WAX Launches 'Green NFTs,' Gives the Blockchain a Stake in the Environment

The Worldwide Asset eXchange (WAX), the world leader in the trading of non-fungible tokens (NFTs), has released its new collection of "Carbon Offset vIRL NFTs," digitally tradeable items that help the environment in return.

First announced during Earth Day back in April, the new initiative was made possible by WAX teaming up with the National Forest Foundation. With the Carbon Offset vIRL NFTs, WAX allows digital traders and collectors to create, sell, trade, or purchase NFTs while helping the environment.

(Photo: BHI/ 42West)

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Purchase Green NFTs, Help the Environment

In a press release, WAX announced that for every purchase of the Carbon Offset vIRL NFTs, a tree will be planted for every dollar spent and "composted," or redeemed on the platform. As an unlimited collection, fans and traders alike are free to buy and keep as much as they want to. More importantly, the NFT trading platform empowers its users to positively impact the environment as they grow their collection and turn profits from selling and trading.

With the first offerings made available on August 17, 1 PM EST, WAX released the first set of its Carbon Offset vIRL NFTs - 30 unique and beautifully rendered designs sorted into six gorgeous rarities that include "Natural," "Ray of Light," "Waking Up," "Technicolor," "Aurora," and "Alive."

"At WAX, we believe in creating a unique and creative way for humans to interact with digital collectibles on the blockchain while driving home the irrefutable importance of healing the planet," a statement from the NFT trading platform read. WAX also noted that the only way for the industry to thrive is for everyone to share in the responsibility, which includes developing smarter technologies, curbing emissions, and investing in plant life.

Empowering NFT Traders and Collectors

Aside from being visually appealing, WAX shares that these are "actual tools that help negate carbon emissions." The platform also allows users and collectors to decide when to "compost" their Carbon Offset vIRL NFTs. When users do so, their cards are activated and no longer exist in their respective NFT collections. This action also prompts the National Forest Foundation to plant one tree sapling for every dollar composted or redeemed.

WAX explains that each sapling could negate about one ton of carbon dioxide over its lifetime, with environmental nonprofit Ecotree providing the same estimates. If a collector were to "compost" one of the Carbon offset vIRL NFTs worth $5, that could equate to about five tons of carbon dioxide negated over the long lives of these trees.

Carbon Offset vIRLs are assets in a digital form whose purposes are tangible. Standing for virtual + Real Life, each vIRL remains digital until the user chooses to turn it into a real thing - a sapling that would grow into a tree someday.

The release of Carbon Offset vIRL NFTs is the latest sustainable and environmentally-conscious effort from the digital trading platform. The Worldwide Asset eXchange has distinguished itself by operating on a Proof of Stake system, a setup that consumes significantly less energy compared to the Proof of Work used by other companies, as explained in an NBC News article.