DeepMarkit Corp., a company focused on transitioning the global carbon offset market to the more accessible digital economy by minting credits into non-fungible tokens (“NFTs”), is proactively contributing the following response to the recent industry dialogue surrounding the tokenization of expired, retired or low-quality carbon offset credits, otherwise known as ‘zombie credits’. DeepMarkit applauds and is strongly encouraged by recent discourse and developments around the tokenization of only active, legitimate and validated credits by leading registries. Gold Standard’s and Verra’s comments indicate a positive evolution for the industry and its stakeholders. Registries are the cornerstone of project information and verification, and are essential to maintaining the integrity of the carbon offset market. In addition, the Company’s view remains that the blockchain will play a critical role in transitioning carbon credit markets to the digital economy, with increased transparency, liquidity and utility.
“DeepMarkit is deeply aware of the challenges and issues facing the new ‘crypto-carbon’ space and I am proud of our team’s efforts to identify friction points early in our development cycle. We are proactively and continuously engaging and collaborating with respected industry players, from registries to project developers to carbon credit buyers, in order to address these concerns and have built viable solutions and functionality into our proprietary platform, MintCarbon.io,” said Ranjeet Sundher, Interim CEO.
DeepMarkit is a regulated public company that understands in totality the importance of governance and robust processes, while marrying cutting edge technology with carbon offsets. The Company’s carefully constructed platform and unique approach to tokenization is designed to assure the legitimacy and quality of all associated credits. Many new platforms dedicated to emulating the MintCarbon.io model are focused on commoditizing non-verified or retired carbon credits into tokens of ERC-20 or similar standards. This has led to the tokenization and monetization of a large amount of low-quality or long-dormant projects with marginal environmental utility, which has done a disservice to the industry from a public perception perspective. DeepMarkit reaffirms that it solely tokenizes (ERC-1155) tokens based on active, verified and high-quality carbon credits, thereby allowing purchasers to directly interact and fund legitimate carbon projects on leading registries including Gold Standard and Verra.
NFTs offer a way for carbon offsetting projects to be celebrated, by amplifying the qualitative aspects, impacts and sustainable development goals that their champions have worked hard to achieve. DeepMarkit’s platform, MintCarbon.io, is designed to ensure that the tokenization of carbon credits brings liquidity, transparency and integrity to the carbon offset markets. Accordingly, the Company’s management team looks forward to continuing to contribute to the industry’s dialogue regarding this subject and re-affirms its mission to be a leader in tokenizing only active and high-quality carbon offset credits.
ABOUT DEEPMARKIT
DeepMarkit Corp. is a company focused on democratizing access to the voluntary carbon offset market by minting credits into NFTs. Its common shares are listed on the TSX Venture Exchange under the “MKT” stock symbol. DeepMarkit’s wholly owned subsidiary, First Carbon Corp. (“FCC”), is a software infrastructure company operating in the tokenization vertical of the blockchain. FCC’s primary asset, MintCarbon.io, is a web-based, software-as-a-service platform that facilitates the minting of carbon credits into NFTs (based on the ERC-1155 standard) or other secure tokens (based on the ERC-20 standard). MintCarbon.io is currently undergoing testing and FCC anticipates an official launch of the platform in the near future.
Photo by Anne Nygård on Unsplash
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