TRST01 launches carbon offset NFT token 'Bhu'
Becomes the first Indian tech company to digitize carbon credits and bring it in an NFT form
image for illustrative purpose
Bhu is an NFT representing 1000 kg of carbon sequestration or one carbon credit, which is a real-world tradable asset. The size of the carbon offset market is expected to grow from the current $4-5 billion to $400-650 billion by 2030. The world is moving towards carbon neutrality at a faster pace and there is a supply and demand gap, which is going to come up in a big way by 2025. Based on Polygon blockchain, Bhu NFT aims to address an important pain point of the carbon offset business through the use of blockchain technology. Previously, carbon offset was only used by the industry players who wanted to offset their carbon emissions. Now people can buy and sell carbon credits through this non-fungible token
Mumbai: TRST01, a leading provider of blockchain solutions, is eying on 15-20 per cents of market capture in the form of NFTs. The company has launched the carbon offset NFT token Bhu. To commemorate Earth Day TRST01 listed 'Bhu' NFT, which is 'Made in India' and the country's first real-world carbon offset non-fungible token, on the OpenSea marketplace.
Talking to Bizz Buzz, Prabir Mishra, Co-Founder and CEO of TRST01, says, "The current carbon offset market opportunity in India is ranging between $300 million and $500 million. TRST01 is the first Indian startup tech company to digitize carbon credits and bring it in an NFT form. We are looking at a minimum of 15-20 per cent of market capture in the form of NFTs."
Carbon offset NFT is a digital representation of one carbon credit certificate that represents one tonne of CO2 emission reduction in the atmosphere. The NFT is kept in decentralised format using block chain technology.
Bhu is an NFT representing 1000 kg of carbon sequestration or one carbon credit, which is a real-world tradable asset. The size of the carbon offset market is expected to grow from the current $4-5 billion to $400-650 billion by 2030. The world is moving towards carbon neutrality at a faster pace and there is a supply and demand gap, which is going to come up in a big way by 2025. Based on Polygon blockchain, Bhu NFT aims to address an important pain point of the carbon offset business through the use of blockchain technology. Previously, carbon offset was only used by the industry players who wanted to offset their carbon emissions. Now people can buy and sell carbon credits through this non-fungible token.
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 per cent of our biodiversity; agricultural productivity has decreased and so many all these are related to the increase in earth temperature. I am highly delighted that TRST01 zero has planned on such an auspicious occasion to launch their first carbon token, engage with five essential elements (Pancha Maha Bhutas) and blockchain is such a critical technology that enables the trust and transparency in the ecosystem. He further said, with the release of the first carbon token, we are celebrating the earth and Pancha bhutas"
Jayesh Ranja, Principal secretary and IT secretary - Govt of Telangana said, "This is very appreciable how the TRST01 team has come up with a novel idea for carbon credit NFT. He said Gamification is the best way to change the societal habit toward climate change. He further said Telangana is aggressively promoting the emerging technology and web3.0 ecosystem in the State."
