UAE retailer Apparel Group announced it will plant 100 trees in Spain using NFTs, the company announced on Tuesday.
The company gifted 100 ‘NFTrees’ to guests during a business lunch with Tommy Hilfiger.
The event hosted key business leaders, consul generals, media, influencers and celebrities.
For each NFT distributed, Apparel Group will plant a real tree in the Caspa region of Spain.
Together, these 100 trees will help absorb 25,000 kgs of CO2 every year, Apparel Group said.
The recipients of these NFTrees will receive carbon tokens which they can trade or use to compensate for their emissions for the next 20 years.
Non-fungible tokens can be used on the blockchain as well as for cryptocurrencies.
The company released its annual sustainability report, in which it highlighted measures it will take to positively impact the earth.
Apparel Group also said it will contribute to the UAE’s goal of planting 100 million mangrove trees in the next seven years.
Sima Ganwani Ved, founder and chairwoman of Apparel Group said: “We express our heartfelt gratitude to Tommy Hilfiger for gracing us with his presence and making this event truly memorable.
“As a company committed to sustainability, Apparel Group has introduced NFTree as a token of appreciation for our guests, with a promise to plant a tree for each NFTree distributed.
“Let us all enjoy the Tommy Hilfiger collection and make a positive impact on the environment together.”
