Bhu NFT Price, Listing: This Indian NFT will help you offset carbon footprint, make money – how it works – Earth Day Special

Hyderabad-based TRST01 Blockchain has announced the listing of ‘Bhu’ NFT, which is ’Made in India’ and the country’s first real world carbon offset non-fungible token, on OpenSea marketplace. Bhu is an NFT representing 1000 kg of carbon sequestration or one carbon credit, which is a real-world tradable asset. 

Based on Polygon blockchain, Bhu NFT aims to address an important pain point of the carbon offset business through the use of Blockchain technology.

According to Prabir Mishra, Co-Founder and CEO of TRST01 Blockchain, currently carbon offset business is marred by the problem of double counting of data. “Through Bhu NFT, we are putting the entire process of carbon credit generation on the blockchain, which will be easily verifiable,” Mishra said in an exclusive interaction with FE Online. 

Mishra further said that by taking the form of an NFT, Bhu also provides liquidity to carbon assets, enables easy transferability and makes the entire process safe and secure with the help of blockchain technology.  

Mishra also said that there is an opportunity for Bhu NFT as the size of the carbon offset market is expected to grow from the current $4-5 billion to $400-650 billion by 2030. He said that the globe is moving towards carbon neutrality at a faster pace and there is a supply and demand gap, which is going to come up in a big way by 2025.

How Bhu NFT works

Carbon credit generation usually starts at the grassroots. It could start at the level of a farmer doing sustainable agriculture, villagers doing sustainable agro-forestry, or through activities like generation of Bio CNG and Solar plants etc. The contribution of each of these activities in reducing carbon di-oxide from the atmosphere is quantified by auditors and certain carbon credit is assigned. 

The carbon credits are currently even traded at carbon exchanges in London, Singapore etc. However, Mishra said there are certain pain points like double counting of data, which his company is trying to solve by tokenising the carbon credit generation process 

Explaining the entire process with the help of an example, Mishra said, suppose you do sustainable agriculture, you help to reduce the carbon discharge to the atmosphere. “That gets measured per farmer through our application, we send it to the auditor, who validates the data to find out how much carbon reduction has taken place. That’s how it translates into certain number of carbon credits.”

“Capturing the complete process on blockchain helps in quicker carbon credit generation. When the carbon credit is generated we convert it into NFT, which becomes a kind of a good asset because it is backed by a real world asset – carbon credit.”

Mishra said that as a practice, per hectare of sustainable paddy farming can help reduce 3-5 metric tonne of Carbon Di-oxide from the atmosphere, which is like 3-5 carbon credit. These are the high quality carbon credit. In international market, each credit fetches around $20. 

Mishra said the capturing of carbon credit generation is based on proven models. “It has been worked out in Rajasthan. In Madhya Pradesh also we working on 3800 acres of bamboo plantation.”

Who will benefit?

Income generated from the NFTs would be distributed to the entire ecosystem including the farmers, villagers, auditors, validators, tech partners, Mishra said. He added that that typically farmers get up to Rs 1000-Rs 1500 per hectare of land when he shares his package of practice or data. Individuals buying the Bhu NFT may also benefit if the price appreciates in future. 

Opportunity for individuals? 

Previously, carbon offset was only used by the industry players who wanted to offset their carbon emission. Now people can buy and sell carbon credits through this non-fungible token. 

“Lets say I create some offset in Telangana, but the moment I convert it into an NFT, I can trade it in the US, and send it to Europe or I can exchange in Global exchanges like London carbon exchange or Singapore carbon exchange,” said Mishra.

He further said that Bhu also provides an opportunity for investment. “Investors can buy the NFT, hold it and wait for an opportunity of increase in price and sell it to the offset guys in future,” he said. 

Bhu NFT would even enable individuals to reduce their carbon guilt as each of these token represent one carbon credit. “People can own it and offset their carbon footprint if they want. This will enable common citizens who are concerned about their carbon footprint, to buy and offset those,” said Mishra. 

“The ultimate beneficiary would be people at the bottom of the pyramid like farmers who are helping us in reducing carbon footprint,” he added. 

Where to buy?

You can buy Bhu NFT on OpenSea NFT marketplace. TRST01 Blockchain is currently also providing some tokens for free through a lottery mechanism. 

Bhu NFT Price on OpenSea

Mishra said that listing price of Bhu NFT would be around $8-10.

(Cryptos, NFTs and other virtual digital assets are unregulated assets in India. Investing in them may lead to losses. Please consult a professional financial advisor before making any investment decision in crypto)

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