The Brazilian company Nemus that owns 410 square kilometers (158 square miles) of Amazon rainforest sells non-fungible tokens (NFTs) to support conservation.
An NFT is a kind of crypto asset that exploded in popularity last year. Their unique digital signature guarantees they are one of a kind.
Nemus sells NFTs that give buyers unique sponsorship of different sizes of forest, with the proceeds going to preserve the trees, regenerate cleared areas and support sustainable development.
Each token comes with artwork of an Amazon plant or animal and is created by Concept Art House, a content developer and publisher for NFTs.
Nemus founder Flavio de Meira Penna said the company had sold 10% of their first offer of tokens for 8,000 hectares on the first day. “My guess is this will accelerate rapidly in coming weeks,” Penna told news agency Reuters.
Penna said NFTs for the smallest areas sell for $150, and the largest cost $51,000. He hopes to raise $4 to $5 million to buy an additional 2 million hectares of rainforest.