Oceans apart: How can Web3 technology help save our Oceans?
A deep dive into the emerging scene of Web3 technology in Conservation - the future of funding? or fishy buisiness?
Web3 terminology and references:
NFT - Non Fungible Token (Digital asset with real monetary value)
DAO - Decentralised Autonomous Organisation
Layer 2 - A Layer 2 blockchain is a secondary framework or protocol built on top of an existing blockchain (referred to as Layer 1) to enhance its scalability and efficiency.
Meme Coin - A meme coin is a type of cryptocurrency that originates from an internet meme or has some other humorous or satirical characteristic
Degen - short for "degenerate" and refers to individuals who engage in highly speculative, risky, and often impulsive investment behavior.
Bored ape yacht club - The first popularised NFT collection, featuring unique cartoon image of an anthropomorphized ape with varying traits and accessories the highest value sold for $3.4 million
Introduction
The deep blue, the seven seas (there’s actually 50 classified seas now Mr Sparrow) seem a far cry away from being helped by a bored smoking ape on a yacht - I still don’t get that either by the way. But, blockchain technology, namely NFT’s - Non fungible tokens and DAOs - decentralized autonomous organisations are making waves in the world of conservation, hoping to address the glaring disparity between funding available and funding required to protect oceans.
The world's oceans support some of the most biodiverse habitats, such as coral reefs, which are as fragile as they are beautiful. They are home to some of the most intelligent life forms, like cetaceans, capable of communication rivaling that of human language, and cephalopods, capable of making eight-armed World Cup predictions. Moreover, oceans support the livelihoods of over 3 billion people, playing a crucial role in global food security and human health.
Side note on the betting octopus: isn't that the perfect meme coin ambassador? Buying or selling coins based on the decision of an octopus taps into the very core of degen behavior.
Despite these facts, ocean conservation still isn’t valued accordingly. How can we flip the script and uproot traditional means of funding ocean conservation? How can we provide more transparency and sustainability within ocean supply chains? Some believe Web3 technology might play a key role in doing just that (I agree).
For anyone who didn’t get the betting octopus reference: Paul the Octopus
How is Web3 contributing to conservation?
Web3 tools are making a splash beyond business and finance into various other sectors, including agriculture and climate action. For ocean conservation, these tools are rapidly being deployed to raise funds, create conservation impact, and support ocean science. Fuck. yes.
New initiatives utilising NFT’s to incentivize and fund conservation efforts by the likes of Project Ark, Sovereign Nature and DAO’s such as KlimaDAO and Toucan have launced cryptocurrencies backed by climate assets rather than say, the dollar bill or a gold doubloon.
NFT’s are principly being used to raise funds for conservation efforts. Artists and creatives create high-quality, animal/environment-focused artworks that can minted and sold on a chosen market place.
DAOs offer a holistic approach. They can significantly aid conservation efforts by utilizing blockchain technology to ensure transparency and traceability of funds, reducing the risk of corruption and misuse.
They also facilitate a decentralized governance structure, allowing stakeholders such as conservationists, donors, and community members to participate in decision-making processes, thereby reflecting the collective interests and expertise of the community. Additionally, DAOs can create token-based incentive systems to reward contributions to conservation activities, encouraging ongoing participation.
Some projects and collectives to keep an eye on using web3 and blockchain to support ocean and marine conservation and regeneration (curtesy of Crypto Altruism):
Fishcoin is a blockchain-based initiative designed to address traceability issues in the global seafood industry. Developed by Eachmile Technologies, Fishcoin aims to improve transparency and sustainability in seafood supply chains by leveraging blockchain technology.
MoonJelly is a decentralized autonomous organization (DAO) focused on ocean conservation and restoration efforts through blockchain technology and NFTs. They operate an "Ocean Impact" NFT marketplace designed to raise funds for various ocean-related projects. The MoonJelly Foundation specifically emphasizes support for Indigenous and local communities involved in ocean conservation. They act as a trust-based, no-fee regranter, ensuring that funds are directed towards these communities to enhance their conservation efforts.
MesoReefDAO is a decentralized autonomous organization (DAO) dedicated to the conservation and regeneration of the Mesoamerican Reef, one of the largest coral reef systems in the world. The DAO utilizes decentralized science (DeSci) and Web3 tools to engage community participation and leverage blockchain technology for effective conservation efforts.
So, whats the hold up? There’s still a lingering skeptasism within the scientific community as to whether Web3 can truly be a positive force for conservation. But, does this sentiment hold water…
Paid In Carbon - The hidden cost of Web3 in conservation
The World Wildlife Fund (WWF) attempted to raise funds for conservation in 2022 by launching NFTs featuring 13 endangered species, including the giant panda and Javan rhino. However, this move sparked backlash from environmentalists due to the high energy consumption associated with NFTs and blockchain technology.
WWF UK collaborated with Polygon, a Layer 2 blockchain linked to Ethereum, claiming it was more energy-efficient. This is because Polygon is a Layer 2 solution using more efficient “proof of stake” systems.
However, critics like digital currency economist Alex de Vries argued that Polygon's transactions still contribute significantly to Ethereum's carbon footprint - which uses the far more energy intensive “proof of work” systems. De Vries estimated that the actual CO2 emissions from Polygon transactions were vastly higher than WWF's estimates.
After facing criticism, WWF UK quickly ended its NFT initiative, while WWF Germany's similar project continues, emphasizing awareness over fundraising. The controversy highlights ongoing (and fair) concerns about the environmental impact of blockchain technology and the complexities of assessing its true energy consumption.
Addressing the issues and where to go next
The potential for Web3 technologies, such as NFTs and DAOs, to revolutionize ocean conservation funding and impact is undeniable. By leveraging blockchain technology, these innovations could enhance transparency, reduce corruption, and increase community involvement in conservation efforts. Projects like Fishcoin, MoonJelly, and MesoReefDAO exemplify how Web3 can be harnessed to support sustainable practices, traceability in supply chains, and the direct funding of conservation initiatives.
The current system is failing. Biodiversity protection and ecological restoration efforts rely heavily on one-sided donations and funding. Conservation work is seen as “charitable,” leaving it at the mercy of philanthropists' goodwill and political ideologies. Web3 offers innovative ways to bring conservation work into the economic fold of the fourth digital revolution, providing value that the private sector can get behind - money.
Decentralised autonomous organisations could provide vast improvements to the sharing of data amongst scientists, ensuring accountability and impact measurement of ongoing conservation initiatives and improve sustainability practices to the supply chain of harvested goods.
We need these solutions. The rate in which ecological collapse is happening in coral reefs is currently at an insumountable rate. Web3 isn’t ready it seems to be the perfect model, its an infant, unruly and unpredictable. NFT’s came to popularity just 3 years ago in 2021. Blockchain technology is older but we’re only really seeing it enter the political and cultral zeitgeist in a similar timeframe. It’s now up to the scientific community , particuarly those in conservation economics to approach this like anything else - with science.
Scholars are needed for the research of social, economic, and technical aspects of Web3, as well as its practical application in conservation and ecosystem management. Education and awareness of Web3 needs to be raised within the community to improve trust, understanding and to stimulate ideas and support.
The WWF's experience with NFTs underscores the ongoing debate about the environmental impact of blockchain technologies. This is good - great science has always been about reflection and improvement.
As the technology evolves, so too will the methods to mitigate its environmental impact. The scientific community's skepticism serves as a reminder of the need for continuous improvement and innovation in this space. However, more active involvement is needed. By addressing current environmental concerns and continuing to innovate, we can harness the power of these technologies to protect and preserve our oceans for future generations.