Cyberbox to Use Flowcarbon Tokenized Carbon Credits on its NFT Marketplace
June 17, 2022
Flowcarbon today announced that Cyberbox, a carbon negative NFT marketplace with ReFi (regenerative finance) integration, will use the company’s tokenized carbon credits to power carbon offsetting on its platform. Transacting on Cyberbox is already carbon neutral because it’s built on Celo, the carbon negative blockchain that uses proof-of-stake. Cyberbox integrates carbon credits into transactions on its platform in order to further address carbon emissions and achieve carbon negativity.
“Cyberbox has built the next generation platform for NFT buying and trading by solving the energy consumption issue, we’ve already offset several tonnes of carbon in addition to having a zero carbon impact overall,” said Dmitriy Boshenyatov, CEO of Cyberbox.
Flowcarbon’s use of smart contracts will make it possible to automatically retire carbon credits as transactions occur on Cyberbox. Buyers on the platform are able to purchase carbon credits for each transaction, while NFT creators can dedicate a percentage of the fee of each sale to them. Upon purchase, the smart contract will automatically retire Flowcarbon’s token, triggering a retirement of the associated carbon credits.
“Cyberbox is a great example of the creative ways that blockchain is being used to scale climate action and drive support to climate change solutions, and it’s also a great example of additional applications for tokenized carbon credits,” said Phil Fogel, Flowcarbon’s Chief Blockchain Officer.
Cyberbox aims to broaden awareness and action related to the carbon emissions associated with NFTs through the integration. NFT buyers on Cyberbox can track their contribution resulting from purchases and trades in real time through a personal carbon offset tracker. The platform also curates a monthly NFT Collection comprising unique works of art created by different artists from the crypto community that users can collect; each one can be paid for by approximately one tonne of CO2 being offset and results in an NFT ReFi Certificate. Users will also be able to purchase monthly NFT ReFi Certificates that can be traded for a bonus NFT at the end of the year.
Flowcarbon is a pioneering climate technology company that brings carbon credits onto the blockchain. Its mission is to make carbon markets accessible and transparent, enabling the efficient and early flow of capital to be invested directly into projects that combat climate change. Flowcarbon is committed to driving real impact for people, biodiversity, and the planet.
CyberBox is the first NFT Marketplace with ReFi integration on the Celo blockchain. Their vision is to build a marketplace to support every NFT collection and every ReFi project that looks to create impact with NFTs and build their communities around them.
