TORONTO, Oct. 19, 2021 (GLOBE NEWSWIRE) -- First Carbon Corp., (“First Carbon” or “FCC” or the “Company”) developers of the world’s first decentralized carbon credit non-fungible token (“NFT”) onboarding platform, is pleased to announce it has launched FirstCarbonCorp.com to introduce its proprietary platform leveraging the power of NFTs on the blockchain. The platform, provides carbon credit issuers an “on ramp” to the blockchain, while enabling users to track, trade and burn credits in a simple and secure way accessible to everyone, everywhere.
First Carbon has pioneered the use of NFTs to digitize and allow for the trading of tokenized carbon credits in order to bring transparency and liquidity to the global carbon offset market. The aim of its new proprietary decentralized platform is to enable offset trading on existing tokenized exchanges.
First Carbon’s NFTs will be minted on a proof of stake consensus blockchain that connects Ethereum-compatible blockchain networks into one, to enable a multi-chain Ethereum ecosystem. The platform was chosen to ensure that the project would be interoperable with the Ethereum blockchain while ensuring that minting activities will be both low emission and cost.
Currently there are two categories of carbon offset credits: Compliance credits are created and regulated by mandatory regional, national, and international carbon reduction requirements, and Voluntary credits which function outside of the compliance credit market and enable companies and individuals to purchase carbon offsets on a voluntary basis.
According to Trove Research (June 2021)2 the Voluntary Carbon Market (“VCM”) represented only 0.2% of global greenhouse gas emissions. In the past two years alone, the number of voluntary offsets sold has doubled. The Institute of International Finance believes there is "huge upside potential" for voluntary carbon credits, predicting the market could be worth as much as $100B/year by 20501.
On September 22, 2021, BNN Bloomberg reported, “Investors managing a collective $6.6 trillion are pressing the finance industry to boost funding for carbon-removal methods and standardize pollution credits as part of the effort to keep global warming within 1.5 degrees Celsius of pre-industrial levels.”3
The Trove Research2 report states that current VCM prices of $3.00-$5.00 (USD) per tonne of CO2 equivalent (tCO2e) are unsustainably low. With projected increases in VCM demand, average VCM prices should rise to $20-50/tCO2e by 2030 driving real investment in new projects to reduce emissions. With a further increase in demand by 2040, carbon credit prices would be expected to rise in excess of $50/tCO2e.
First Carbon’s onboarding platform will make it easier for companies to take part in the global effort to reduce their impact on the environment. Benefits of the onboarding platform will include:
- Unprecedented Access – Permissionless global trading on platforms operating 24/7/365.
- Security – Secure and easy access for investors into an emerging asset class.
- Liquidity – Access to a massive, growing global pool of liquidity in the cryptocurrency markets.
- Increased Utility – Programmable functionality through smart contracts and composable primitives that enable new types of capital formation and trading.
- Funding Opportunities – Reliable framework designed to increase the flow of capital into carbon reduction initiatives, helping underfunded environmental companies and projects.
First Carbon’s ERC1155-compliant tokens will be backed by real, verified carbon credits, providing increased accountability and security in carbon offset trading.
Mo Yang, CEO of FCC, comments, “We are very excited to announce the official launch of our website and the development of a proprietary platform which will transform the way the market issues, buys and sells carbon credits. Current carbon trading systems are fragmented and opaque; First Carbon is providing a reliable framework that could easily increase the flow of capital into carbon reduction initiatives, helping bring historically underfunded environmental companies and projects to market. Built on the Ethereum network, our decentralized exchange technologies tap into the DeFi universe, which holds unprecedented advantages.”
Eddie Law, Developer at FCC remarks, “The team is looking forward to creating novel smart contracts and a slick user experience, which will enable users with limited crypto experience to take advantage of these carbon offset NFTs as never before possible.”
For partnership and corporate related inquires, please send an email to: corporate@firstcarboncorp.com
About First Carbon Corp.
Based in Toronto, Canada, First Carbon is a technology company that has developed the world’s first decentralized voluntary carbon credit NFT which will be minted on the Polygon, powered by Ethereum and tradeable on global digital platforms based on the blockchain. The ERC1155-compliant tokens are to be backed by real, verified carbon credits, providing increased accountability and security in carbon offset trading.
For more information about the company please visit https://www.firstcarboncorp.com/
ON BEHALF OF THE BOARD
"Mo Yang"
Mo Yang, CEO
Tel: +1 604-800-5648
Email: corporate@firstcarboncorp.com
Cautionary Statements Regarding Forward Looking Information
This news release contains “forward-looking statements.” Statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things: the Company's ability to digitize and allow for the trading of tokenized carbon credits by the global carbon offset market on its platform which is interoperable with the Ethereum blockchain while ensuring that minting activities will be both low emission and cost.
The material assumptions supporting these forward-looking statements include, among others, that: the Company could mitigate the risks associated with the blockchain and NFT industry; and the ability to compete with other businesses in the NFT market.
Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the risk that the Company's offerings are not accepted by the consumer, the risk that other competitors may offer similar digital offerings; the risk that there may be negative changes in general economic and business conditions; the risk that the Company may have negative operating cash flow and not enough capital to complete the development of any of its technologies; the risk that the Company may not be able to obtain additional financing as necessary; the risk that there may be increases in capital and operating costs; the risk that the NFT technology may be subject to fraud and other failures; the risk that there may be technological changes and developments in the blockchain that make the NFT solutions obsolete; risks relating to regulatory changes or actions which may impede the development or operation of the blockchain solutions; the risk that other competitors may release similar blockchain offerings; the potential future unviability of the NFT market in general; the volatile cost of the amount of computational effort required to execute specific operations on the blockchain, and other general risks involved in the blockchain solutions
Any of these risks may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Further, although the Company has attempted to identify factors that could cause actual results, levels of activity, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause results, levels of activity, performance or achievements not to be as anticipated, estimated or intended. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law, including the securities laws of the United States and Canada. Although the Company believes that any beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. The Company does not assume any liability for disclosure relating to any other company mentioned herein.
1 https://www.cnbc.com/2021/07/08/carbon-credits-institute-of-international-finance-sees-huge-potential.html
2 https://trove-research.com/wp-content/uploads/2021/06/Trove-Research-Carbon-Credit-Demand-Supply-and-Prices-1-June-2021.pdf
3 https://www.bnnbloomberg.ca/investors-managing-6-6-trillion-call-for-funding-carbon-removal-1.1656115
