Blockchain solutions provider Trimbhu Tech Solutions Pvt. Ltd. (TRST01) has launched the Carbon Offset NFT token Geo to commemorate Earth Day. TRST01 listed the ‘Bhu’ NFT on the OpenSea Marketplace, which is ‘Made in India’ and is the country’s first real-world carbon offset non-fungible token.
“Bhu is an NFT that represents 1000 kg of carbon sequestration or one carbon credit, which is a real-world tradable asset. The size of the carbon offset market is expected to grow to $400-650 billion by 2030 from the current $4-5 billion. The world is rapidly moving towards carbon neutrality and there is a supply and demand gap, which is bound to happen. will emerge in a big way by 2025,” the company said in a release.
Srikanth K Panigrahi, Director General, Indian Institute of Sustainable Development, said, “Nature has the power to heal itself. Yet, due to the extreme extortion on nature, the average temperature of the Earth has gone beyond the tolerance limit of 1.2 degree centigrade We have lost more than 30% of our biodiversity; agricultural productivity has decreased and so many of these are all related to the rise in the earth’s temperature. The launch of Carbon is planned to connect with the five essential elements (Panch Maha Bhoot), and blockchain is a key technology that enables trust and transparency in the ecosystem. With, we are celebrating Prithvi and Punch Bhoot.
Based on the Polygon blockchain, Bhu NFT aims to address a critical pain point of the carbon offset business through the use of blockchain technology. Previously, carbon offsets were only used by industry players who wanted to offset their carbon emissions. According to the press release, people can now buy and sell carbon credits with this non-fungible token.
Jayesh Ranja, Principal Secretary and IT Secretary, Government of Telangana, said, “It is very commendable how the TRST01 team has come up with a new idea for Carbon Credit NFT.”