XELS, an environmentally conscious blockchain platform, has announced it will be launching a platform for minting carbon credits as NFTs.
NFTs, or non-fungible tokens, are digital-assets that serve as fixed proof of ownership and each one is always unique.
In addition, NFTs are publicly traceable and, therefore, fully transparent, which makes them an ideal means to mint the new generation of voluntary emissions reductions (VERs) that are fully digital.
Or at least, that is what XELS has in mind with the idea for its new platform, which will benefit from the Japanese firm’s existing technology that already uses highly innovative satellite imagery and AI to measure the exact amount of CO2 that is offset by reforestation efforts and protected lands in Australia and its own native country.
The company’s eponymous token and enterprise blockchain already offer an existing infrastructure necessary for individuals and organizations to interact with different carbon offset markets around the world.
And what’s more, they do so in a way that is energy-efficient, simple and very cost-effective.
Another advantageous feature that the XELS platform possesses, as described by the company’s CEO Takeshi Nojima, is the ability for infinite numbers of carbon credit NFTs to be minted in a single transaction.
Not only does this save gas fees and reduce energy usage, but it also provides the means necessary to securely track the ownership and authenticity of a significant amount of NFTs.
And once a credit has been retired, you can easily invalidate it.
Furthermore, the XELS platform will also provide proof of the amount of CO2 that has been sequestered by issuing a certificate every time an NFT is burned on the platform.
Plans for the future also include the introduction of a new marketplace, where users will be free to buy and sell NFTs based on their personal needs.