How do RFTs work?
Rainforest tokens, as NFTs, are a representation of rainforest land parcels in the Peruvian rainforest. These tokens represent the actual land area, which is randomly assigned to each NFT.
To begin with, rainforest lands are purchased by the FUND THE PLANET team from landowners who intend to monetize their land, and maybe consider miners, farmers, and activities that involve deforestation. These lands are registered and subject to legal due processes such as contracts, notaries, public registers, paying taxes, and so on. These purchased lands are then split up into smaller parcels.
The Rainforest Explorer shows protected rainforest parcels in real-time.
Rainforest Tokens are then minted on the Polygon network, an Ethereum layer two protocol that is cheap and environmentally friendly. You can check out this article as to why we chose the polygon network. Each of these tokens carries the coordinates of the land parcels they represent. The rainforest and ownership details are publicly available and will be embedded and interlinked via IFPS. All information can be sourced on the blockchain here!
Finally, these NFTs are distributed on Opensea.io, where they can be purchased or sold by anybody who wants to be a part of the rainforest campaign. The team is responsible for taking care of the rainforest by handling logistics such as security and so on. To prevent illegal deforestation and ensure the preservation of the area and its contained biomes.