How non-fungible tokens (NFTs) could incentivise plastic recycling
Sustainability technology company Nozama has announced the launch Plastiks – claimed to be the world’s first utility non-fungible token (NFT) dedicated to the plastic recycling industry. The goal is to connect recyclers with plastic manufacturers, as well as artists.
The NFT has been created to incentivise an increase in the amount of plastic that is recovered for recycling.
The Plastiks marketplace works by allowing recyclers to turn invoice data into NFTs. Each NFT created uses data recorded on blockchain to certify that a corresponding amount of plastic has been recovered.
This would potentially create a more transparent recycling operation and also provides recyclers with an additional source of income as they can mint and sell their recovery guarantee as an NFT on the Plastiks marketplace.
SUP manufacturing companies and consumer brands can compensate for their waste by buying these tokens to demonstrate their commitment to sustainability and recycling. This can be used as a marketing tool or part of loyalty programme, to encourage individuals to collect NFTs, or a visual icon to be used on a company website demonstrating their dedication to reducing plastic waste.
The model also connects artists across music, painting, photography and literature to produce NFTs that are collectable on both artistic merit and environmental grounds.
The Plastiks blockchain-powered marketplace allows companies, individuals and NFT speculators to operate on the platform by minting, listing, publishing and trading the tokens.
The platform is already attracting both buyers and sellers, as international recycling firms Urbaser and Plásticos Güell are already listing NFTs for sale. The latter completed the platform’s first NFT sale, when hotels group, Grup Soteras bought 'THE FOREST', an NFT equivalent to 0.4 tons of polypropylene plastic (PP5).
These transactions create an additional revenue stream for recyclers from plastic they have already recovered and offers producers and users the opportunity to make a meaningful investment in the recovery of SUPs.
André Vanyi Robin, Founder and CEO of Nozama, said: “Plastiks is a bridge between plastic recyclers and producers in the ongoing fight to protect the environment. We are using NFTs as a utility – breaking new ground to give consumers faith that the end-to-end supply chain is committed to minimising waste.”
“This is an innovative, blockchain-powered marketplace which has already attracted significant demand from recyclers and producers, not to mention the artists who have been manifesting their fight against waste for this pioneering venture.
“We hope to expand our network of companies across the globe who are dedicated to reducing the amount of single-use plastic ending up in the environment, while enabling them to demonstrate to their stakeholders that they are fully committed to tracking, measuring and fighting plastic waste.”