Areas of the Apurinã territory in the Lower Seruini area, in southern Amazonas state, were sold by Nemus under an NFT project that promises to preserve the forest and generate carbon credits.
The reporters found 1,482 areas in the Apurinã Indigenous land registered as NFTs, which are digital certificates of ownership of unique (non-fungible) assets such as works of art, collectibles or properties. In this case, buyers make virtual purchases of plots in the territory, which they can sell to others anytime. It works like a stock exchange. NFT prices vary according to the prices of encrypted virtual money — cryptocurrencies — and the value of the environmental asset that is supposed to be contributing to preserve the forest. At least 665 clients purchased forest land plots and continue trading them as NFTs on specialized platforms.
According to Nemus, NFT holders can navigate the area they acquired and detect wildlife or environmental threats, monitoring and auditing the conservation of the area.
Nemus’ businesses are associated with European investors and ASF BRAZIL LTD, a London-based holding company founded by Italian businessman Maurizio Totta. In Brazil, Totta is a partner of Pedro Ruhs da Silva and Flávio Meira Penna, who appear as owners of Nemus and other companies in partnership with ASF. The group’s main investments in the Amazon are focused on timber extraction, with the recovery of bankrupt or indebted companies.
In an interview on American TV in the Break It Down Show, Nemus’ founder Meira Penna said the Indigenous people “are sort of like squatters” in the areas acquired by Nemus, but he stated that “they’ll live there forever” and “they will jump to the digital world very quickly.”
In the video, which can be seen in full on YouTube, the businessman details his NFT project in the area claimed by the Indigenous people. The deal is meant to raise up to $5 million, with NFTs selling for $150-$51,000. With that money, Nemus would buy more areas in the region to launch more NFTs, as explained in the video.
In addition to Manasa, Meira Penna also acquired a timber company, Laminados Triunfo, in Acre state and exported the product to the U.S. In April, the company was the target of a “timber laundering” investigation by the Brazilian Institute of the Environment and Renewable Natural Resources (IBAMA).
ILO Convention 169 provides for the right to consultation on any project that interferes with Indigenous lands. Regardless of whether or not the territory has already been officially recognized, the entire recognized Indigenous community must be aware of what is being proposed and has the right to approve the project or not. The matter must be discussed internally by the Indigenous people, with the adoption of a consultation protocol that allows everyone in the territory to have access to information about the projects.
To the Prosecution Service, Nemus said the property was not on “actually demarcated Indigenous land,” and therefore the company’s understanding was that “no article of ILO 169 convention on consultation applies.”
In the same document from August 2022, Nemus said it was not yet developing economic activities in the area. However, at the time, the company had already launched its NFTs on the market, for which sales began in March 2022.
What a dumb way to spend money. Meanwhile there are a lot of nonprofits who desperately need money. Like food banks, homeless shelters or even doctors without borders.
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