The wait is over. Canadian tech company DeepMarkit’s MintCarbon.io platform, the platform for minting carbon offsets non-fungible tokens, has gone live.
The innovative platform makes it possible for any producer of carbon offsets to mint its offsets into non-fungible tokens (NFTs) using blockchain technology which can later be traded on any decentralised exchange such as OpenSea.
DeepMarkit Corp (TSXV: MKT) (OTC: MKTDF) (FRA: DEP). has been laying the ground for months not only in terms of the testing of the based platform but also by ensuring that the carbon offset projects used for the NFT minting process are genuine projects certified be internationally recognized standards agencies.
Carbon offset NFTs open the carbon market up to smaller players
The platform is a step ahead of other offerings in the voluntary carbon market in that it makes it possible even for small carbon offset projects to get involved in the carbon markets by minting highly customised NFTs.
On the buying side, it works equally well for both small and large buyers. Anyone with a blockchain wallet or account at any of the decentralized exchanges can purchase carbon credits. For smaller buyers it provides easy access to an otherwise convoluted market while for bigger buyers the NFTs become more interesting when they are bundled up into a larger carbon offset package.
The value of the voluntary carbon market broke $1 billion for the first time in November 2021 and its worth is on course to surpass $2 billion this year. By 2030 the market is expected to reach more than $40 billion. DeepMarkit says that bringing the voluntary carbon market onto the blockchain via MintCarbon.io is expected to help unlock liquidity and transparency, drive market growth and facilitate the movement of capital to where it is needed the most.
Revenue sharing option for carbon offset producers
After several months of hard work and an exceptional team effort, “the platform has been tested, is accredited, and is now ready to onboard offsets and commence generating revenue,” said Ranjeet Sundher, DeepMarkit chief executive.
A carbon offset represents one tonne of greenhouse gas emissions that someone, somewhere has prevented from being released into the atmosphere. Companies in sectors that tend to emit high amounts of carbon, like oil and gas, can purchase carbon credits from companies involved in projects that reduce carbon emissions.
For sustainable businesses that create carbon offsets there is the additional benefit of being part of DeepMarkit’s revenue sharing arrangement. Apart from the initial fee for minting the carbon offset NFT, all other transaction fees earned by the NFT-based offset can be split between DeepMarkit and the carbon offset holder each time the token representing the underlying carbon offset is traded on a decentralized exchange.
MintCarbon.io has received a Security Assessment Certificate from Quantstamp for security-related issues, code quality, and adherence to specifications and best practices for its smart contracts.
DeepMarkit’s shares are traded on the TSX Venture Exchange, on the OTC market in the US and on the Frankfurt Stock Exchange.
