December 3, 2024
Water-Based NFTs Will Soon Join RSK

Non-fungible tokens have become the standard for selling digital art and collectibles. However, people can also use them for real-world good, and water neutralization is one of the frontiers of adopting this technology. What’s more, these NFTs are pegged to one of the most secure blockchains, which is pegged to Bitcoin.

Water neutrality through NFTs on rootstocks

The notion of non-fungible tokens is attractive but also criticized. Depending on the blockchain used to mint NFTs, these digital assets could harm the climate. A new effort by WakeUp Labs and Kilimo, with help from Rootstock, wants to change that. It’s a good example 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 to bring smart contract functionality to the most secure blockchain network. Additionally, Rootstock has over 50% of Bitcoin’s hash rate, making it one of the most secure solutions in the world. WakeUp Labs chose this sidechain to support the creation of NFT certificates that provide farmers and companies with clear evidence of water savings.

This approach aims to increase the attractiveness of proper irrigation management in agriculture. Additionally, water conservation certificates can serve as a new source of income for farmers around the world, as NFTs can be purchased by companies aiming to offset their water footprint. In essence, using irrigation effectively is worth it, both in terms of money and climate.

WakeUp Labs is working with Kilimo to explore this new frontier. Gaining support from such a distinguished ClimTech startup will help validate and improve agricultural water usage. With the help of big data and machine learning, they can map and utilize these resources, helping farmers conserve precious water resources.

To date, in Latin America alone, Kilimo has saved more than 72 billion liters of water. The global footprint of such a project can grow these numbers exponentially.

Don’t ignore warning signs

While this 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 may be at high water risk. Something needs to be done to avoid this looming threat, and water neutralization is a possible solution. Over 2,000 farmers sued Kilimo for a solution, and through NFT tokenization on Rootstock, these efforts could turn into a global phenomenon.

Augustin Pandolfini, Head of Social Impact at IOV Labs, said:

“It’s great to see RSK being used for a great sustainable cause by these two influential players, helping to enable innovative everyday DeFi for farmers.”

IOVLabs has been at the forefront of supporting the development of decentralized technologies to build a new global financial ecosystem. Additionally, the team has made great contributions to the Rootstock network and the RSK infrastructure framework.

The introduction of NFTs for water neutralization through Rootstock highlights the versatility of the ecosystem and demonstrates the strength of the Bitcoin network.

Disclaimer: This article is for informational purposes only. It is not intended or intended to be used as legal, tax, investment, financial, or other advice. Source of information: Compiled from CRYPTODAILY.

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