Disclaimer: The Industry Talk section contains insights from players in the crypto industry and is not part of Cryptonews.com’s editorial content.
The cryptocurrency market has had a disappointing 2022, with their total market capitalization falling from $2.33 trillion on January 1st to just under $1 trillion today. This is a decrease of 57%. But while the big picture has proven to be quite underwhelming, there are a number of smaller and newer altcoins that have beaten the market averages. These include, for example, ApeCoin, Lido, Quant, Ethereum Classic and Tamadoge.
There is a good chance that another new altcoin can be added to this list: Impact Project (IMPT). The Impact Project is a platform that uses the Ethereum blockchain and NFTs to encourage more climate-friendly behavior among both consumers and businesses by allowing them to trade carbon credits.
It has announced the presale of their initial IMPT token in the last 24 hours, giving interested investors a chance to grab 1 IMPT for €0.018. And at a time when market demand for proof-of-stake and environmentally positive blockchains seems to be growing, this presale has a very good chance of selling out.
This new crypto is expected to 85x by 2023
Looking at the Impact Project’s white paper, they set a sworn goal to “help every individual and business offset their carbon footprint easily and safely.”
They want to do this by combining their own IMPT token with carbon credit tokenization platforms where carbon credits are tokenized as NFTs. By offering a marketplace for NFT-based carbon credits, the Impact Project not only wants individuals and businesses to offset their carbon footprints, but also those individuals and businesses who have already offset their footprints receive financial rewards.
Interestingly, the Impact Project plans to partner with “hundreds of impactful climate projects from around the world” and with “thousands of the largest retail brands” who will spend a percentage of their sales on climate products. It is through such partnerships that the users of the platform can obtain their CO2 credits, which they can do in two ways.
“With our platform, users can get carbon credits while making their regular purchases, but they can also just buy them on the platform,” their white paper says.
Such a setup has a double positive effect on the climate. On the one hand, it simply links consumers to climate-friendly projects and brands whose initiatives are sponsored by their purchases.
On the other hand, it creates an innovative blockchain and NFT-based system for carbon credits, which allows users to obtain such credits through responsible purchases or through direct purchases. Regardless, the collection of CO2 credits will contribute to each user’s IMPT.io score, allowing them all to “earn points for their contributions and measure how impactful they are.”
The interesting thing about Impact Projects’ use of the Ethereum blockchain is that when a carbon credit is earned by a user, it is tokenized on the platform, after which the user receives it as an NFT. This prevents double use of credits and also prevents credits from being reused once used.
From the Impact Project’s perspective, such a framework would eliminate many of the problems affecting the carbon credit market as it is today. For example, overestimation of credits, fraud, overselling fees and failure to follow proper processing procedures. By digitizing everything on a transparent and irreversible blockchain, the Impact Project believes they can make the carbon offset market fairer and more efficient.
85x profit in 2023?
With these promising foundations in place, the Impact Project yesterday launched the first phase of their presale for their IMPT token. This first phase makes the coin available for €0.018 and for the second and third phases the price is now €0.023 and €0.028.
The first phase will continue until it sells out or November 3rd if it doesn’t. Based on other projects with interesting funds that have also had their pre-sales this year, it is likely to sell out, with the Impact Project setting a hard cap of 600,000,000 IMPT worth around €10.8 million.
It has already sold over €150,000 in just under 24 hours, which is a good pace for a token and a project that has yet to gain much attention. But with the cryptocurrency ecosystem focused on climate-friendly blockchains (such as Ethereum’s move to proof-of-stake), there will be a lot more to sell in the coming days.
And looking at what the market has seen with presale cryptos like Tamadoge, IMPT has every chance to see big gains over their presale price when they reveal their first listings. For example, TAMA has jumped over 1000% over their presale price of $0.01, so if IMPT did the same, it could sell for around $0.02 shortly after it becomes available.