The custom-built platform will support companies and their clients that buy Nori Removal Tonnes (NRTs), as well as regenerative farmers who supply these NRTs for transparent and verified CO2 removal transactions.
The platform provides Web3 companies with different ways to add CO2 removal to their dApps (decentralized applications). For example, an NFT marketplace could integrate the NRTs purchase into their checkout process, giving buyers the option to remove CO2 and support regenerative farming with one click.
Once the platform issues NRTs, they live in the suppliers’ wallets as NFTs until they’re sold. When a purchase happens, the suppliers’ NRTs are exchanged for USDC (digital coins), and they get paid immediately for each sale. Nori has also updated its NRT allocation algorithm to provide all suppliers with a fair shot at selling regardless of their size.
Nori’s CO2 removals and purchases registry will be publicly available via the Polygon blockchain.
“This is the realization of the next step in our roadmap. At a super-micro level this powers (re)moving CO2 molecules in the atmosphere into biomass in the soil via decentralized infrastructure,” said Paul Gambill, Nori’s CEO and co-founder. “We can’t wait to see the innovative ways climate-conscious brands bring this integration to life on behalf of their customers.”
Nori is a crypto-native firm that brings CO2 removal origination to the Web3 community. It provides third-party verified and warranty-backed carbon removals.
The company, which as established in 2017, has raised $4 million in seed financing and a $7 million Series A financing.