NFT company Nemus faces obstacles in the Amazon rainforest and is questioned as "crypto-colonialism."

2022-12-20 16:47:17

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ChainCatcher news, according to VICE, Brazilian entrepreneur Flavio de Meira Penna's NFT company is attempting to acquire over 150 square miles of rainforest land in the Brazilian Amazon, then combine cryptocurrency and gamification models to attract investors to participate in the protection of the Amazon rainforest. However, the business is plagued by bureaucracy, land ownership regulations, and strong opposition from local indigenous communities.

Federal prosecutors have suggested that Nemus stop selling land-based NFTs and consult with indigenous peoples as per international requirements. Indigenous people in the region have stated that Nemus's activities are quickly sowing seeds of discord and evoking painful memories of colonial activities in the Amazon.

It is reported that 96.5% of the NFT sales revenue from the Nemus Foundation will be used to purchase new land or invest in local "sustainable" projects, combating crimes such as deforestation by creating local economic opportunities. Currently, Nemus has sold 1,500 NFTs, and the company plans to launch a DAO by the end of 2023. (source link)

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