April 22, 2022
By Priyanka Shetty
Hyderabad-based TRST01 Blockchain has announced the listing of ‘Bhu’ NFT, which is India’s first real-world carbon offset non-fungible token.
Here is what we know:
Based on Polygon blockchain, Bhu is an NFT representing 1000 kg of carbon sequestration or one carbon credit, which is a real-world tradable asset. Bhu NFT aims to throw light on the carbon offset business through the use of blockchain technology, according to local media reports.
Prabir Mishra, Co-Founder and CEO of TRST01 Blockchain said, “Through Bhu NFT, we are putting the entire process of carbon credit generation on the blockchain, which will be easily verifiable”. He further added, Bhu also provides liquidity to carbon assets, enables easy transferability and makes the entire process safe and secure with the help of blockchain technology.
Carbon credit generation can happen through activities like generation of Bio CNG and Solar plants etc. The contribution of each of these activities in reducing carbon dioxide from the atmosphere is quantified by auditors and certain carbon credit is assigned. The carbon credit are at present even traded at carbon exchanges in London, Singapore and so forth.
Mishra said the capturing of carbon credit generation is based on proven models. “It has been worked out in Rajasthan. In Madhya Pradesh also we working on 3800 acres of bamboo plantation.”
Speaking on the investment opportunities, Mishra said, “Investors can buy the NFT, hold it and wait for an opportunity of increase in price and sell it to the offset guys in future”. Also, income generated from the NFTs would be distributed to the entire ecosystem including the farmers, villagers, auditors, validators, tech partners, Mishra said.
You can buy Bhu NFT on OpenSea NFT marketplace. TRST01 Blockchain is currently also providing some tokens for free through a lottery mechanism.
Image credit: Wikimedia commons
About the author
Based in Bengaluru, Priyanka Shetty is a freelance writer for Blockchain Asset Review.