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Ecosapiens, an NFT project with a focus on environmental sustainability, has raised $3.5 million in seed funding to expand its carbon-offsetting NFT collection.
The Ecosapiens project has secured the seed funding with the purpose of advancing its goal of making blockchain collectibles more environmentally-conscious. Web3 fund Collab + Currency led the funding round, with contributions seen from investors such as gmoney, founder of digital fashion firm 9dcc; Shan Aggrawal, vice president and head of corporate development at Coinbase Ventures; and Ryan Carson, former chief operating officer of Moonbirds, among others.
The nature-inspired avatars serve as a means for collectors to offset carbon emissions. Ecosapien owners can also buy additional carbon credits to evolve their NFT and acquire rarity traits.
Nihar Neelakanti, a co-founder of Ecosapiens, shares that his motivation is to help the environment. He believes that using NFTs as a vehicle for selling carbon credits is the most efficient way to engage in "impact-to-earn" which (as a play or offshoot of x-and-earn or other gaming NFT platforms) allows consumers to participate in climate action and earn rewards through activism.
In this sense, Ecosapiens gamifies environmental engagements by providing a viable means and mechanism to sustain such initiatives.
"What if we could take carbon credits that actually made a big impact in the world, bring them on-chain to make it one-click accessible, but, really, just disguise these credits as the perfect signaling art piece?" Neelakanti asks.
Neelakanti plans to utilize the funding to develop the Ecosapiens marketplace, experiment with minting strategies such as open editions, and forge brand partnerships to expand its presence within Web3.
"In that way, it's easy, economical, and engaging to make a difference," adds the project co-founder.
Data from OpenSea indicates that the Ecosapien's Alpha Collection, launched in February, has a floor price of 0.055 ether (ETH), or roughly $100. The collection's trading volume is approximately 18 ETH, or about $32,300. So far, the collection claims to have offset over 1,000 tons of carbon dioxide, equivalent to planting 40,000 trees.
The Ecosapiens project demonstrates the growing intersection of blockchain technology and environmental sustainability. By merging the popularity of NFTs with carbon offset initiatives, Ecosapiens aims to create a new way for collectors and enthusiasts to make a positive impact on the environment.
The project also highlights the potential for blockchain technology to play a role in addressing global challenges like climate change. As the world grapples with the need to reduce carbon emissions, innovative solutions like Ecosapiens could prove to be valuable tools in the fight against climate change.
Given the global growth and expansion of the blockchain and crypto spaces, these projects which innovate on and incorporate sustainability initiatives into their offerings open a model for future projects looking to integrate the stacks of blockchain technology and with a commitment to environmental conservation.
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