In our interview with Efforce Managing Director Paolo Pastore, the man who invented the ‘energy efficiency NFT’ discusses how he’s leveraged the blockchain to create a new type of NFT for investors.
When you invest in a project, you can’t just liquidate that investment at your leisure. Well, in the past you couldn’t do that.
Now, NFTs are here and with the help of one brilliant mind, named Paolo Pastore, Efforce has changed the narrative of investing in energy efficiency projects.
Paolo, an avid follower of the NFT world, has invented an NFT with a difference.
Unlike profile pictures or metaverse land, this NFT can be tied to your energy efficiency investment on the Efforce platform – co-founded by Steve Wozniak.
Consequently, your investment can be liquidated at will – once the project’s wheels are in motion.
“We create a liquid position through NFTs,” Paolo said. “So, our NFT represents your (energy efficiency)contribution and if you decide to stake your NFT on a staking contract, you will be rewarded by the returns the project actually has in real life.”
Thus, utilizing the Efforce revolution of tokenizing energy savings, Paolo has found an exciting new way to incorporate NFTs.
Firstly, a project seeking to increase its energy efficiency is carefully vetted by Efforce in terms of its potential returns.
Then, if the project looks healthy and the math adds up, Efforce commits funds to the project.
As part of a contractual agreement on the blockchain between the project and individual contributors, part of the energy savings made by that company will be returned to stakeholders.
“We are making sure these companies save energy and consequently save money, and part of these savings get tokenized,” he said. “The tokens are on smart contracts on the blockchain, backed by USDC, so they’re instantly swappable, and what you can do in the near future is fund other projects and maybe even use them to pay your bills.”
Indeed, Efforce is working on a rewards scheme which will encourage investors to hold onto their energy efficiency tokens.
The very idea of tokenizing energy savings is ground-breaking and was only made possible by the blockchain and its inherent transparency.
Previously, this level of access to energy efficiency was only open to high-profile investors.
Now, the Efforce platform is making energy efficiency accessible to everyone.
“The blockchain allows us to be very transparent and build a system that’s open to anyone,” he said. “There is no way that a private person can participate in this kind of project without the blockchain. The blockchain helped us build the system and the tokens that make every contribution instantly liquid.”
“Using NFTs, we utilize the NFT marketplace to make the tokens liquid – and this is very interesting.”
In order to become a contributor, you need to buy WOZX tokens, and then you will need to stake the minimum amount for the specific project you’re interested in.
This can all be achieved on the Efforce application and the current minimum amount required for one of the projects is just 400 WOZX ($40).
The minimum staking amount is dependent on the cost of the project itself, and Efforce has deliberately started with a low barrier to entry, to onboard as many as possible and educate the masses about energy efficiency savings.
The implications of scaling energy efficiency are obviously huge for the world, and to be invested in this cause is all the more compelling.
Hence, Efforce appears to be on the cusp of something big here, and the company will be focusing on building, and educating, its community in months to come.
Leveraging NFTs, Paolo Pastore has created an opportunity for those who may never have invested before, but believe in the energy efficiency cause, to get on board and try it out for the first time.
“I tried to see what can we do that is useful in the real world,” he said. “So, it came to my mind that we could use the NFTs to make these contributions better, in a sense.”
“Before the NFTs arrived, you had to contribute with your stable coins and that was all, and you had to wait (for the completion of the project), so tokenizing and commoditizing your contributions is possible because of NFTs and we’re excited to see how the market reacts.”
The first public Efforce NFT mint will take place on September 9th and for more information, you can visit the Efforce website.