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Business News/ Companies / News/  TRST01 launches India’s first carbon offset NFT
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TRST01 launches India’s first carbon offset NFT

TRST01 listed ‘Bhu’ NFT, which is ’Made in India’ and the country’s first real-world carbon offset non-fungible token, on the OpenSea marketplace

Based on Polygon blockchain, Bhu NFT aims to address an important pain point of the carbon offset business through the use of blockchain technology.Premium
Based on Polygon blockchain, Bhu NFT aims to address an important pain point of the carbon offset business through the use of blockchain technology.

Blockchain solution provider TrayamBhu Tech Solutions Pvt. Limited (TRST01) has launched a carbon offset NFT token Bhu to commemorate Earth Day. TRST01 listed ‘Bhu’ NFT, which is ’Made in India’ and the country’s first real-world carbon offset non-fungible token, on the OpenSea marketplace.

“Bhu is an NFT representing 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 from the current $4-5 billion to $400-650 billion by 2030. The world is moving towards carbon neutrality at a faster pace and there is a supply and demand gap, which is going to come up in a big way by 2025," the company said in a release.

Srikanta K Panigrahi, Director-General of the Indian Institute of Sustainable Development said, “Nature has the power to recoup itself. Still, because of the excessive extortion on nature, the earth’s average temperature has gone beyond the tolerance limit of 1.2degree centigrade. We have lost more than 30% of our biodiversity; agricultural productivity has decreased and so many all these are related to the increase in earth temp. I am highly delighted that TRST01 zero has planned on such an auspicious occasion to launch their first carbon broken, engage with five essential elements (Pancha Maha Bhutas), and blockchain is such a critical technology that enables the trust and transparency in the ecosystem. he further said, with the release of the first carbon Token, we are celebrating the earth and Pancha bhutas"

Based on Polygon blockchain, Bhu NFT aims to address an important pain point of the carbon offset business through the use of blockchain technology. Previously, carbon offset was only used by the industry players who wanted to offset their carbon emissions. Now people can buy and sell carbon credits through this non-fungible token, as per the press release.

Jayesh Ranja, principal secretary and IT secretary, Govt of Telangana said, “This is very appreciable how the TRST01 team has come up with a novel idea for Carbon Credit NFT."

 

 

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Published: 25 Apr 2022, 11:49 AM IST
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