- BantGo and Verofax are pioneering a blockchain-based recycling incentive program, encouraging users to recycle e-waste in exchange for digital and physical rewards.
- While the project introduces an innovative approach to recycling, it faces challenges in public perception, as portions of society remain skeptical about the legitimacy of web3 and NFTs.
Innovation in Recycling: Blockchain at the Forefront
In a commendable initiative to promote electronic waste recycling, UAE-based startup BantGo has partnered with the established blockchain traceability firm Verofax. This collaboration is geared toward incentivizing individuals to responsibly recycle their old electronic devices through an innovative rewards program.
Upon its anticipated launch, participants in the program will have the opportunity to earn a variety of rewards, spanning both digital and physical domains. This includes the provision of NFTs (Non-Fungible Tokens) under the impact2earn scheme. The mechanics of the program are centered around the utilization of smart bins, specifically designed for the collection of e-waste.
These bins are equipped with an advanced ‘validation system’ that evaluates the condition of the electronic device and determines the value of recoverable materials it contains. It is worth noting that the sophistication of this system might necessitate the bins to be placed in secure locations, as it relies on built-in smartphones preloaded with AI technology to carry out its assessments.
Upon successful recycling, individuals are rewarded with a digital blockchain certificate, acknowledging their contribution to the eco-friendly initiative.
The Partners: BantGo and Verofax
Established in the UAE, BantGo is a rising startup in the realm of web3 rewards for recycling, having recently secured a position in the EU-backed EIT RawMaterials Accelerator program in September. Although we reached out to EIT for confirmation and additional details, our inquiry remained unanswered at the time of publication. EIT RawMaterials is no stranger to blockchain recycling projects, having been involved in several initiatives in this domain.
On the other hand, Verofax, BantGo’s partner in this endeavor, boasts a more extensive track record. Initially focusing on traceability for anti-counterfeit solutions, the firm has since expanded its services to encompass sustainability. Verofax successfully secured funding in rounds conducted in 2021 and 2022, further solidifying its position in the market.
Overcoming Societal Skepticism
The concept of utilizing tokens to spur recycling behavior is not entirely new, with previous attempts made in 2019. These include a project showcased during a Spanish hackathon and the German Deposy project by BIOTA, which introduced a DLT/IoT solution aimed at incentivizing the collection of plastic waste.
However, a pivotal challenge that this new project must navigate is the prevailing skepticism around web3 and NFTs. Large segments of society harbor doubts about the legitimacy of these digital assets, viewing them as potential scams. As such, the project’s emphasis on NFTs, rather than framing them as ‘digital collectibles,’ could potentially limit its appeal and adoption among a broader audience.