Intelligent Contract-Oriented Crypto Project Bewegungswap today announced a partnership with Eden Reforestation Projects to capitalize on the non-fungible token (NFT) boom and plant 1 million trees in return CryptoSlate.
NFTs are blockchain-based representations of tangible or intangible objects that link ownership of an underlying asset to their owners. Everything can be represented as NFT. Common use cases range from crypto collectibles and art to in-game assets and physical real estate.
The NFT angle
According to the release, Bewegungswap will use its FlashLaunch feature to raise additional funds for the Eden Reforestation Project.
The latter is a 501 (c) 3 charitable organization devoted to reforestation with a goal of planting over 1 million trees in 2021 to offset the high environmental costs incurred by PoW blockchains. Almost 20,000 hectares of forest have been earmarked for the cause.
“FlashLaunch” is similar to the LaunchPad token offerings from Bewegungswap but is geared towards increases below $ 750,000 to allow smaller projects to participate in the crypto market.
For every FlashLaunch organized, Bewegungswap will mint and sell five NFTs with the title “Golden Ticket”, with 10% of the proceeds being donated to the Eden project.
Bids for these “Golden Ticket” NTTs start at 0.2 ETH ($ 500) and allow access to a guaranteed priority allocation of $ 500 for this launch. The NFTs “Golden Ticket” can also be traded and resold on any marketplace 24 hours before the start.
Who, what, why, where?
The move comes from concerns about widespread environmental damage due to the popularity and growth of the NFT market.
For the uninitiated NFTs directly Do not damage the planet. You, however are typically issued for Proof-of-Work (PoW) cryptocurrencies like Ethereum, which rely on massive computer infrastructure to validate transactions and maintain the network.
Critics say that making NFTs basically adds to the environmental impact by continuing to support PoW networks through the use of overlaid products and applications. Some have even started to claim that NFTs could ultimately lead to a global climate crisis– an argument with little evidence that is rejected by prominent crypto developers.
Ok, I’m about the “NFTs are bad because I don’t understand art” which is just an extension of the age-old argument that literally anything new is bad because I don’t understand. But NFT = global climate crisis? Where does this argument come from? I must have missed it.
– kain.eth (@kaiynne) March 15, 2021
In the meantime, newer projects are trying to repair the so-called damage. How CryptoSlate reported last weekSome donate directly to environmental groups, while others use Ethereum-based arts to raise funds and invest in forest ecosystems.
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