CaixaBank’s Digital Services Platform Imagin Unveils NFTs Based on Sustainable Initiatives April 19, 2023 April 19, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsApril 19, 2023 by Kelly Cromley

CaixaBank’s Digital Services Platform Imagin Unveils NFTs Based on Sustainable Initiatives

The digital services and lifestyle platform Imagin from CaixaBank has recently started using non-fungible tokens (NFTs). Imagin is about to release its first set of digital drawings that are “tokenized” to look like the support given to projects that have a positive effect on society. The goal of this project is to pay people who help with the Imagin ecological problem. Specifically, the goal is to get rid of 100 metric tons of trash made of plastic from the seas.

The name of Imagin’s first set of NFTs is “Ocean Cleaning.” The above is made up of pictures of sea creatures, which serve to record and hold each person accountable for their own part in this effort to make the world more sustainable. This European blockchain application is the first time that the impact of end-user participation in ESG efforts has been shown.

The non-transferable ticket includes information about how much plastic was taken out of the ocean because of what the user did. The information listed above includes the date trash was collected, the port of release, the recycling plant where it was processed, and the use of the recovered material afterward, which is often used to make furniture. The digital object also includes a unique number that proves where it is on the blockchain. After that, this amount is moved to each customer’s money.

Each non-fungible ticket also has a unique picture on it. The piece was made by a group of people who used AI and other cutting-edge digital art tools. The result is a new way of looking at the depths of the bottom and the animals that live there. Imagin is pushing for an effort to show that it is a leader in digital sustainability. Also, the project shows how blockchain technology can be used to help promote sustainability.

The Imagin project was done with the help of Fireblocks, a partner that was in charge of keeping digital assets’ secret keys safe. The planner for the project is KPMG, and ioBuilders is in charge of making the NFTs. Payroll direct transfer makes it easy for people to give money to the sustainability challenge. As part of a new plan to get more users, Imagin plans to take one kilogram of plastic out of the ocean for every new user who chooses direct pay for their salary. The goal of the challenge is to collect 100 metric tons (100,000 pounds) of plastic by 2023. Every person who takes part in the challenge will get a non-fungible token (NFT), which will be used to pay them directly. This will be a way to remember that they took part.

As part of a new feature in the Imagin app that is meant to keep these kinds of digital assets safe, users will be able to see the NFT as soon as the code that shows their involvement is made. The NFT that Imagin has given out cannot be moved to wallets outside of the Imagin site, nor can it be sold or traded. Only people who take part in Imagin’s environmental challenge will be able to see it. The person will be able to share the NFT picture on social media sites and with other people they know.

The business plan also includes sending €150 to the bank accounts of every customer whose first direct payment with Imagin is more than €1,000. If the amount of the payment is less than €50, €50 will be added to the account as a gift.

The Imagin lifestyle platform is backed by CaixaBank. More specifically, the organization helps its clients, who are mostly under 30 years old, with their day-to-day tasks by providing a range of digital, financial, and non-financial services. At the moment, there are 4.2 million people in the community who use it.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.