Wildlife conservation efforts shift to NFT-funded initiatives
Non-Fungible Twin Digital Tokens, or NFTs, are no longer restricted to consumer products. Netherlands-based decentralized carbon credit exchange Coorest and southern hemisphere conservation consultancy PLCnetwork have teamed up to tokenize real-world endangered animals in game reserves and conservation areas private in Africa. These wildlife NFTs allow bearers to sponsor an elephant, lion, cheetah or rhinoceros. Proceeds from sales will go towards the food, shelter and safety of the animals they represent.
Cointelegraph spoke with William ten Zijthoff, Founder and Managing Director of Coorest, to learn more about combining blockchain and sustainability with wildlife preservation. Coorest is best known for operating a CO2 clearing system NFTrees which tokenizes assets or yield bonds and carbon credits which are tradable on the blockchain. Those who purchase an NFTree collect and burn the CO2 tokens to record the amount of CO2 reduced.
Similarly, the concept of wildlife treats conservation as an asset to be invested in for the benefit of animals and the environment. He explained that conservation areas or ecolodges “need new business models that do not depend on tourism for their income or donations”. That’s why Coorest has partnered with the Southern Hemisphere PLC network with connections to wildlife reserves in South Africa, Zimbabwe and Botswana.
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Cost in collaboration with @PLCnetworkSH will provide wildlife #NFTadoption with animal parks in front of download #Proof of life evidence showing animals are doing well and adoption payments are having a positive impact!
Full article here: https://t.co/aVETZUl8P8
— Coorest – Official Channel (@CoorestOfficial) March 23, 2022
According to PLCnetwork founder Dr Julia Baum, the main problem with conserving wildlife in the field is that “it is expensive and resources are often very limited”. Even for a private reserve with a generally larger budget, the cost of caring for an African bush elephant, for example, can be very expensive as it includes fencing, surveillance, 24 hour anti-poaching patrols/ 24 and veterinary assistance.
When asked about the main benefits of owning an elephaNFT or a lioNFT, ten Zijthoff said it was about building a long-term relationship with the animals, the wildlife sanctuary and Coorest. He also clarified that possession of wildlife NFTs does not give ownership of the animals, but rather provides monthly “proof of life” verification that the animal is still alive. The metadata for each NFT contains species, age, and sex information specific to each tokenized animal. Holders will also be invited to visit the wildlife reserve and meet the animals.
70% of the funds from these wildlife NFTs will go to the game reserve or conservation area, with funds being released on a monthly or set schedule. VulcanForged is a blockchain game studio and NFT marketplace that has partnered with Coorest to sell and showcase its wildlife NFTs in various gambling games to earn, providing holders with additional in-game uses and rewards.
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While this first wildlife NFT pilot project is underway to “further develop global innovation in conservation,” Baum believes these new types of NFT impacts can educate a new and broader audience about actions. conservation and social development. The long-term goal is to achieve greater investment and success on the ground across the world, she added.