Black Rock Rhino, a leading rhino conservancy in South Africa, plans to raise funds for the endangered species through the auction of non-fungible rhino horn tokens (NFTs).
The auction proceeds will be used to cover the Sanctuary’s expenses.
The rhino conservancy, which is home to over 200 rhinos, is teaming up with blockchain technology firm Virtual Nation Builders to auction off the non-fungible tokens at Momint, one of South Africa’s largest NFT marketplaces. The proceeds from the November 11 auction, according to a statement released by Black Rock Rhino, will be used to cover some of the sanctuary’s day-to-day expenses.
“The net proceeds will be used to secure the area, feed, vaccines, and other day-to-day operating expenses of the conservancies,” according to the statement.
The proceeds from the sale are expected to aid conservationists in their ongoing efforts to reduce the number of rhino deaths, in addition to funding the conservancy’s daily expenses. According to Black Rock Rhino, the rhino population in government-run national parks has declined from 18,000 to 2,000 in the last decade.
Although poachers are primarily to blame for the sharp decline in rhino population, some experts believe that rhinoceroses killing each other is also a major cause of death. As a result, rhino experts advocate for the removal of the sharp end of the horns in order to reduce fatalities when conflict arises.
Trade Restriction on Rhino Horn
However, because the trade of rhino horn, which is worth around $25,000, is prohibited, conservationists at Black Rock Rhino believe the digital and photo-realistic horn NFTs will bring in more money from the auction.
In other words, rhino enthusiasts all over the world will be able to obtain a rhino horn without actually breaking the rhino trade ban imposed by the Convention on International Trade in Endangered Species (CITES) in 1977.