BHU NFT – How does it work?
The process of generating carbon credits usually begins at the local level. It could begin with a farmer practicing sustainable agriculture, villages practicing sustainable agro-forestry, or activities such as the production of bio-CNG and solar plants, among others. Auditors quantify each of these activities’ contribution to lowering carbon dioxide emissions from the atmosphere, and carbon credits are issued. BHU NFT, introduced on Earth Day, is supposed to be an environmental move.
Carbon credits are now exchanged on carbon exchanges in London, Singapore, and other cities. However, Mishra acknowledged that there are some issues, such as duplicate counting of data, that his organization is attempting to address by tokenizing the carbon credit generating process.
Mishra explained the process with an example, saying that if you practice sustainable agriculture, you may contribute to minimizing carbon emissions into the atmosphere. “We quantify it per farmer using our app, then send it to the auditor, who verifies the data to determine how much carbon reduction has occurred.” “That’s how a given number of carbon credits is calculated.”
“By capturing the entire process on the blockchain, we can generate carbon credits faster.” When we generate carbon credits, we convert them into NFT, which becomes a good asset since it is backed by a real-world value – carbon credits. “
According to Mishra, sustainable paddy cultivation can help eliminate 3-5 metric tons of CO2 from the atmosphere per hectare, which is equivalent to 3-5 carbon credits. These are the carbon credits of the highest grade. Each credit is worth roughly $20 on the international market.
Carbon credit generation is captured using validated models, according to Mishra. “It was developed in Rajasthan.” We’re also working on 3800 acres of bamboo plantation in Madhya Pradesh.”
Who will benefit from BHU NFTs?
According to Mishra, the income created by the NFTs would be given to the entire ecosystem, which includes farmers, villages, auditors, validators, and IT partners. When he shares his package of practice or data with farmers, he says they can collect up to Rs 1000-Rs 1500 per hectare of land. Individuals that purchase the BHU NFT may benefit if the price rises in the future.
BHU NFT creates opportunities for individuals.
Carbon offset was formerly solely utilized by industry participants that wanted to reduce their carbon emissions. This non-fungible coin can now be used to buy and sell carbon credits.
“Let’s suppose I generate an offset in Telangana, but after I convert it to an NFT, I can trade it in the US and transfer it to Europe, or I can trade it in global exchanges like London or Singapore,” Mishra explained.
He went on to say that BHU also offers investment opportunities. “Investors can buy the NFT, hold it, and wait for a price increase before selling it to the offset guys,” he explained.
Individuals might even minimize their carbon guilt by using BHU NFT, as each token represents one carbon credit. “If people want to, they can own it and use it to offset their carbon footprint.” “This will allow ordinary people who are worried about their carbon footprint to purchase and offset those,” Mishra explained.
“The ultimate beneficiaries will be individuals at the bottom of the pyramid, such as farmers, who are assisting us in decreasing our carbon footprint,” he continued.
Where to buy the BHU NFTs?
Mishra estimated that the BHU NFT listing price will be around $8–10.