- Carbon Credits were Sourced from Two Wind Projects and a
Landfill Project, all Authenticated on the Gold Standard and Verra
Registries
- Three Scenarios of Retiring, Claiming and Holding a Carbon
Credit NFT Were Successfully Tested via the Company's
Platform
- The Retirement Contract was Deployed on Polygon's
Lower-Emission Blockchain
CALGARY,
AB, May 12, 2022 /CNW/ - DeepMarkit Corp.,
("DeepMarkit" or the "Company") (TSXV: MKT) (OTC: MKTDF) (FRA:
DEP), a company focused on transitioning the global carbon offset
market to the more accessible digital economy by minting credits
into non-fungible tokens ("NFTs"), is pleased to
announce it has recently undergone and successfully completed three
different scenario-based tests (the "Minting Tests") to mint
carbon credits into NFTs via its MintCarbon.io platform. The
Minting Tests were conducted in order to confirm the core
functionality of the MintCarbon.io platform, which is nearing
commercial launch.
As background, the NFT minting process for an offset credit is
initiated by confirming and authenticating the credit on a carbon
project registry. Upon verifying the offset credit's authenticity,
the user is then approved to mint it into a verified carbon credit
NFT through the MintCarbon.io platform. Once minted, the user can
hold, sell or retire their carbon credit NFT. A holder of an active
carbon credit can retire it via a retirement contract on the
MintCarbon.io platform. Retirement takes place seamlessly on both
the blockchain and on the authenticating registry. When the
underlying carbon credit is retired, the NFT's residual value can
become a function of the market's perceived worth of its artwork
and its underlying project details.
Management Commentary
"These three successful minting tests are the final major step
before being able to launch the MintCarbon.io platform on a
commercial scale. The retirement, claim and hold scenarios
demonstrate the versatility and optionality available to users of
our platform. These successful trials showcase that we are able to
deliver on our promise of bringing increased transparency and
liquidity to the carbon credit markets in a fast and effective
manner," said Ranjeet Sundher,
Interim CEO of DeepMarkit.
Carbon credits from the
following projects were selected to be minted into NFTs:
- Fulton County Mud Road Landfill Carbon Project in the United States;
- Wind Power Project in Karnataka, India by OMWPL; and
- VTRM Renewable Energy Project in Minas Gerais,
Brazil.
The Minting Tests consisted of three different scenarios –
retirement, claim and hold – and involved the Gold Standard and
Verra registries. The Minting Tests were also designed to evaluate
the versatility and ease of use of the MinCarbon.io platform, as
well as the compatibility of the MintCarbon.io platform's software
with the registries and the blockchain. Once minted, the carbon
credit NFTs were then placed for sale on OpenSea.io and Rarible. In
each test case, the Company's wholly owned subsidiary, First Carbon
Corp., obtained the underlying carbon credit in its account at the
respective registry, with beneficial ownership remaining with each
respective owner.
Test Scenario 1 –
Retirement
Retirement Test Buyer purchased an active carbon credit NFT from
the Fulton County Mud Road Landfill Carbon Project certified by
Verra on OpenSea (OpenSea Listing). They then desired to retire the
active carbon credit NFT to offset one tonne of carbon emissions.
Retirement Test Buyer sent the active carbon credit NFT to the
retirement contract (polygonscan). Then, they received a retired
carbon credit NFT on-chain (OpenSea Retirement). The Fulton County
Mud Road Landfill Carbon Offset Project carbon credit was confirmed
as retired by the Verra registry (Verra
Retirement).
Test Scenario 2 – Claim
Claim Test Buyer purchased an active carbon credit NFT from the
Wind Power Project in Karnataka by OMWPL certified by Goldstandard
on Rarible (Rarible Listing). They desired to claim their active
carbon credit NFT from the Wind Power Project in Karnataka by OMWPL
and receive the carbon credit on the Gold Standard registry. Claim
Test Buyer sent their active carbon credit NFT to the claim
contract (polygonscan) along with their account details to the
registry. Claim Test Buyer delivered the NFT and the underlying
carbon credit was transferred on Gold Standard to their registry
account.
Test Scenario 3 – Hold
Hold Test Buyer purchased an active carbon credit NFT from the
VTRM Renewable Energy Project 1812 certified by Verra (OpenSea
link). They desired to hold onto their active carbon credit NFT
from the VTRM Renewable Energy Project. Hold Test Buyer was able to
mint and hold the NFT for deposit at a future date.
ABOUT DEEPMARKIT
DeepMarkit Corp. is a company focused on democratizing access to
the voluntary carbon offset market by minting credits into NFTs.
Its common shares are listed on the TSX Venture Exchange under the
"MKT" stock symbol. DeepMarkit's wholly owned subsidiary, First
Carbon Corp. ("FCC"), is a software infrastructure company
operating in the tokenization vertical of the blockchain. FCC's
primary asset, MintCarbon.io, is a web-based, software-as-a-service
platform that facilitates the minting of carbon credits into NFTs
(based on the ERC-1155 standard) or other secure tokens (based on
the ERC-20 standard). MintCarbon.io is currently undergoing testing
and FCC anticipates an official launch of the platform in the near
future.
On behalf of:
DEEPMARKIT CORP.
"Ranjeet Sundher"
Ranjeet Sundher, Interim CEO
Web: www.deepmarkit.com
Twitter: @DeepMarkit
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
CAUTIONARY STATEMENT
Statements in this news release may contain forward-looking
information. Any statements that are contained in this news release
that are not statements of historical fact may be deemed to be
forward-looking statements, including statements relating to the
expected timing for launch of the MintCarbon.io platform, the
expectation that the business of FCC will operate in the same
manner as the tests described herein were conducted, and statements
relating to the Company's business and corporate plans. The reader
is cautioned that assumptions used in the preparation of any
forward-looking information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from
those predicted, as a result of numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the
control of DeepMarkit, including, without limitation, the risk that
the Company delays launch of the MintCarbon.io platform, following
evaluation of the proposed mechanics underlying the NFT minting, as
well as the retirement of the underlying carbon credit associated
with an NFT. Various factors can cause the actual results to differ
materially from those in forward-looking statements. The reader is
cautioned not to place undue reliance on any forward-looking
information.
The forward-looking statements contained in this press release
are made as of the date of this news release and DeepMarkit does
not undertake any obligation to update publicly or to revise any of
the included forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
securities law.
SOURCE DeepMarkit Corp.