Carbon Credit industry company Climate Futures recently announced the launch of its ecoNFT Launchpad on Polygon, which leverages the 1PLANET Carbon Credit (1PLCO2) token and the 1PLANET Marketplace to create carbon-negative NFTs.
Through the 1PLANET marketplace, users can calculate their carbon footprint, offset their emissions and choose a climate project to support. Additionally, Climate Future’s ecoNFT Launchpad allows anyone to use the 1PLANET Carbon Credit (1PLCO2) utility token to seamlessly create an NFT or NFT collection that is also a carbon drawdown bot that can be used on any NFT marketplace or game.
The platform initiates a carbon drawdown by burning carbon credits every time an NFT is minted or sold, enabling NFTs to be used as a vehicle to build a carbon-negative network.
1PLANET enables companies and people to take climate action by offsetting carbon footprints on-chain between smart contracts. This also allows users to create ecoNFTs for live and online events or create ecoNFT tickets to automatically offset the event’s carbon footprint in a fully auditable and transparent manner.
Carbon Negative Status by 2022
This initiative comes alongside Polygon’s work to build a climate offset vertical as part of its official sustainability statement. Polygon recently outlined its aims to achieve carbon negative status by 2022 in its “Green Manifesto: A Smart Contract with Planet Earth,” accompanied by a $20 million pledge to create a multi-layered, sustainable development strategy to ensure all future products on Polygon remain environmentally friendly.
Now, as it is building a climate offset vertical, Polygon is working with projects to help them mint carbon credits as ERC tokens or NFTs and create carbon credit marketplaces to facilitate the trading of these carbon credits on-chain. Partnering with Climate Futures to launch 1PLANET ecoNFTs is the latest step in this direction.
With blockchains often coming under scrutiny for consuming large amounts of electricity without returning anything to the planet, Climate Futures was the initial company to see the need to create a platform to reduce these large carbon footprints. Drawing from over 20 years of experience working with high-profile governments and carbon trading desks, Climate Futures created 1PLANET to help individuals and enterprises of all sizes to estimate and offset their carbon emissions.
Polygon > Ethereum
The 1PLANET project was initially started on the Ethereum blockchain, but Ethereum fell short due to high transaction costs and low efficiency.
“We needed better efficiency and Polygon delivers. Polygon enables new use cases and micro-transactions for our tokenized carbon credits that wouldn’t work well on Ethereum,” said Jesse Uzzell, CEO and Founder of Climate Futures. “We also designed our smart contracts to enable automated carbon offsetting between other smart contracts so we can integrate with other Polygon ecosystem projects.
“What makes us different from other crypto carbon initiatives is our deep knowledge of carbon projects and how companies are mitigating their carbon footprint to achieve net zero. We work with all kinds of organizations, not only blockchain, and we designed 1PLANET to have multiple integration options for crypto projects, e-commerce, logistics, etc.
“We wanted to emphasize the real utility behind our 1PLANET token (1PLCO2) by showcasing it with our ecoNFT Launchpad dApp during NFT.nyc. Our hope is that NFT projects will choose to enable climate action in their projects by using carbon negative ecoNFTs.”
Climate Futures announced the new Polygon-based 1PLANET Marketplace at Ultra Music Festival in Miami. As the climate partner of this event, Climate Futures offset the event’s carbon footprint with blockchain technology and created activations onsite to educate attendees about climate action.