With the negative stigma surrounding the amount of energy cryptocurrency uses, it’s about time crypto projects step up and start to make a difference from inside the industry. One project that entirely focuses on helping crypto go green is IMPT – a blockchain-based carbon credit ecosystem.
Putting Carbon Credits on the Blockchain
IMPT’s mission is to positively impact the environment by connecting socially responsible brands with businesses and individuals seeking to reduce their carbon footprint. In addition, they intend to provide a straightforward method for users to buy, sell, and retire carbon credits online.
Carbon credits are permits that represent carbon emissions removed from the atmosphere, with one carbon credit representing one ton of carbon dioxide removed.
By law, large companies are often required to purchase carbon credits to offset their carbon footprint that results from their industrial output. However, although large companies have obligations to buy carbon credits, small businesses and individuals are often hesitant to enter the market due to its fragmented and complex structure.
IMPT is an ecosystem that seeks to change the carbon credit market by helping users easily buy, sell, and retire carbon credits
The ecosystem is comprised of the following;
- A Carbon Marketplace
- A Shopping Platform
- A Social Platform
- Carbon Credit NFTs
Users can purchase carbon credits directly from the Carbon Marketplace when it launches in 2023.
As mentioned, today’s carbon credit market is fragmented, making it difficult for individuals to enter as they have limited pricing data with no method to know if they are purchasing genuine carbon credits. The great thing about the IMPT carbon credits is that they are issued as NFTs on the blockchain, providing buyers complete transparency and traceability, and helping them be sure they are genuine.
When an individual or business wishes to retire a carbon credit, the NFT is sent to a burn address and is removed from circulation. Additionally, users will receive unique collectible NFTs after retiring a carbon credit – created by unique artists. These collectible NFTs could potentially start a new environmentally conscious trend of their own, providing additional incentives to retire carbon credits.
Earn Carbon Credits With Regular Lifestyle Shopping
IMPT will also create a shopping platform that allows users to earn carbon credits while doing regular daily shopping. The…
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