Adam Neumann’s a16z-backed startup launches carbon-offsetting NFT project

NFT

Flowcarbon, a blockchain startup created by WeWork co-founder Adam Neumann, will launch an NFT undertaking that makes use of a majority of its proceeds to purchase carbon offsets.

Dubbed Flow3rs, the undertaking will function work from outstanding NFT artists together with Danny Cole of Creature Worlds, Olive Allen, and Andre Oshea, amongst others. A complete of 200 NFTs shall be bought, with 75% of the proceeds going to buy the carbon offsets. The remainder of the funds will go to the artists and repair suppliers, a Flowcarbon spokesperson informed The Block.

Whereas carbon offsets stay a controversial local weather mitigation instrument, increasingly crypto corporations look to offsets to mitigate their local weather impression. SkyBridge Capital, Gemini and Greenidge Generations are among the many corporations which have appeared to offsets to decrease their internet emissions.

The carbon credit will come from three particular nature primarily based initiatives verified by way of the carbon registry Verra. Costs for the NFTs shall be introduced within the coming days.

Flowcarbon beforehand raised $70 million led by the crypto-focused enterprise agency a16z. The agency makes use of blockchain-based instruments to tokenize carbon credit.