“NFTs Can Help Us Save The World”: Carbonbase’s Max Song On NFTs For Good
In the sixth episode of Up to Speed with UBS, Max Song, who helms climate tech company Carbonbase, talks about incentivising climate action with “preserve-to-earn” NFTs and creating a green metaverse
Everyone’s favourite buzzword, NFTs have only ever been seen as the new luxury goods of the crypto rich. Until now. Experiences, property and IP—NFTs are being applied in new and inventive ways, with an explosive set of opportunities. But how far can the concept of digital scarcity be taken? What are the applications of utility NFTs? And can they be applied to create rewards around environmental conservation?
We asked these questions and more to Max Song, the co-founder and CEO of Carbonbase, a climate tech company providing tools to help people and businesses become better environmental stewards, in the sixth episode of our podcast, Up to Speed with UBS. In conversation with Gen.T’s Lee Williamson, Song shares how you can create long-term revenue streams from NFTs; how the new class of utility NFTs are changing the landscape; and how Web3 is empowering users to become shareholders.
The verdict? It’s good news. “There could be a global movement encapsulated into these NFTs that people hold to support building a better future together,” says Song.
Here are a few excerpts from the conversation. Click the audio player below to listen to the full episode.
ON NFTS BEING MORE THAN JUST A PRETTY PICTURE
“The exciting thing about NFTs is they allow people to have utility through their ownership. It's being part of social membership clubs, being part of ticket events and being part of IP royalties that give the NFTs value beyond just being a picture.”
ON USING NFTS FOR GOOD
“We need to stop thinking about NFTs as just digital art. The opportunity for them to do so much more is right here. NFTs are a passport not only to the metaverse world, the NFTs themselves can actually help us save the world.”
ON PRESERVE-TO-EARN NFTS
“People are aware there's a climate problem, but there isn't a reason for them to care beyond the feeling of ‘doing good’. We actually want people to care because of economic reasons. We want to create a reward around physical conservation: to reward people with the thing they like the most; which is the metaverse asset class.”
ON WEB3 EMPOWERING USERS TO BECOME SHAREHOLDERS
“The exciting thing about Web3 is it empowers the users to become significant shareholders of the project. Imagine if every time you posted on Facebook, [it] paid you Facebook shares.”
ON COMMUNITY-GENERATED AND OWNED VALUE
“Going forward, I think the NFTs represent an exciting membership class where, for example, [with] the Bored Apes, each ape owner owns the individual IP of their ape and they get to monetise it and use it as they wish. Collectively, the entire community are the ones generating value as opposed to relying on a single company.”
ON NFTS’ ABILITY TO JOIN THE CLIMATE FIGHT
“Asia is where more than 50% of global carbon emissions are, with China accounting for more than 25% of the world. If we need to solve the climate change crisis, we need to do it here in Asia. Tying the exciting crypto and Metaverse world together with the carbon world is really, I think, the place to address this in one place.”
Quotes are edited for clarity and brevity.