🌍 This Week in Web3forGood
A weekly roundup of the ways web3 could make the world a better place
Hello readers,
As someone who has been going down the ReFi rabbit hole for quite some time now, last week held a lot of excitement, trepidation, and confusion as Verra announced that it was halting the tokenization of carbon credits, which has been the cornerstone of the voluntary carbon market. For those who may have seen the news but not sure what it means, that’s exactly what we cover in this week’s deep dive - an insight into carbon offsets, voluntary carbon markets, and the impact of Verra’s announcement.
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P.S: There’s a possibility that we will be in New York for NFT.NYC. Are you going to be there too? Let us know, we would love to meet our readers in person!
WAGMI (We are gonna make an impact)~
What’s Inside
🌊 Deep Dive: Verra’s announcement and and what does it mean for the voluntary carbon market?
🕊 Tweet of the Week
📣 Latest News
📚 What We’re Thinking About
🚀 Opportunities
📡 On Our Radar
🌊 Verra’s announcement and and what does it mean for the voluntary carbon market?
Verra, the largest carbon crediting platform in the world, just announced that there is an immediate ban on the creation of tokens or instruments based on retired credits. A “retired credit” essentially means that the credit’s environmental benefits have been consumed. Many blockchain and crypto platforms that offer tokenization use Verra registered carbon credits and mark the credit as ‘retired’ on the registry before creating a token to prevent double spending. However, some leave the credits active.
Typically carbon credits are used by companies to offset their carbon emissions. Verra is concerned that the ‘retired’ classification is meant to indicate that the carbon credit on the registry has been consumed such as through offsetting, and this blockchain practice creates ambiguity. Instead, it wants to explore “immobilizing” credits to address both the double counting issue and enable transparency and traceability, provided it “can be done in a way that prevents fraud and upholds environmental integrity.”
Read our full conversation on Medium.
🕊 Tweet of the Week
As you know, Web3 is a big fan of DAOs - here’s Kevin Owocki, the founder of Gitcoin breaking down the DAO Human Actor Trilemma for us!
📣 Latest News
Public Oil Companies join forces with Bitcoin miners to reshape the Industry
Coinbase commits to $1Million for public goods with partnership with Gitcoin
Coppola-Backed Decentralized Pictures Launches Web3 Film Funding Platform
MetaMask Moves To Help Crypto Scam Victims Recover Stolen Digital Assets
📚 What We’re Thinking About
Crypto and blockchain solutions can be tailored to meet the specific needs of the world's underbanked, and enable an inclusive and equitable global financial system. (AllAfrica)
A new startup wants to teach kids math through virtual reality. It just raised $4 million from A16z and the cofounder of Oculus. (Business Insider)
The division between crypto investors and crypto transactors is stark. (Quartz)
Things to consider when setting up crypto-specific gift acceptance policies. (Bloomberg Tax)
🚀 Opportunities
Apply: Regen Network is hiring a Product Manager - Ecological Data (Remote, US).
Apply: WoW Studio (behind World of Women) is hiring several positions (remote).
Attend: Gitcoin Grants Round 14 Hackathon, Refi Summer Edition 🌴, June 8- 29!
Attend: Going to NFT.NYC? Bookmark this spreadsheet of satellite events.
📡 On Our Radar
Climate Clouds are 8888 hand drawn unique NFT’s that are sustainable & work to combat climate change, with every acquisition of a climate cloud, 1 tree is planted. Each climate cloud is representative of one of 4 selected social impact projects battling the climate crisis. Climate clouds not only offset their own carbon emissions they also more than double their offset by giving back to the earth.
218 artists have been selected for NFT.NYC’s Diversity of NFTs Art Showcase.
VZN (“Vision”) is a Climate and Sustainability focused Web3 company. Their three main focuses are to create carbon-neutral projects that directly benefit the Earth, promote and market similar mission-driven projects, and create a “Save the World” seed fund for Climate Tech start-ups.
Nothing contained in this newsletter should be construed as financial or investment advice. This newsletter is for informational educational purposes only.