Dungbeetle, founded by a 17-year-old student in Bali, aims to guarantee small-scale carbon projects that cannot afford certification from large verifiers like Verra and Gold Standard. Dungbeetle authenticates projects using NFT technology and the company sells the NFT to firms looking to offset their carbon footprint. It takes a 5% cut from the sale, with the rest going to the project owner. Dungbeetle’s offerings differ from the conventional approach because they sell the ability to claim the impact of an entire project, making it easier to track individual project impacts and avoid greenwashing. The company uses data to verify that a project exists and the NFTs are verified as carbon credits by accreditors such as Verra. Founded by Freddie Hedegaard after learning that airlines were exploiting offsetting schemes to polish their image, Dungbeetle has started working with projects to restore Bali’s forests, organically farm ducks and produce fuel from animal dung using biodigester. The company has a pre-seed investment from Mangosteen Venture Studios, with each founder holding a 25% stake. Hedegaard is aware of the carbon footprint of NFT technology, but he believes the carbon locks of Dungbeetle’s projects offset the emissions of the technology. One transaction emits the same level of carbon dioxide as three Google searches, while one biodigester sequesters the carbon equivalent of 50 million Google searches annually.
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