NFT Ethereum Project Promises to Revive the Amazon and Is Criticized

NFT Ethereum Project Promises to Revive the Amazon and Is Criticized

With little transparency and a lot of ambition, an Ethereum-based NFT project promises to buy land in the Amazon to protect the forest and create a belt of environmental conservation.

The solution, called Nemus, promises to be a new environmental protection to be promoted through a Decentralized Autonomous Organization (DAO). However, the ambition of the conservation project does not make very clear who will hold the funds of NFT investors until such a DAO is established.

In addition to all this, the project also promises to create an NFT game with the participation of images obtained by supporters.

“We will hire Indians and we will revive the Amazon rainforest,” the criticized NFT Ethereum project promises

In recent years, the cryptocurrency market has seen many good ideas blossom, although many have not gotten very far. In addition to not going further than initially planned, it is common for other projects to turn out to be a blow to investors in a market that has seen fraud increase in the name of innovation.

Anyway, new ideas keep popping up and one of them seems to be Nemus, still in the early stages of raising funds from investors through the sale of NFTs. This funding, according to the project leaders, will serve to buy abandoned land in the Amazon, which will be revitalized.

There is a proposal to plant Brazil nuts and even hire Indians to help with their work, all with the intent to generate a sustainable income and help conserve the world’s largest forest, largely occupied by Brazilian territory.

However, for an environmental project, this was one that did not go unnoticed due to its involvement in cryptocurrencies, mainly for using the Ethereum cryptocurrency for mining.

“Apparently, based on environmental conservation, the project decided to simply cover up the massive energy consumption, emissions, and e-waste resulting from the Ethereum blockchain.”

This criticism was voiced by the portal Web3isGoingGreat, which stated that the project would train local police officers, use drones in the Amazon, create forest guards, but even that is not entirely clear in the whitepaper.

Many social and environmental cryptocurrencies on the rise

Without detracting from the intent of the Nemus project, which is worthy and promising if its objectives are actually achieved, the ground it moves into is also full of new suspect projects.

This is because several projects have emerged in recent months that promise a lot and deliver little, such as a project to help the poor, which has raised money and continues to be accused of losses by customers.

In addition, other cryptocurrencies and tokens that have come forward with promises to help the environment have not delivered on what they promised, showing the importance of being cautious about investing in new projects where not all information is fully transparent.

In a statement shared with the live coinsLawyer Julia Franco, a capital markets partner at Cescon Barrieu, recalled that the CVM does not regulate this market, but that all tokens issued in the country must be reviewed by the autarchy.

“The token or NFT is a representation of an asset and ownership of that representation is proven by the blockchain record and it is important to ensure that it really exists. Since the tokenization process is considered to be simple, the buyer should ensuring that the transaction is legitimate and actually results in the transfer of ownership of a specific good, and that the seller can effectively dispose of that good.

Source: Live Coins