jayesh Ranjan, IAS and Principal Secretary to Government of Telangana, and Dr Prvaeen Rao, Vice-Chancellor, PJTSAU, were part of the launch.
Blockchain startup TRST01 launches NFT to help mitigate carbon footprint – YourStory