After the first three interventions which mainly focused on virtual fashion and clothes, I decided to have more communication with the NFT experts in different areas not only the fashion industry in September. According to my secondary research, The World Wildlife Fund is now selling NFTs to raise money in an effort to help protect 13 endangered species around the world.I contacted the NFT company in China which mainly focused on endangered turtles.

With an increasing number of climate change reports emerging that signal a ‘red alert’ for the planet – such as the IPCC’s on 9th August – the need to protect biodiversity and natural capital is intensifying. As the issue grows in complexity, the role that financial technology can play in identifying solutions is being explored more and more. Organisations in the NFT space have not exempted themselves from this challenge.

One such organisation is the Porini Foundation, which partnered with conservationist organisation, Nature Seychelles, and the International Union for Conservation of Nature (IUCN) in July to help protect 59 endangered magpies indigenous to Seychelles islands – an archipelago in the Indian Ocean.

In order to stimulate investment in the preservation of the species, the remaining birds were made ‘collectible’. To do this, the Porini Foundation tokenised the magpies by creating a digital version of each, in NFT format – the world’s first non-fungible token for conservation (NFTC) – before placing them on the market to be bought and sold. The revenues generated from this enterprise are already being used to protect the Seychelles magpie, and remove it from the IUCN’s endangered list.

The Company Background Introduction

The company founder Joe introduced me the background said that Non-Fungible Tokens, or NFTs, are revolutionising the art market right now. They enable unique virtual collectibles that cannot be replaced or copied.
To raise awareness and funds for the conservation of ten endangered species, WWF created Non-Fungible Animals, or NFAs, a highly limited number of crypto artworks. According to my secondary research, the World Wildlife Fund is now selling NFTs to raise money in an effort to help protect 13 endangered species around the world.

• the proceeds of the artworks will be used for the protection of endangered animals.
• Renowned artists create limited edition NFA crypto artwork for ten endangered species.
• The number of artworks per species is chosen to be equal to the current number of endangered animals in the wild.

What are NFAs?

NFA stands for “Non-Fungible Animals”. Just like NFTs, NFAs are limited because their species only exist in limited numbers. The term NFA was developed as part of this WWF campaign. The sale of NFAs is intended to help protect endangered species.

The proceeds of this campaign will be allocated to the respective project offices, so that they can continue the work on the ground and preserve species conservation. From each resale on the part of a (also later) purchaser of the NFA (secondary sale / revenue sharing), we as WWF receive 10% of the net purchase price automatically by transferring the corresponding amount of cryptocurrency into our NFA wallet or another wallet kept in our name. Please also refer to our T&C.

The same rules apply to the purchase of an NFA as to the purchase of an NFT: a crypto wallet is required where the NFT is securely stored. Such a wallet can be created easily and free of charge, similar to an email address. In order to acquire an NFT, there must be cryptocurrency available in the wallet. When at least the amount that the NFT costs is added to the wallet, you connect your wallet to an NFT store and your NFT is transferred to your wallet in exchange for cryptocurrency.

The roundtable with the NFAs company leader

On 30th October, the roundtable meeting with the company leader was arranged online. During this meeting, we discussed the situation of NFAs in Chinese market and the attitudes of Chinese Millennials towards the NFAs. Also, as one of my stakeholders, I asked their reflections about my previous interventions, including the roundtable with the designers, workshop with the Chinese Millennials and the NFT select shop online.

The future of NFTs: Democratising space and digitising endangered species