Efforce unveils its energy efficiency NFTs

In our interview with Paolo Pastore, Managing Director of Efforce, the man who invented the ‘Energy Efficiency NFT’ discussed how he used blockchain to create a new type of NFT for investors.

When you invest in a project, you can’t just cancel that investment at your leisure. Well, in the past you couldn’t do that.

Now, NFT is here and with the help of a brilliant mind named Paolo Pastore, Eforce has changed the investment profile in energy efficiency projects.

Paolo, an avid follower of the NFT world, invented an NFT with a difference.

Unlike Profile Picture or Metaverse Land, this NFT can be linked to your energy efficiency investments on the Eforce platform – co-founded by Steve Wozniak.

As a result, your investment can be canceled at will – once the wheels of the project are in motion.

“We create a liquid position through NFTs,” Paulo said. “So, our NFTs represent your (energy efficiency) contribution and if you decide to share your NFTs in a staking contract, you will be rewarded with the actual value of the project in real life.”

Thus, by leveraging the eForce revolution to tokenize energy storage, Paolo has found an exciting new way to incorporate NFTs.

First, a project is carefully scrutinized by Efforce in terms of its potential return on increasing energy efficiency.

Then, if the project looks healthy and the math adds up, Efforce funds the project.

As part of the blockchain’s contract between the project and individual contributors, part of the energy savings made by that company will be returned to the stakeholders.

“We are ensuring that these companies save energy and consequently save money and a portion of this savings is tokenized.,” she said. “Tokens are in smart contracts on the blockchain, backed by USDC, so they can be swapped instantly, and in the near future you can use them to fund other projects and even pay your bills.”

In fact, Efforce is working on a reward scheme that will encourage investors to hold their energy efficiency tokens.

The concept of tokenizing energy storage is very important and is only made possible by blockchain and its inherent transparency.

Previously, this level of access to energy efficiency was only open to high-profile investors.

Now, the Eforce platform is making energy efficiency accessible to everyone.

“Blockchain allows us to be very transparent and create a system that is open to everyone,” she said. “Without blockchain there is no way an individual could participate in this type of project. Blockchain has helped us create systems and tokens that make every contribution instantly liquid.”

“Using NFTs, we use the NFT marketplace to liquidate tokens – and that’s very interesting.”

To become a contributor, you need to buy WOZX tokens, and then you have to contribute a minimum amount to the specific project you are interested in.

All this can be achieved in the Efforce application and the current minimum amount for a project is only 400 WOZX ($40).

The minimum staking amount is dependent on the cost of the project, and Efforce intentionally started with a low barrier to entry, to get as many people on board as possible and to educate the public about energy savings.

The implications of scaling up energy efficiency are clearly huge for the world, and for this reason the investment is all the more compelling.

So, Eforce seems to be on the cusp of something big here, and the company will focus on building and educating its community over the next few months.

Using NFTs, Paolo Pastore has created an opportunity for those who have never invested before, but believe in energy efficiency, to get on board and try it for the first time.

“I tried to see what we could do in the real world that was effective,” he said. “So, it occurred to me that we could use NFTs, in a sense, to make these contributions better.”

“Before NFTs came along, you had to contribute with your stablecoin and that was it, and you had to wait (for project completion), so tokenizing and commoditizing your contribution is possible because of NFTs, and we’re excited to see how the market reacts to that.”

The first public Efforce NFT mint will be held on September 9 and for more information, you can visit the Efforce website.

https://ift.tt/tExnmyK

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