REX NFT- A UNIQUE AND SPECIAL NFT DESIGNED FOR ENERGY GENERATION AND PRODUCTION
NFTs which are powered by blockchain technology have provided artists with innovative ways of creative expression, enabling artists, creators, musicians, and companies to provide authenticity as well as originality in the rising digital age. NFT known as Non-Fungible Token is a financial security that consists of digital data that is stored in a blockchain. NFTs are irreplaceable because of their unique nature, and they provide ownership on blockchain and this is the reason why they are gaining more traction lately.
The NFT's ownership is recorded in an immutable decentralized ledger technology known as the blockchain, it can also be easily transferred by the owner which makes it possible to be sold or traded. NFTs usually contain references to digital files like audio, videos, and photos allowing artists and creators to express their artworks digitally. One thing about NFTs is that they are uniquely identifiable and they are different from cryptocurrencies because of their non-fungibility, and their market values are connected with the digital file they reference.
Renewable energy which is a form of energy that is produced from natural sources like the sun and wind can naturally replenish without running out. This energy generated from sun and wind can be used for electricity generation, transportation, space, and water heating and cooling. It is very interesting to see how NFT can be used in renewable energy generation, and REX NFT is the one and the only utility Non-Fungible Token (NFT) designed for renewable energy generation and production globally.
REX NFT- A RELIABLE PLATFORM THAT ENABLES EVERYONE TO PARTICIPATE IN RENEWABLE ENERGY FUNDING
REX NFTs are beautiful pieces of art designed to function as genuine renewable energy credits. This special NFT is the only utility NFT that is dedicated to renewable energy generation and production. A Renewable Energy Credits (RECs) is defined as a certificate corresponding to the environmental traits of energy that is produced from renewable sources such as solar (sun) or wind. Renewable energy credit is a perfect way of representing people’s investment in renewable energy, although buying Renewable Energy Credit is different from buying electricity, paying a power bill, or even investing in cleantech startups.
The purpose of creating Renewable Energy Credits is to serve as a means to track progress towards and compliance with the states' RPS (Renewable Portfolio Standards) which is designed to support a cleaner generation mix. RECs are among the two main benefits of the generation of new power obtained from renewable sources. It is important to understand that Renewable power generation creates substantial power in the form of electricity. It also offers environmental benefits to the society at large from green power production which reduces pollution as well as the rate at which finite fuel resources are being utilized.
Renewable Energy as we know is reliable and environmentally friendly. Not only does it increase public health, but its maintenance cost is also cost-effective. Renewable Energy Credits are a reliable way of directly funding renewable energy that will be used in the electric grid. REX NFT now makes it possible and easy for everyone to participate in the funding of renewable energy. When people buy REX NFT they are directly funding the generation and production of clean renewable energy.
REX NFT- PROVIDING CUTTING-EDGE SOLUTIONS TO THE PROBLEMS AFFECTING THE RENEWABLE ENERGY INDUSTRY
REX NFT is aimed at disrupting the six million dollars renewable energy credit industry, and no other platform can do that. RECs are now tokenized with the help of REX NFT and this marks the beginning of a new era of certification. Tokenization is a perfect fit for Renewable Energy Credits commercially because it simplifies the process and also prevents the possibility of fraud or double counting. It is not news that bitcoin which is the first digital currency has provided a solution for the problem of double counting for digital money, REX NFT tends to solve similar problems for the renewable energy industry.
Although the gimmick side of NFTs has been revealed by JPEG art, REX NFTs are important and their benefit to the planet is very real. Furthermore, apart from NFTs, the REX NFT platform is focused on launching an exclusive online REX club which is a complete online club and metaverse for all the REX NFT holders, where the holder's NFT will act as their membership cards. Members of the REC club will be able to chat, interact and hang out with other members (REX NFT holders), which is very innovative.
Apart from opening up a consumer market for renewable energy credit as well as lowering the barriers to entry so that everyone can get involved, the REX NFT platform is also very much interested in launching corresponding tokens that will be used in the REX NFT ecosystem. The token will be supported by the Polygon network with many use cases and benefits such as staking and reward options. As a real renewable energy credit, REX NFT is in partnership with an environmental non-profit, to plant a tree every time a REX NFT is sold.
WHY CRYPTO USERS SHOULD INVEST IN REX NFT
Investing in the REX NFT has so many benefits. Below are some of the reasons that make investing in REX NFTs more attractive.
- It is a special kind of NFT with great utility or use cases that are designed to make our environment better, and its value is expected to increase significantly.
- Every REX NFT represents 1,000 kWh of renewable energy that will be used in the electric grid after it has been generated. This NFT is a genuine REC from TerraPass. Users who buy the REX NFT will receive a product content label (PCL), which they can easily verify on the TerraPass website and they will see a dashboard with information along with a breakdown of the renewable energy that has been generated.
- REX NFT has partnered with an environmental non-profit to plant 1,000 trees, which means whenever there is a purchase of REX NFT, a tree will be planted.
- The actual underlying REC also can be sold for profit, especially to those who are looking for a way to offset their carbon emissions or even to speculators who bet on the value of energy credits.
- REX NFT holders will have unlimited access to the REX club.
- REX NFT holders will be rewarded with a weekly airdrop of 2,500 REX Coins.
ABOUT THE REX COIN
The REX NFT and REX Coin are built on the Polygon network. The REX Coin will be used in the REX NFT ecosystem, it will also be used to reward REX NFT holders every week. Users can stake the REX Coin to earn more rewards, and there will be more use cases in the future.
Renewable Energy Credit is built for each 1 MWh/1000 kilowatt-hour of renewable electricity that is generated and delivered to the power grid, and this helps in minimizing the rate of carbon footprint. RECs should not in any way be confused with the tax credits that renewable energy projects usually receive. For every Renewable Energy Credit that is purchased the buyer will be able to claim the equivalent MWh of energy reduction which the buyers can use in offsetting their conventional energy use.
Generally, Renewable Energy Credits provide an additional revenue stream to renewable energy projects thereby making them a subsidy created to enable clean resources to compete with fossil fuel-based resources economically. REX NFT is an amazing and innovative project that solves the issues of double counting and fraud in renewable energy credits. And the problem of selling or issuing the same renewable energy credit to multiple customers by REC issuers is put to an end with the REX NFT.
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