Flowcarbon, a blockchain startup created by WeWork co-founder Adam Neumann, will launch an NFT project that uses a majority of its proceeds to buy carbon offsets.
Dubbed Flow3rs, the project will feature work from prominent NFT artists including Danny Cole of Creature Worlds, Olive Allen, and Andre Oshea, among others. A total of 200 NFTs will be sold, with 75% of the proceeds going to purchase the carbon offsets. The rest of the funds will go to the artists and service providers, a Flowcarbon spokesperson told The Block.
While carbon offsets remain a controversial climate mitigation tool, more and more crypto firms look to offsets to mitigate their climate impact. SkyBridge Capital, Gemini and Greenidge Generations are among the firms that have looked to offsets to lower their net emissions.
The carbon credits will come from three specific nature based projects verified through the carbon registry Verra. Prices for the NFTs will be announced in the coming days.
Flowcarbon previously raised $70 million led by the crypto-focused venture firm a16z. The firm uses blockchain-based tools to tokenize carbon credits.