This event features the signing of the MOU between MetaVerse Green Exchange (MVGX) and Red Dot Analytics (RDA) as well as the keynote presentation by our Executive Chairman and Co-founder, Dr. Bo Bai.
Dr. Bai mainly highlighted how digital technology has allowed MVGX to provide solutions to solve real-world problems regarding climate, bridging the metaverse with the real world, and the current green macro trends.
One of the key innovations by MVGX is the Non-Fungible Digital Twin (NFDT™) technology. Dr. Bai highlighted that NFTs are non-fungible, and while this is beneficial in some situations, it also means that NFTs can only be used for “dead” assets as additional information cannot be added to them. However, with MVGX’s NFDT™, real-time information can be captured and updated.
Dr. Bai highlighted that the NFDT™ can help to solve the ‘carbon problem’. Currently, due to the Paris Agreement, carbon has a nationality due to the Nationally-Determined Contributions (NDCs) imposed on countries.
“That is the fundamental unfortunate result of the Paris agreement – carbon has a passport now”Dr Bo Bai
The emphasis on nationality results in countries having the dilemma of whether to open their borders to sustainable projects and by extension the possibility of inaccurate carbon reporting and double counting.
To address this issue, Dr. Bai highlighted how the technology at MVGX can help to solve this issue. MVGX’s Carbon Neutrality Token (CNT™) is a digital carbon credit and has financial security representing the digital depositary receipt of one ton of certified and registered carbon Voluntary Emission Reduction (VER). As the VERs are permanently frozen in their host countries before a CNT™ is created, the VERs’ national ownership never leaves its host country. Hence, there will be no NDC issues. As such, our CNT™ is both an investment scheme and at the same time a digital carbon credit token.
Dr. Bai also highlighted how this system has been tested in China, whereby MVGX sold 10,000 units of CNT™, certified by a leading Chinese agency, and registered on China’s national carbon registry. The carbon credits were generated by an operating wind project in Zhangjiakou. Dr. Bai also assured the reliability and highest level of integrity of the CNT™, as the CNT™ has gone through stringent verification, registration and listing processes at international and national standards.
Lastly, Dr. Bai highlighted MVGX’s vision of enabling a metaverse-powered global carbon trading network to enhance financial sustainability. He hopes that MVGX’s solutions would empower the financing of green assets and carbon to drive sustainability.