Carbon credit NFTs are only effective if burned, experts say

2022.08.12 13:54

Carbon credit NFTs are only effective if burned, experts say

Using nonfungible tokens (NFTs) as carbon credits, or carbon offsets, reveals an outlet for Web3 technology to foster a more environmentally friendly future.

NFTs as carbon credits are a slow-rolling trend in the refinance market and decentralized finance (DeFi). Most of this activity currently takes place on the Polygon (MATIC) blockchain, as it has already offset its entire carbon footprint. However, the way these digital assets work with carbon credits differs from other ventures in the space.

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