Brazil company sells NFTs to save the Amazon (VIDEO)

The Brazilian company Nemus that owns 410 square kilometers 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. 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 of the Amazon 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.

Amazon Rainforest

The Amazon Rainforest, often called “the lungs of the Earth,” is a huge tropical rainforest in South America. This expansive area includes territory belonging to nine nations.

The majority in Brazil, followed by Peru, Colombia, and smaller portions in other South American countries.

The Amazon is the most biodiverse rainforest on the planet. It is home to about 10% of the known species in the world. Numerous plants, animals, and insects, many of which are found nowhere else on Earth live there.

The rainforest plays a critical role in regulating the global climate. It helps control atmospheric carbon dioxide levels by acting as a major carbon sink. It also influences global and regional temperature, rainfall patterns, and weather systems.

The rainforest is threatened by deforestation due to logging, mining, agriculture, and ranching. Deforestation in the Amazon has significant impacts on biodiversity loss and contributes to increased carbon emissions, which exacerbate global warming.