Non-fungible tokens, NFT, are a crypto technology that makes it possible to buy and sell digital collectibles online. The Nemus organization now intends to use NFTs to save parts of the Amazon, according to Reuters.
The idea is that you buy an NFT for anything from $150 to $50,000, which gets you a digital original work of art.
Nemus then takes the revenue and buys rainforest for the money. Buyers also get information about how the land their money paid for is protected. Since everything is based on blockchains, it should be possible to easily follow what all the money is used for.
In total, Nemus hopes to raise enough money off its NFTs to be able to buy and protect five million acres of rainforest.
Anyone who buys an NFT will, in addition to the digital artwork, also have the right to participate in decisions about economic and social activity for the land. In addition, the NTF provides access to a variety of documents and information related to activity on the ground, drone images, satellite images, and more.
The NFT thus does not constitute ownership of the land itself. According to Nemus, it is not legally possible to transfer land via NFTs in Brazil. Instead, Nemus owns the land, but they have created a legal structure that will make it impossible to transfer the land.