7 Min(s) Read
By CNBCTV18.com Dec 6, 2022 2:49:25 PM IST (Published)
The first presale went live on Oct 4 and raised $1 million in just 72 hours, with the project achieving its presale target of $10.8 million on Oct 26 – that's just 22 days. In the first presale, IMPT tokens sold for $0.018.
Over the years, digital assets have earned a reputation for being energy guzzlers. For instance, according to the Cambridge Bitcoin Electricity Consumption Index, Bitcoin uses almost 104.2 terawatt hours of electricity annually, which is more than the entire country of Pakistan.
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Several blockchains are trying to change this narrative by adopting energy-efficient technology and systems. For instance, Ethereum has dropped the energy-sapping proof-of-work consensus mechanism for the eco-friendlier proof-of-stake consensus mechanism.
However, one blockchain project plans to take things a step further by revolutionising the carbon credit industry and incentivising the use of environmentally-conscious brands. The project is known as IMPT, and it has caught the attention of crypto traders after hosting the biggest presale of 2022.
But what is IMPT, and why has it got the cryptoverse excited? Tag along to find out.
IMPT: The CO2 killer
According to its website, IMPT is an "ecosystem that connects socially responsible brands with businesses and individuals who want to reduce their carbon footprint." IMPT employs a multi-pronged approach to fulfilling this statement, the first of which is to revolutionise the carbon credit industry.
The network allows individuals to "buy, sell, or retire carbon credits while avoiding double counting and fraud." To fully understand what this means, we will first need to understand how carbon credits work and the industry's current problems.
Carbon credits are usually created by certified climate action projects that reduce, destroy, or capture emissions. These entities then sell credits to companies that emit carbon dioxide or other greenhouse gasses (GHGs). This helps companies reduce their carbon footprint. One carbon credit allows such companies to emit one ton of carbon dioxide or other greenhouse gasses.
Carbon credits incentivise companies to reduce greenhouse emissions. If their emissions increase, they need to purchase more carbon credits. However, they can sell their unwanted credits to other companies if their emissions reduce. As such, the carbon credit industry has ballooned into a $273 billion industry as of 2021.
However, the carbon credits industry is not without its chinks. To begin with, the industry is complex and highly fragmented, with 68 carbon credit initiatives spread across 46 national subnational jurisdictions. Moreover, over the last few years, several scams have been uncovered, where bad actors double-sell carbon credits to unsuspecting organisations and business owners.
This is where IMPT comes in. The network will tokenise carbon credits in the form of NFTs. This will allow carbon credits to be stored on the blockchain. Therefore, ownership details of the carbon credits can be easily verified, thus preventing double counting and fraud.
Organisations can use the IMPT token to purchase carbon credits with secure and transparent records. Further, IMPT has collaborated with several environmental projects from around the world. These projects are certified by globally recognised regulatory bodies and include clean energy generation plants, forest conservation projects, wind farms, and other innovative carbon credit solutions.
IMPT also encourages individual users to get in on the action
Besides large companies, IMPT encourages individual users to get involved in carbon credits and reduce their carbon footprint. For this, IMPT has tied up with over 10,000 brands that offer over 2 billion products. Every time a user purchases these products through IMPT's app or online shopping widget, a margin of the sale amount will be credited to the user's account in the form of IMPT tokens.
Users can then use their IMPT tokens to buy carbon credits. These credits can be traded on the IMPT platform or retired in exchange for NFTs, which will be unique artworks explicitly created for the IMPT project. You can trade/sell these NFTs or hold them for price appreciation.
On the other side of the picture, brands can also voluntarily set aside a percentage of the sale amount that will be collected and pumped into the environmental impact projects linked to IMPT.
Some companies that have joined IMPT include tech giants like Microsoft and Samsung, while retail giant Amazon has also joined the platform as a partner. Other world-renowned brands, such as Dominoes, Macy's, TripAdvisor, etc., are also on board with the project.
IMPT also has a scoring system that allows users to track just how impactful they are. This will be done through IMPT points that users will receive each time they shop, purchase an NFT carbon credit, or refer their friends to the platform. However, the highest points are received for retiring carbon credits.
In addition, IMPT also wishes to launch a social platform where the extent of the environmental impact of every user can easily be tracked and monitored. As user efforts will be publicly visible, companies and organisations will have to step up and be more conscious of their actions and how they impact the environment.
Finally, IMPT is built on the Ethereum network. As mentioned earlier, Ethereum has recently switched to the proof-of-stake consensus mechanism, thereby reducing its carbon-dioxide emissions by 99.99 percent.
Tokenomics and presale
The IMPT project plans to release 3 trillion tokens into supply. Out of this total supply, 60 percent of the tokens will be distributed across three presale events. The rest of the tokens will be distributed to the team (5 percent), used for marketing (10 percent), set aside for ecosystem development (15 percent), and reserved for early adopters (10 percent). In the future, IMPT will also pocket 10 percent of all sales proceeds on the platform, including purchasing carbon credits, shopping on the platform, NFT trades, etc.
The first presale went live on Oct 4 and raised $1 million in just 72 hours, with the project achieving its presale target of $10.8 million on Oct 26 – that's just 22 days. In the first presale, IMPT tokens sold for $0.018.
The second presale is live and will last until Dec 11 or until tokens sell out. So far, the project has managed to raise $14 million of its $25 million target for the second presale, with tokens priced at $0.23.
Project legitimacy
The crypto industry is rife with scams and rug pulls. Therefore, it's always advisable to double-check the project's legitimacy before investing. In this regard, IMPT scores well in terms of legitimacy. Unlike some projects that keep founders and CEOs anonymous, IMPT has disclosed the identities of all its team members. The team has also been fully verified through a Coinsniper KYC audit. Moreover, the project has also undergone a complete smart contract audit.
Conclusion
IMPT is a unique 'utility NFT' project that solves a global problem in a highly creative and innovative way while also generating profits for users. The project has grand ambitions and excellent supporters who are already on board and backing the project. Some investors are eyeing this project as the best investment option this year, which will give generous returns in the future.
However, as always, it is essential to conduct detailed research and inspection personally before making an informed decision to suit individual investing strategies.
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