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SunContract, a blockchain-based energy trading platform, pioneers the world’s first NFT marketplace for real-world solar panels.
The crypto space has always been under fire for its energy consumption and irresponsible energy usage. Due to this, several prominent blockchains, such as Ethereum, have moved away from energy-intensive modes of verification into more eco-friendly options over the years, making crypto and blockchain more appealing to the energy-conscious public.
Among the projects that are making an effort for the environment is SunContract. SunContract is an energy trading platform operating at the intersection of blockchain and renewable technology. After releasing its maiden whitepaper in 2017, the startup conducted a successful ICO and launched the world’s first national-scale P2P energy trading marketplace.
After consolidating its position in Slovenia, SunContract has acquired electricity licenses in Croatia and Estonia to expand its reach, following its goal of being a global energy marketplace. SunContract is also developing new disruptive services, the latest of which is the “Personal Power Plant,” (PPP) the world’s first NFT Marketplace for real-world solar panels.
The project’s inaugural solar farm, which was tokenized, is located in the village of Višnje near Ajdovščina, Slovenia. This facility, constructed in 2011 and consistently generating electricity since then, boasts a peak power of 517 kW and consists of 2112 solar panels.
Overview
Company: SunContract
Token ticker: SNC token
Blockchain: Ethereum
Sector: Renewable Energy
Business Model: Tokenizing solar panels into NFTs
SunContract NFT Marketplace
In the SunContract NFT Marketplace, each NFT represents a specific solar panel of the solar farm, and the holder of the NFT is entitled to the benefits of the particular underlying solar panel.
Owning an NFT token enables the creation of a ‘Personal Power Plant,’ a unique concept introduced by SunContract. This allows individuals to reap the benefits of a specific solar panel, addressing the challenges faced by those committed to the green transition who wish to invest in the cleanest energy sources.
Benefits
- This service for purchasing NFTs will allow the holder of an NFT to own their renewable energy source, which is harnessed in the cleanest way possible: from the sun.
- By purchasing NFTs, anyone can own a digital asset representing an actual solar panel that produces electricity. The owner can receive revenue in SNC tokens from the energy produced, re-sell NFT, or use the energy at home or in the business (this functionality is yet to be introduced in countries where SunContract owns energy permits or licenses, starting with Slovenia, Croatia, and Estonia, and more to come). That’s how owners can enjoy benefits from this ownership.
- The SunContract NFT Marketplace makes investing in solar panels liquid and tradable.
- This new energy service, based on blockchain, simplifies the process and provides opportunities for communities to engage more deeply in the green energy transition.
- NFT holders can monitor the energy from their “Personal Power Plant” simply using their smartphone.
- Users who will directly use the generated energy do not need to own a solar power plant in physical form on their own roof. Solar energy is thus also available for use by those who do not have their own roof.
- The NFT owner does not need to worry about the maintenance and insurance costs of the solar panels associated with his NFT.
- The proceeds from the NFT sale will be used to set up other farms and their tokenization. That’s how more renewable energy is supplied and used instead of fossil fuels.
- This is one of the first connections of an NFT token with real assets using blockchain technology, and it is the first of its kind in the energy sector worldwide.
How it works and the role of SNC tokens
![Exploring energy efficiency through NFTs - 2](https://crypto.news/app/uploads/2024/07/MFE-Visnje_dron2-1024x576.jpg)
Each NFT on the SunContract project links to a solar panel that actively generates clean, renewable energy daily. With their collection of NFTs, users can make their own “Personal Power Plant.” All underlying solar panels are maintained and insured to guarantee optimal performance, and the project manages any necessary replacements.
The energy produced by the underlying solar panels is sold on the SunContract P2P Energy Marketplace.
The company’s revenue from this sold energy is deposited directly into users’ wallets as SNC tokens after a 20 percent expense deduction for insurance and maintenance of the solar panels. Settlements are processed daily with a 7-day lag.
These SNC tokens provide users with various options. Users can utilize these tokens to buy more NFTs or pay their electricity bills (in countries where this is supported). Users also have the option to withdraw the SNC tokens and cash out or hold onto them for future benefits. Users can sell some or even all of their NFTs if liquidity is needed.
Phases of the project
Phase 1: The energy generated from the underlying solar panel will be sold on their behalf through SunContracts’ P2P energy marketplace in return for SNC tokens. After deducting fees related to operations and maintenance, these SNC tokens will be deposited in their wallet in the SunContract platform.
Phase 2: This stage of the project will consist of allowing NFT holders in countries where SunContract has acquired energy permits or licenses (for now Slovenia, Croatia, and Estonia) to directly use the energy produced by their NFT-linked solar panels for personal consumption at home or in their businesses. This approach aims to democratize renewable energy and make it accessible to everyone, including those who live in apartments. It also makes it an easy and liquid endeavor, as these NFTs can be bought and sold anytime on the platform.
Collections
![Exploring energy efficiency through NFTs - 3](https://crypto.news/app/uploads/2024/07/NFT-marketplace_collections.png)
Three collections have been launched so far, with the first and largest being SunGenesis. SunGenesis, the inaugural NFT collection by SunContract, showcases real-world solar panels from Slovenia’s Visnje village, which generate 517 kW of renewable energy.
The second and third collections are SunVista—Eclipse and SunVista—Actum. Each was sold in a matter of days. The last mini collection, SunVista—Primoridum, is coming soon.
Each NFT from all collections features an image depicting heroes and different universes from an exciting story to be revealed in future Solar Panels’ NFTs collections. This marks the world’s first tokenization of a story into NFTs. Each NFT offers benefits from real-world solar panels and grants ownership of part of the story. The twist is that the complete story will remain top secret, requiring the community to embark on an adventure to uncover its secrets.
New collections will also be introduced, further expanding individuals’ opportunities to participate in sustainable energy initiatives.
Interested users can apply for exclusive NFT alerts on NFT webpage.
Key milestones and achievements
In 2017, SunContract released the first white paper on a peer-to-peer energy marketplace, followed by a successful Initial Coin Offering.
In 2018, the company launched the first national-scale retail peer-to-peer energy marketplace.
In 2019, SunContract expanded into Estonia, acquiring a license to operate as a cryptocurrency wallet custodian.
By 2021, they upgraded the platform to support energy-self-sufficient villages.
Recently, the company expanded services into Croatia, laid the groundwork in Estonia, and established an office in Malta.
In 2024, the NFT Marketplace with the first tokenized solar farm was launched.
Plans
SunContract is actively expanding into new markets, establishing companies, and starting operations in other countries. The project is exploring the integration of NFT technologies and investigating potential markets. The plans include broadening reach in Europe and other international regions, aiming to establish SunContract as a ‘unicorn’ in the industry.
Users interested in SunContract’s solution to democratize access to renewable energy can visit its website and social media for more information.
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