DeepMarkit Successfully Tests and Mints Carbon Credit NFTs via its Platform


DeepMarkit Corp., (“DeepMarkit” or the “Company”) (TSXV: MKT) (OTC: MKTDF) (FRA: DEP), a company focused on transitioning the global carbon offset market to the more accessible digital economy by minting credits into non-fungible tokens (“NFTs“), is pleased to announce it has recently undergone and successfully completed three different scenario-based tests (the “Minting Tests“) to mint carbon credits into NFTs via its platform. The Minting Tests were conducted in order to confirm the core functionality of the platform, which is nearing commercial launch.

As background, the NFT minting process for an offset credit is initiated by confirming and authenticating the credit on a carbon project registry. Upon verifying the offset credit’s authenticity, the user is then approved to mint it into a verified carbon credit NFT through the platform. Once minted, the user can hold, sell or retire their carbon credit NFT. A holder of an active carbon credit can retire it via a retirement contract on the platform. Retirement takes place seamlessly on both the blockchain and on the authenticating registry. When the underlying carbon credit is retired, the NFT’s residual value can become a function of the market’s perceived worth of its artwork and its underlying project details.

Management Commentary

“These three successful minting tests are the final major step before being able to launch the platform on a commercial scale. The retirement, claim and hold scenarios demonstrate the versatility and optionality available to users of our platform. These successful trials showcase that we are able to deliver on our promise of bringing increased transparency and liquidity to the carbon credit markets in a fast and effective manner,” said Ranjeet Sundher, Interim CEO of DeepMarkit.

Carbon credits from the following projects were selected to be minted into NFTs:

  • Fulton County Mud Road Landfill Carbon Project in the United States;
  • Wind Power Project in Karnataka, India by OMWPL; and
  • VTRM Renewable Energy Project in Minas Gerais, Brazil.

The Minting Tests consisted of three different scenarios – retirement, claim and hold – and involved the Gold Standard and Verra registries. The Minting Tests were also designed to evaluate the versatility and ease of use of the platform, as well as the compatibility of the platform’s software with the registries and the blockchain. Once minted, the carbon credit NFTs were then placed for sale on and Rarible. In each test case, the Company’s wholly owned subsidiary, First Carbon Corp., obtained the underlying carbon credit in its account at the respective registry, with beneficial ownership remaining with each respective owner.

Test Scenario 1 – Retirement

Retirement Test Buyer purchased an active carbon credit NFT from the Fulton County Mud Road Landfill Carbon Project certified by Verra on OpenSea (OpenSea Listing). They then desired to retire the active carbon credit NFT to offset one tonne of carbon emissions. Retirement Test Buyer sent the active carbon credit NFT to the retirement contract (polygonscan). Then, they received a retired carbon credit NFT on-chain (OpenSea Retirement). The Fulton County Mud Road Landfill Carbon Offset Project carbon credit was confirmed as retired by the Verra registry (Verra Retirement).

Test Scenario 2 – Claim

Claim Test Buyer purchased an active carbon credit NFT from the Wind Power Project in Karnataka by OMWPL certified by Goldstandard on Rarible (Rarible Listing). They desired to claim their active carbon credit NFT from the Wind Power Project in Karnataka by OMWPL and receive the carbon credit on the Gold Standard registry. Claim Test Buyer sent their active carbon credit NFT to the claim contract (polygonscan) along with their account details to the registry. Claim Test Buyer delivered the NFT and the underlying carbon credit was transferred on Gold Standard to their registry account.

Test Scenario 3 – Hold

Hold Test Buyer purchased an active carbon credit NFT from the VTRM Renewable Energy Project 1812 certified by Verra (OpenSea link). They desired to hold onto their active carbon credit NFT from the VTRM Renewable Energy Project. Hold Test Buyer was able to mint and hold the NFT for deposit at a future date.


DeepMarkit Announces Strategic Initiative to Explore the Minting of Renewable Energy Certificates


DeepMarkit Corp., (“DeepMarkit” or the “Company”) (TSXV: MKT) (OTC: MKTDF) (FRA: DEP), a company focused on transitioning the global carbon offset market to the more accessible digital economy by minting credits into non-fungible tokens (“NFTs”), is pleased to announce that it has embarked on a strategic initiative to explore the minting of Renewable Energy Certificates (“RECs“) into NFTs via its proprietary platform. RECs, also known as green tags or tradable renewable certificates, are non-tangible energy commodities that represent proof that one megawatt hour (“MWh“) of electricity was generated from an eligible renewable energy source. The global REC market was valued at US$12.7 billion in 2021 and is projected to reach US$100 billion by 2030.1 By comparison, the voluntary carbon credit market surpassed $1 billion in market value in November 2021.2

The increase in demand for electricity around the world and company policies to reach certain renewable energy consumption targets, combined with the increase in renewable energy market share, are driving growth in the REC market. Until recently, the market’s growth has been restrained by opaque regulations, general inaccessibility and the lack of awareness by developing countries that could benefit from a transparent and accessible platform like the platform. is expected to play an important role in assisting projects by providing an additional avenue of monetization, while better articulating a project’s story and enabling new forms of engagement.

Management Commentary

“RECs represent a significant market segment for DeepMarkit. Based on input from our corporate development team, the platform’s ability to seamlessly integrate RECs, combined with positive feedback received from renewable energy sector participants,  make our decision to explore entering into this market an easy one, while remaining fully committed to our current carbon credit minting model,” said Ranjeet Sundher, Interim CEO of DeepMarkit.


DeepMarkit Achieves Successful Registration on Gold Standard and Verra Carbon Registries


DeepMarkit Corp., (“DeepMarkit” or the “Company”) (TSXV: MKT) (OTC: MKTDF) (FRA: DEP), a technology company focused on creating next-generation ESG-driven tools and technologies to aid businesses in sales development and increasing profitability, is pleased to announce that its wholly owned subsidiary, First Carbon Corp. (“FCC“), has become successfully registered on both the Gold Standard and Verra carbon credit registries. The Gold Standard and Verra carbon offset registries establish the core rules and requirements that must be met in order for a carbon project, program or activity to become certified. The two registries display the performance of carbon projects and provide critical tracking services to account holders and transparent project documentation to the public.

“Finalizing our registration on two of the largest and most reputable carbon credit registries in the world is an important milestone for DeepMarkit. Maintaining a strong relationship with Gold Standard and Verra will keep us plugged into the offset market. It will also enable us to open dialogues with existing and new carbon credit project developers as potential onboarding candidates to our proprietary platform,” said Ranjeet Sunder, Interim Chief Executive Officer of DeepMarkit.

In the minting of NFTs from carbon credits, it is important to prove through registry verification and smart contracts on the blockchain that a holder of an NFT actually owns its underlying carbon credit. As a subsidiary of DeepMarkit, and in addition to obtaining representations and warranties through a comprehensive agreement with each customer, FCC will ensure the legitimacy and ownership of the carbon credits through verification on the Gold Standard or Verra registry. FCC expects to become successfully registered on other registries as they emerge and achieve the same or greater credibility maintained by Gold Standard and Verra.

Through the utilization of carbon registries, FCC can certify to its clients and customers that the underlying value of a carbon credit is legitimate. This will provide transparency and certainty regarding the individuality of the NFTs minted via FCC’s platform. Additionally, the Gold Standard and Verra registries offer a database of hundreds of thousands of verified carbon credit projects, which are expected to be essential for FCC’s carbon credit minting pipeline.

Registries oversee the independent verification of projects that meet science-based standards and follow approved carbon accounting methodologies. This ensures the accuracy, precision and rigor in the measurement, monitoring and verification of emission reductions. Gold Standard and Verra provide the flexibility of a wide range of methodologies that diversify offset sourcing options and demonstrate environmental benefits beyond emissions reductions.

Gold Standard and Verra are tax-exempt, not-for-profit organizations, that have become trusted by a broad range of stakeholders, including but not limited to non-governmental organizations, the private sector and governments. They are widely recognized and used in both the voluntary and compliance-driven carbon credit markets because they deliver credible and transparent assessments of project performance.