New Platform Launch Addresses Rapidly Growing Voluntary Carbon Offset Market That Could be Worth $100 Billion by 2050
First Carbon Corp., (“First Carbon” or “FCC” or the “Company”) developers of the world’s first decentralized carbon credit non-fungible token (“NFT”) onboarding platform, is pleased to announce it has launched FirstCarbonCorp.com to introduce its proprietary platform leveraging the power of NFTs on the blockchain. The platform, provides carbon credit issuers an “on ramp” to the blockchain, while enabling users to track, trade and burn credits in a simple and secure way accessible to everyone, everywhere.
First Carbon has pioneered the use of NFTs to digitize and allow for the trading of tokenized carbon credits in order to bring transparency and liquidity to the global carbon offset market. The aim of its new proprietary decentralized platform is to enable offset trading on existing tokenized exchanges.
First Carbon’s NFTs will be minted on a proof of stake consensus blockchain that connects Ethereum-compatible blockchain networks into one, to enable a multi-chain Ethereum ecosystem. The platform was chosen to ensure that the project would be interoperable with the Ethereum blockchain while ensuring that minting activities will be both low emission and cost.
Currently there are two categories of carbon offset credits: Compliance creditsare created and regulated by mandatory regional, national, and international carbon reduction requirements, and Voluntary credits which function outside of the compliance credit market and enable companies and individuals to purchase carbon offsets on a voluntary basis.
According to Trove Research (June 2021) the Voluntary Carbon Market (“VCM”) represented only 0.2% of global greenhouse gas emissions. In the past two years alone, the number of voluntary offsets sold has doubled. The Institute of International Finance believes there is “huge upside potential” for voluntary…
