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Non-fungible tokens have become the norm for selling digital artwork and collectibles. However, one can also use them to do real-world good, and water neutrality is one of the frontiers incorporating this technology. More importantly, these FTs are secured on one of the most secure blockchains, which is anchored to Bitcoin.
Water Neutrality Via NFTs On Rootstock
The concept of non-fungible tokens is appealing but also meets criticism. Depending on which blockchain is used to mint NFTs, these digital assets can harm the climate. The new effort by WakeUp Labs and Kilimo, with the help of Rootstock, wants to change that narrative. It is an excellent illustration of how NFTs can be used to improve the climate and, in this case, help companies achieve water neutrality.
WakeUp Labs is built on Rootstock, the first Bitcoin sidechain bringing smart contract functionality to the most secure blockchain network. Moreover, Rootstock has over 50% of the Bitcoin hash rate, making it one of the most secure solutions in the world. WakeUp Labs has opted for this sidechain to support the creation of NFT certificates providing clear evidence of water savings achieved by farmers and companies.
This approach aims to enhance the appeal of proper irrigation management in agriculture. Moreover, the water-saving certificates can serve as a new revenue stream for farmers worldwide, as the NFTs can be bought by companies aiming to offset their water footprint. In essence, it pays to use irrigation efficiently, both money-wise and climate-wise.
WakeUp Labs is teaming up with Kilimo to explore this new frontier. Having the support of such a prominent ClimTech start-up will help verify and improve water consumption in agriculture. With the help of Big Data and Machine learning, they can map and use these resources and help farmers save precious water. To date, over 72 billion liters of water have been saved by Kilimo in Latin America alone. The global footprint of such a project can grow those numbers exponentially.
Don't Ignore The Warning Signs
While it may seem like a small-scale effort, no one can ignore the threat of high water risk. A 2020 report by the World Wildlife Fund confirmed that 51% of the global population could be at high water risk. Something needs to happen to avoid that impending threat, and water neutrality is one possible solution. Over 2,000 farmers sue the solutions by Kilimo, and through NFT tokenization on Rootstock, these efforts can turn into a global phenomenon.
Augustin Pandolfini, Head of Social Impact at IOV Labs, states:
“Amazing to see RSK being tapped by these two influential players for a great sustainable cause that's helping enable innovative everyday DeFi for farmers."
IOVLabs has been at the forefront of supporting the development of decentralized technologies to establish a new global financial ecosystem. Moreover, the team greatly contributes to the Rootstock Network and RSK Infrastructure Framework. The introduction of NFTs to achieve water neutrality through Rootstock highlights the ecosystem's versatility and showcases the strength of the Bitcoin network.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice