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EFFORCE has announced the public sale of its first Energy Efficiency NFTs.
These NFTs, inspired by EFFORCE co-founder Steve Wozniak (Apple co-founder), will galvanise a new era of energy efficiency projects and Web3 community contributors.
EFFORCE co-founder and former Apple engineer Steve Wozniak, said: “EFFORCE is focused and working hard and completing the objectives and vision put in place when we founded it.”
“From today forward, anyone will be able to work with the community and directly support Energy Efficiency projects. Improving Energy Efficiency equipment, their structures, drastically reducing energy consumption and the impact on the world environment. Most importantly, everything will be done through a completely decentralized and transparent system thanks to the blockchain.”
A new breed of NFTs
As we revealed in our recent interview with Managing Director Paolo Pastore, EFFORCE has been working on a new breed of NFT utility.
Founded on the ‘Proof of Contribution’ concept, the Energy Efficiency NFTs are a tool used to implement improvements required to make companies more energy efficient.
In turn, NFT holders become investors in the energy efficient companies, carefully vetted by EFFORCE, and make returns in mWOZ based on the savings made by the company.
The NFT acts as a proof of contribution and allows the investor to liquidate their investment position at any moment, once the project’s wheels are in motion.
EFFORCE Managing Director Paolo Pastore said: “Using NFTs as a proof of contribution to energy efficiency projects allows us to create a new market, keeping those contributions liquid – as long as there is demand for them.”
“This was not possible before: funds deposited would have been locked for the whole project duration with no chance of getting them back before the end. Now, by selling an NFT, contributors can easily move out from their position.”
Investing in energy efficiency
EFFORCE will initiate the sale of 2,500 Genesis NFTs per project.
To invest in either of the two projects EFFORCE has selected, you will need to own the WOZX token. This is your key to access the energy efficiency NFTs.
The first project is a 180 kwe Combined Cooling Heating and Power Plant. It is part of an undisclosed company’s efforts, and will operate over 8,000 hours per year to cover the company’s cooling/air conditioning needs.
Additionally, it will self-produce 1.4 GWh/year in electricity.
The price per NFT is 210 USDC, and users need to lock 400 WOZX for each mint. Moreover, the project has projected rewards of 735.000 mWOZ.
Project number two is an EEP (Energy Efficiency Project) for an undisclosed company that will provide 60% of its electricity needed for a sewage treatment plant.
It will also provide heat to a sludge drying plant, reducing up to 80% of the weight of the disposable sludge.
That project has expected rewards of 665.000 mWOZ, and the price for this venture is 190 USDC, requiring a locked 380 WOZX tokens per mint.
Rewards for WOZX token holders
WOZX token holders are required to lock their tokens for the whole duration of the project.
Locked tokens generate rewards coming from the 1% of platform savings generated by the approved Energy Efficiency Projects. Furthermore, rewards are proportional to the number of tokens locked.
Every EFFORCE NFT is a proof of contribution NFT with utilities attached, providing holders with rewards coming from saved energy by the company which got the contributions.
Moreover, the Genesis NFT lets holders partake in a private sale phase for new projects published on the platform. NFT holders can reserve an amount of NFTs equal to the number of Genesis NFTs they hold.
Finally, NFT holders gain discounts on WOZX use, including staking/using less WOZX to mint future NFTs.
Inspired by Steve Wozniak
The NFTs issued by EFFORCE draw inspiration from co-founder Steve Wozniak.
The artwork will be revealed after the actual implementation of the project, coinciding with the NFT staking contract going live on the network.
Both of the current projects will have at least one unique artwork and several rare/super rare creations.
What happens when the project goes live?
After the companies implement their requested switch to a more energy efficient system, a staking contract will go live on the blockchain.
That contract yields mWOZ tokens (mWOZ represents 1 USDC of saved energy) equal to the rewards generated by energy savings per month.
Crucially, users can convert mWOZ to USDC through a different on-chain contract, creating liquidity.
There is a minimum APR of 8% for up to 40% after five years. As a result, a minimum of 1.4 million mWOZ tokens will be distributed to NFT holders if the Genesis NFT mint sells out.
Moreover, unsold NFTs will be removed from the market and burned. Rewards tied to EFFORCE’s capital will be kept by EFFORCE and allocated to other energy efficiency projects.
For more information about Steve Wozniak’s Web3 revolution and Energy Efficiency NFTs, visit www.efforce.io.
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By: Max Antony Rapkin
nftnewstoday.com
