Binance Charity Launches NFT Tree Planting Project, to Benefit the Philippines, 17 Other Countries
Every entity that donated to the project will be issued a corresponding NFT certificate that is encrypted with information of the trees to be planted using the donation.
Binance Charity is planning to launch a massive NFT tree planting campaign called Tree Millions Alliance. Launching on September 28, 2021, the project aims to produce 10 million trees planted worldwide, and those who donated will be issued non-fungible tokens of NFT certificates for participating in the initiative. Binance Charity said it already has the support of 17 crypto industry players while aiming to increase this number to 100 members by March 21, 2022, which coincidentally is also the UN Day of the Forest.
The first phase of Tree Millions Alliance by Binance Charity has already started with tree planting initiatives already underway in the Philippines and the following countries: Australia, Canada, Germany, Ukraine, Kenya, Uganda, Ethiopia, Ghana, South Africa, Brazil, Mexico, Colombia, Argentina, India, Indonesia, Vietnam and Thailand.
Every entity that donated to the project will be issued a corresponding NFT certificate that is encrypted with information of the trees to be planted using the donation. The NFT will be used to track how the money donated to Tree Millions Alliance will be spent. Information about the tree to be planted, what its species is, where it was planted and when, will all be recorded in the blockchain and tracked through the NFT certificate. This is in line with Binance Charity being the first-ever blockchain-enabled donation platform. 100 percent of the donation will be transferred to the project execution partners and will also be trackable.
In a statement, Changpeng ‘CZ’ Zhao said Binance recognizes the role that the cryptocurrency industry needs to play in protecting the environment. “Tree Millions is just one step towards mitigating our impact on the natural world,” CZ explained, while noting how blockchain can be a powerful tool “for building a fairer, more transparent, and more equal future,” the Binance CEO added.
The tree planting will not just happen in the real world, as a metaverse counterpart initiative will also take place. In partnership with Binance NFT Marketplace, a virtual tree planting will take place to create the largest virtual forest to date. Artists and creators in the Binance NFT Marketplace will also participate in the “NFT for Good” campaign to drive fundraising efforts for Tree Millions. NFT for Good as an initiative was first launched in June “to capture creativity to drive meaningful change.”
While many might raise a concern around NFTs harming the environment because of the energy needed to produce one (as per certain studies, that’s also refuted by other studies), it should be noted the NFT certificates will be issued using Binance Smart Chain, which uses less than 1% of the energy consumption of Bitcoin, the press release stated. To put this in perspective, if the Bitcoin network consumes 113.89 terawatts per hour per year (TWh/year) and the traditional banking systems consume 263.72 TWh/yr; Binance Smart Chain consumes less than 1% of it.
According to Helen Hai, Head of Binance Charity and Binance NFT, those in the digital industry could help in helping the “natural world in crisis.”
“We know trees are a critical resource in the battle against climate change and an essential part in keeping balance to our fragile ecosystems that help to provide life on earth,” Helen said, noting that while crypto is the future, it is essential that it is a “future that is green.”
Binance Charity has projects in the past that have benefitted the Philippines. Last April, it announced that it made the world’s first crypto donation to UNICEF’s global COVID-19 vaccine relief rollout. As per the record on Binance Charity’s Crypto Against COVID Allocation List, 50,000 BUSD was transferred to the Philippines.
In June of last year, Binance Charity donated Php 3.5 million worth of medical supplies to Philippine hospitals, paid using cryptocurrency. In a report on BitPinas, eighteen medical and government institutions received the medical supplies, which included surgical masks, face shields, and protective shields, donated at the height of the COVID-19 lockdown in the country.
This article is published on BitPinas: Binance Charity Launches NFT Tree Planting Project, to Benefit the Philippines, 17 Other Countries
