- 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 outstanding 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 response to the spokesperson, the refunds to retail GNT consumers had been prepared since final yr however have been delayed as a result of delays within the business.
Notably, the refund course of required purchasers to signal waivers of claims in opposition to the corporate and comply with confidentiality phrases.
The GNT was designed to be backed 1:1 with carbon credit, certificates that enormous 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 mission.
Nevertheless, regardless of the setback, Flowcarbon stays energetic within the local weather finance sector. The startup raised $70 million in Sequence A funding in Might 2022, with main backers like Andreessen Horowitz, Normal 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 had been included.
The broader marketplace for power and environment-related tokens at present holds a market cap of $186 million, with Powerledger’s POWR and Power Net’s EWT accounting for 94% of that worth.
