We dream of creating employment for local people who will be gainfully employed to work on the palm plantation. We dream of creating passive income for our holders
What it does
PalmT is a low supply NFT project backed with real life oil palm production. The first batch will only be 300 NFTs. One NFT symbolises one palm tree planted on the NFT holder’s behalf.
The site for the project has been found. The land has been cleared without falling any matured tree. The first palm buds have been supplied and planting in already in progress.
In 6 months time, there will be $OIL token issued for the project. Later in the future holders can stake there PalmT to farm $OIL.
Ultimately in less than 2yrs time, the first batch of palm-trees would have started producing palmfruits which would be harvested and used to produce palm oil on the holder’s behalf.
The funds realised from the palm plantation will be used to buy off $Oil from the market and added to the farming pool to increase the APY.
How we built it
We first made the art and generated the NFTs. Then we went to a rural village with good soil and water, to negotiate a lease agreement. We ordered for the palm buds immediately we took possession of the land and started planting. In few weeks time the palm buds will be labelled according to the NFT numbers.
Challenges we ran into
Clearing the field, digging the soil and planting the trees was tough work.
Promotion and convincing tronics to join the project is difficult.
Accomplishments that we're proud of
The art for the NFT has been drawn. The minting site is live. Plantation of the palm trees started already and the trees are healthy and growing just fine.
What we learned
Passive income has to be generated from somewhere, our palm plantation will be a very good source.
What's next for PalmT
Nurturing of the trees till they are matured Community management and marketing Launch of oil token NFT staking