EFFORCE, a project led by Apple co-founder Steve Wozniak, has announced the sale of its first batch of Energy Efficiency NFTs with inspiration coming from EFFORCE co-founder, Wozniack. The Genesis NFTs were developed as a part of the Energy Efficiency NFT initiative and serve as a useful tool for bringing about the necessary changes that will make businesses more sparing with their usage of energy. With each project, EFFORCE will release 2,500 Genesis NFTs for sale at a price of 210 USDC.
How EFFORCE’s Proof-of-Contribution utility NFTs work
The EFFORCE vision is predicated on the introduction of a new type of utility NFTs based on the innovative ‘Proof of Contribution’ concept. Each EFFORCE NFT is a proof-of-contribution utility-attached NFT that pays holders incentives from the company’s energy savings. Some of the ideas behind the EFFORCE NFTs originated with company co-founder Steve Wozniak. Artwork will be available following full implementation of a project and activation of the NFT staking contract.
Steve Wozniak, co-founder of EFFORCE said:
“From today forward anyone will be able to work with the community and directly support Energy Efficiency projects. Improving Energy Efficiency equipment, their structures, drastically reducing energy consumption and the impact on the world environment.”
The first project is a combined cooling, heating, and power plant with a capacity of 180 kilowatts (kw). As part of a larger project, it will run for more than 8,000 hours a year to meet the air conditioning and refrigeration needs of a company that shall remain anonymous. It will also generate 1.4 GWh of power annually from its own resources. Each mint requires users to lock 400 WOZX. In addition, the project will provide a total of 735,000 Mwoz in rewards.
The second project will help an unnamed company meet 60% of the electrical needs of a sewage treatment plant through an energy efficiency initiative. In addition, it will supply heat to a sludge drying machine, which can reduce the weight of the discarded sludge by as much as 80%. The projected earnings from that project are $665,000 mWOZ. To participate in this initiative, you must lock 380 WOZX tokens per mint, with the NFT price being 190 USDC.
What’s in it for token holders?
After the initial five years, the APR will range from 8% all the way up to 40%. NFT stakers will get a minimum of 1.4 million mWOZ tokens if the Genesis NFT mint attains full subscription. EFFORCE will pay for everything up front to ensure the project’s sustainability and also initiate the implementation. Any NFTs that aren’t bought will be burnt. Capital-backed incentives offered by EFFORCE will be retained in the organization and used for more energy-saving initiatives.
Only WOZX token holders who are ready to lock their tokens for the duration of a project can make contributions to Energy Efficiency Projects. Rewards for locked tokens come from the platform’s 1% savings on approved Energy Efficiency Projects. The greater the total quantity of locked tokens, the greater the rewards.