Platform Enables the Conversion of Carbon Credits into NFTs
Toronto, Ontario, November 10, 2021 — First Carbon Corp., (“First Carbon” or the “Company”) developers of the world’s first decentralized carbon credit non-fungible token (“NFT”) onboarding platform, is pleased to provide details for the upcoming launch of MintCarbon.io (“MintCarbon”).
Leveraging the power of the blockchain and specifically Ethereum, MintCarbon is a user-friendly interface, enabling carbon credit owners to easily convert their credits into highly customizable ERC-1155 compliant NFTs which can then be listed for trading on decentralized marketplaces such as OpenSea.io. Every customised NFT is embedded with unique characteristics which can potentially represent thousands of tonnes of carbon dioxide.
ERC1155 is a novel token standard that aims to take the best from previous standards, it is capable of combining fungible (utility tokens and cryptocurrencies) and non-fungible (digital assets) smart contracts to allow for limited run editions of NFTs. Optimizations built into ERC1155 allow for gas-efficient (low emission) transactions and are secure, liquid and immune to hacking.
Creating MintCarbon tokens on Polygon, a low emission Ethereum side chain, allows for lower transaction fees, increased liquidity and on-chain transaction transparency for trading in carbon offsets. Increased investment and liquidity will drive growth, innovation, expansion and acceptance, particularly in the historically fragmented and opaque voluntary carbon credit market.
MintCarbon was designed to be user friendly and easily accessible for those new to the crypto space. With a few clicks, carbon credit owners can create and customize their profile, upload their credits and effortlessly link them to a decentralized trading exchange such as OpenSea.io, the largest NFT exchange in the world.
Mo Yang, CEO, comments: “We’re proud to introduce MintCarbon as the world’s first NFT minting platform for carbon credit owners. MintCarbon lives up to its namesake, as it truly allows carbon credit owners to mint their credits into NFTs for a secure and efficient method of trading in a market we’re confident is set to grow rapidly in the coming years. We look forward to providing further guidance on the official platform launch in the near future.”
MintCarbon will allow the owners of the NFT to monitor their assets while tracking their value and trading history.
The platform is currently undergoing beta testing and the Company anticipates an official launch in Q1-2022.
As of June 2021, the Voluntary Carbon Market represented only 0.2% of global greenhouse gas emissions. Demand for voluntary carbon credits is forecast to increase significantly, driven by a growing number of corporate net zero commitments.
The Institute of International Finance believes there is "huge upside potential" for voluntary carbon credits, predicting the market could be worth as much as $100B/year by 2050.
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- Trove Research, June 2021
About First Carbon Corp.
Based in Toronto, Canada, First Carbon is a technology company that has developed the world’s first decentralized voluntary carbon credit NFT which will be minted on the low-emission Polygon network, powered by Ethereum and tradeable on global decentralized platforms based on the blockchain. The ERC1155-compliant tokens are to be backed by real, verified carbon credits, providing increased transparency, liquidity and security in carbon offset trading.
The MintCarbon platform makes it easier for companies to take part in the global effort to reduce their impact on the environment. Benefits of the platform include: Permission-less global trading on decentralized trading platforms (such as OpenSea.io) operating 24/7/365; Secure and easy access for investors into an emerging asset class; Access to a growing pool of capital in the cryptocurrency markets; Programmable functionality through smart contracts and composable primitives that enable new types of capital formation and trading; and a reliable framework designed to increase the flow of capital into carbon reduction initiatives, helping underfunded environmental companies and projects.
ON BEHALF OF THE BOARD
Mo Yang, CEO
Tel: +1 604-800-5648
Cautionary Statements Regarding Forward Looking Information
This news release contains “forward-looking statements.” Statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things: the Company's ability to digitize and allow for the trading of tokenized carbon credits by the global carbon offset market on its platform which is interoperable with the Ethereum blockchain while ensuring that minting activities will be both low emission and cost.
The material assumptions supporting these forward-looking statements include, among others, that: the Company could mitigate the risks associated with the blockchain and NFT industry; and the ability to compete with other businesses in the NFT market.
Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the risk that the Company's offerings are not accepted by the consumer, the risk that other competitors may offer similar digital offerings; the risk that there may be negative changes in general economic and business conditions; the risk that the Company may have negative operating cash flow and not enough capital to complete the development of any of its technologies; the risk that the Company may not be able to obtain additional financing as necessary; the risk that there may be increases in capital and operating costs; the risk that the NFT technology may be subject to fraud and other failures; the risk that there may be technological changes and developments in the blockchain that make the NFT solutions obsolete; risks relating to regulatory changes or actions which may impede the development or operation of the blockchain solutions; the risk that other competitors may release similar blockchain offerings; the potential future unviability of the NFT market in general; the volatile cost of the amount of computational effort required to execute specific operations on the blockchain, and other general risks involved in the blockchain solutions
Any of these risks may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Further, although the Company has attempted to identify factors that could cause actual results, levels of activity, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause results, levels of activity, performance or achievements not to be as anticipated, estimated or intended. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law, including the securities laws of the United States and Canada. Although the Company believes that any beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. The Company does not assume any liability for disclosure relating to any other company mentioned herein.
In addition, this news release includes third-party market data and statistics which management has not independently verified. The Company expressly disclaims any responsibility for the accuracy thereof.