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MintCarbon.io begins first live minting of carbon offsets NFTs

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DeepMarkit Corp TSXV:MKT, the Canadian company which has been developing a revolutionary carbon credits NFT platform, has received its first purchase order from WILL Solutions Inc, a leader in community-based greenhouse gas reduction solutions.

WILL Solutions will mint up to 150,000 tokens, representing 150,000 tons of GHGs, via DeepMarkit’s proprietary MintCarbon.io platform. The PO arrives within one week of DeepMarkit announcing the launch of MintCarbon.io.

DeepMarkit said yesterday it is in the process of verifying the carbon offsets, which is a condition to completing the minting transaction under the PO’s terms. Once the offsets have been verified, WILL Solutions will be allow-listed to access and use MintCarbon.io to complete the token minting process.

MintCarbon.io was developed and launched by DeepMarkit to support and promote reliability and transparency in the rapidly growing voluntary carbon market and to assist projects and registries in tokenizing their offsets. The deal is a major coup for the platform, as it demonstrates proof of concept with a live and commercially viable minting process.

What lies behind these carbon offsets?

The carbon offsets being minted are based on the Quebec Sustainable Community Project. This project gathers more than 850 GHG reduction micro-projects carried out by several small and medium-sized companies from various sectors, non-profit organizations and small municipalities across Quebec. QSCP makes an impact on six of the United Nations’ Sustainability Development Goals – innovation and infrastructure; reduced inequalities; sustainable cities and communities; responsible consumption; climate action; and partnerships for the United Nations goals.

QSCP is based on the VM0018 methodology that is certified under Verra. The methodology provides a framework for the monitoring, reporting and verification of emission reductions for group projects, where conversion and energy efficiency as well as solid waste diversion activities have been initiated by a Sustainable Community Service Promoter for an assortment of client facilities grouped in a territory.

“The tokenization of verified carbon offsets could be an additional step towards more traceability, transparency and market integrity,” said Martin Clermont, President of Will Solutions. “The opening of this new distribution channel could increase monetary flows in order to push climate actions even further.”

Clermont said a final exchange is planned to confirm a final withdrawal (retirement) for the benefit of an end buyer. “The coming years will be exciting and tokenization could be one of the key levers to accelerate the decarbonization of society,” he said. “Even if there will be several exchanges, a final exchange is foreseen, which implies the end-of-life of a token (final retirement) and the appropriation of the impact by the final buyer.”

“WILL Solutions is a clear leader with a strong track record in providing climate solutions. Therefore, we are keen to become part of their ecosystem by bringing their carbon offsets to the blockchain through our secure, easily accessible platform, MintCarbon,” said Ranjeet Sundher, Chief Executive Officer of DeepMarkit.

The agreement represents an important step forward for the MintCarbon platform, which has the potential to build the commercial bridge between the world of NFT tokenization and carbon credits offsets. It can help many smaller projects to realise the financial benefits of their own carbon offsets potential, and help larger market participants to access this universe cost-effectively.

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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