NFT infrastructure company WakeUp Labs has teamed up with digital irrigation platform Kilimo to make their water-neutral goals a reality by minting and selling water-saving NFTs. Readily redeemable for cash, these NFTs aim to support farmers through Kilimo’s irrigation practices, while also using the funds to help save valuable water.
As a South American climate tech startup, Kilimo already supports over 2,000 farmers through its irrigation practices – saving nearly 72 billion litres of water across the continent as a result.
Now, this is where water-neutral NFTs play a significant role. With WakeUp Labs, the two companies will work on incentivising water-saving practices by minting water saving certificates as NFTs. These can then be bought by companies to offset against water that they use.
In this way, Water-neutral NFTs appear to function similarly to Carbon credits, which have also been tested out as NFTs. At the same time, farmers that do practice water conservation would become beneficiaries whenever their water NFTs are sold – encouraging longer-term sustainability.