Fauna Conservation introduce Non-Fungible Tokens to the Cambodian Conservation Scene
Fauna Conservation NFT is aiming to revolutionize the way conservation funds are raised and spent by utilizing Non Fungible Tokens (NFTs) as a vehicle to fund and increase awareness efforts within the Kingdom, according to a press release from the group.
And what is an NFT? A Non-Fungible Token (NFT) is a completely unique digital asset, with the owner able to prove their ownership of said NFT. The concept has so far been specifically unitized within the sports arena, with the “NBA Top Shot” collection recently selling for around $200,000 (external link).
The concept works by utilizing the often controversial blockchain technology, more commonly associated with “get rich quick” Bitcoin scams and cryptocurrencies, but Fauna Conservation co-founder Thomas Hesketh feels confident in the future potential of blockchain telling Cambodia Investment Review “While many are cautious about blockchain technology and rightly so, the tech is still in its infancy and globally we believe there will be a shift in mindset as people start to engage in blockchain based applications on a regular basis”
How can NFT’s held with conservation in Cambodia?
The idea came to the team while kayaking from the Laos border to Kratie, where they spotted the extremely rare Mekong Dolphin and quite simple a concept was born. Create Cambodian animal NFTs that can be purchased and traded in not too dissimilar a fashion to say Pokemon cards, with the benefits being multi-faceted.
Through the program Fauna Conservation NFT aim to not only raise awareness of the plight of endangered species, but also more importantly raise much needed funds that can be put back into conservation efforts within the Kingdom.
NFTs for Development in Asia
Looking for funding for their project the team entered the “NFTs for Development in Asia” competition sponsored by the Asia Development Bank (ADB). Against extremely tough competition from over 200 participants representing 99 teams, they managed to win the final round against groups from Singapore, Thailand, and the Philippines, with Fauna and the project succeeding against ideas that included tokenised carbon credits and solar panels.
After finishing in first place the team will now receive seed funding to set up as not only a fully fledged non-for-profit organization, but also the first NFT in Cambodia specifically aimed at social development.
And as for the future? Fauna are currently looking for global conservation partners and donors, as well as for people wishing to get directly involved in the project, such as artists and digital illustrators. And of course hopefully have a positive impact on animal conservation with Thomas Hesketh adding “We see enormous potential in the use of NFTs as a donation and funding mechanism”.
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Author: Gareth Johnson
Gareth Johnson is the founder of Young Pioneer Tours and has visited over 180+ countries. His passion is opening obscure destinations to tourism and sharing his experience of street food.
