Tuesday Project Spotlight: Crypto Coral Tribe
Now in its 50th year of operation, the United Nations Environment Programme (UNEP) has been the global authority that sets the environmental agenda, promotes the coherent implementation of the environmental dimension of sustainable development within the United Nations system, and serves as an authoritative advocate for the global environment.
According to the “Status of Coral Reefs of the World 2020” report, a quantitative analysis of a global dataset spanning from 1978 to 2019 co-produced by UNEP, the International Coral Reef Initiative, the Global Coral Reef Monitoring Network, and various international partners, 14% of the world’s corals was lost between 2009 and 2018. The report also projects that a 70-90% decrease in coral reefs by 2050, unless drastic action is taken to limit global warming to 1.5°C (or 2.7°F).
That said, the report does note that “high coral cover and diversity” means that coral reefs are resilient and can recover if we safeguard the marine environment and create the right conditions.
A PROPOSED SOLUTION
Crypto Coral Tribe (CCT) describes itself as an NFT community of change-makers who are leveraging art and technology to invest in the natural world. CCT’s stated mission is “to provide economic, educational, and recreational benefits to holders whilst driving wildlife conservation.” They have even built a mythology around the idea of being an “allegiance of crafty creatures, visionaries and warriors – armed with ancient wisdom and cutting-edge technologies. Driven to protect the reef, the fate of our planet, and the beauty of life.”
The project launches with 6,565 NFTs (out of which, 200 Crypto Corals are pre-minted and kept by CCT for airdrops and giveaways) on April 22, 2022. For those who do not immediately recognize that date, April 22nd is also known as Earth Day. #ISWYDT, CCT! Each Crypto Coral will cost between 1.5 & 2.5 SOL (subject to change depending on SOL price fluctuation).
HOW IT WORKS
CCT says that it “all starts with [their] community Impact Fund (IF) – seeded with 50% of mint revenues. The IF will invest in projects which protect the natural world whilst providing a return on investment. IF investments will be tied to rewards for holders, breathing life into the CCT ecosystem and [their] native token, $AQUA.” Through the IF, Crypto Coral NFT holders discuss and vote on proposed projects with 1 Crypto Coral NFT equalling 1 Vote. Crypto Corals are SPL Tokens built on Solana.
The CCT’s initial pledge is to plant 3,000 corals across 3 continents, through their network of 4 marine reservations, in partnership with Coral Triangle Center, Coral Guardian, and Turks and Caicos Reef Fund.