Nemus: Can Non-Fungible Tokens Save the Amazon Rainforest?

In March 2022, Nemus, an environmental planning, development, and sustainability consultancy based in Lisbon, Portugal, released a series of non-fungible tokens (NFTs) through its Nemus Earth initiative with the goal of supporting reforestation in the Amazon rainforest. The company purchased at-risk land in rainforests, created collectible NFTs, and used proceeds from the NFT sales to support reforestation and economic and social development in the region. While some purchasers praised the company for the NFTs, other stakeholders, such as activists, government officials, and Indigenous groups, questioned the efficiency and legality of the project. By July 2022, Nemus faced a decision: should it continue with its mission, or should it leave it up to governments and non-governmental organizations to lead the way on climate action? Could NFTs be effective in protecting rainforests, or were there better alternative paths?