IMPT is a brand-new cryptocurrency focused on changing the world of carbon credits for the better.
The project has been gaining traction over the course of the past few weeks, with impressive rates of participation in its presale.
The company has now successfully raised almost $13m to fund its vision – this is all the more impressive when one considers that the crypto markets are currently extremely bearish, with most assets down significantly from last year’s highs.
The current system of carbon credits is antiquated
The current state of carbon credits depends on an antiquated system in which carbon credits are issued by the state for the use of companies.
This means that it becomes prohibitively more expensive for companies to pollute in any given year, as there are fewer carbon credits issued each year.
This is an old system which means that carbon credits face issues when it comes to scaling and having a larger impact.
Moreover, the current system of carbon credits is such that it is very difficult to trade them, and they are very opaque.
Incentivising “responsible shopping”
IMPT hopes to use carbon credits not for the benefit of large polluters but for consumers.
By rewarding consumers who shop with companies that are highly ESG friendly, they are able to ensure that ESG companies become better capitalized and incentivize other companies to come on board as well.
Anyone who shops via the IMPT platform (choosing from over 25,000 different companies) is eligible to earn IMPT rewards as cash back.
Currently, the IMPT team has managed to onboard a series of impressive names through their affiliate program with industry giants such as Huge Boss, Netflix, and Microsoft.
Carbon credits as NFTs
By using NFTs as carbon credits, the entire ecosystem of carbon credits can be made more efficient, more transparent, and fairer.
When a consumer earns IMPT as cash back for their spending, they can choose to either hold the token or redeem it for carbon credit NFTs.
The process of redemption means that IMPT is burned, which makes the token scarcer.
Almost $13 million raised at the presale
The IMPT presale has been making consistent progress and has now successfully raised just under $13 million.
The presale is being conducted in such a way that the price of the IMPT gradually increases with each stage.
Currently, the token is being sold at a price of $0.023, but this will rise to $0.028 at the next stage of the presale.