- Flowcarbon have refunded buyers after failing to launch the Goddess Nature Token (GNT).
- The GNT token was meant to tokenize carbon credit however confronted market and regulatory challenges.
- Flowcarbon raised $70M in funding however continues to face delays within the carbon market.
Flowcarbon, a blockchain-based carbon credit score platform co-founded by former WeWork CEO Adam Neumann, has begun refunding buyers after the extremely anticipated launch of its “Goddess Nature Token” (GNT) was cancelled.
The startup, which promised to revolutionize carbon markets by tokenizing carbon credit, cited robust market situations and resistance from carbon registries as the first causes behind the failure to launch.
The failed GNT token launch
Some buyers, together with the distinguished enterprise capital agency Andreessen Horowitz, have been ready over a yr for the launch, which by no means materialized.
The refunds, confirmed by Flowcarbon’s spokesperson reportedly started a couple of weeks in the past. In keeping with the spokesperson, the refunds to retail GNT consumers have been prepared since final yr however have been delayed resulting from delays within the business.
Notably, the refund course of required purchasers to signal waivers of claims in opposition to the corporate and conform to confidentiality phrases.
The GNT was designed to be backed 1:1 with carbon credit, certificates that giant companies use to offset their carbon emissions. Tokenizing these credit would have allowed broader investor participation within the carbon market.
Regardless of its promising idea, Flowcarbon failed to beat the technical and regulatory challenges related to the undertaking.
Nonetheless, regardless of the setback, Flowcarbon stays energetic within the local weather finance sector. The startup raised $70 million in Collection A funding in Could 2022, with main backers like Andreessen Horowitz, Basic Catalyst, and Samsung NEXT. Whereas no less than $38 million of that sum got here from the sale of Flowcarbon’s token, it stays unclear if retail buyers have been included.
The broader marketplace for vitality and environment-related tokens at present holds a market cap of $186 million, with Powerledger’s POWR and Power Internet’s EWT accounting for 94% of that worth.