Wednesday, June 12, 2024

Company probed by Brazilian prosecutors over NFT sale.

The Crypto world is no stranger to controversy, in its latest one, an NFT that was linked to indigenous land came under fire by prosecutors. The NFT was being probed that allegedly was bundled with physical land in the Amazon Rainforest.

The Brazilian prosecutors have asked the company to show proof that they own the land. The company called “Nemus” has been given 15 days to respond that they own the land. People have also accused them of making indigenous people sign documents that they did not fully understand.

Prosecutors said that they had given the people from the village contracts in English, which they barely understood. The prosecutor has made the case public to raise media awareness about the situation. Nemus advertises that such NFTs help the indigenous people, but when asked to explain this fact, they crumbled.

Also, the indigenous people were not consulted in any form or manner. This is a direct violation of International Labour laws. The guardians after buying the NFT do not become owners of the land itself, but the buyers of the NFT say something different.

This confusion is what led to a probe and the differences were discovered. Nemus claims that the money raised with the NFTs will be used for the betterment of the forest. But on the website, they say that they own 41,000 hectares of the forest and claim to give it away with the NFT.

NFTs have been controversial and this is one of the few that looks to bank on the digital illiteracy of the people.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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