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What is regenerative finance (ReFi) and how can it impact NFTs and Web3?

NFT Steez chats with Celo’s NFT lead Mashiat Mutmainnah about the promise of ReFi and its capacity to promote environmental and social good.

Blockchain technology

On Sept. 30, NFT Steez, a bi-weekly Twitter Spaces hosted by Alyssa Expósito and Ray Salmond, met with Mashiat Mutmainnah to discuss how regenerative finance (ReFi) can provide more accessibility and inclusivity to blockchain technology.

As a “mission-driven movement,” Mutmainnah explains that ReFi enables users to redefine their relationship with the current financial system and their relationship with finance and wealth.

Currently in many countries, millions of people lack basic equitable access to the financial services that would allow them to meet their daily needs.

What if there were newer models that could sustainably alleviate this? According to Mutmainnah, ReFi can redefine what money means and how it’s used.

Can Web3 and NFTs be used for social and public good?

When asked whether nonfungible tokens (NFTs) could be used for the social and public good, Mutmainnah referenced a pilot program that involved a “loyalty NFT rewards program.” Akin to Starbucks’ latest NFT loyalty program, Mutmainnah explained how a similar scheme could yield positive and sustainable benefits.

For example, imagine purchasing an NFT that can grant the holder one free coffee for 10 days. In these models, NFTs can yield more economically feasible benefits than buying the item while also bringing more awareness to the good or service.

Contrary to the hype and speculation circulating NFTs in 2021, more creators and platforms are expanding and exploring practical use cases from peer-to-peer and peer-to-business initiatives.

However, that does not mean adoption comes with ease. According to Mutmainnah, beyond NFTs, there are many “infrastructure pieces” to explore, including building out more dynamic products that enable this.

Mutmainnah explained that it’s a dance of sorts between “making a product frictionless” for seamless adoption and empowering the user to be an “advanced” user that takes full “ownership of their assets.”

To hear more from the conversation, tune in and listen to the full episode of NFT Steez and make sure to mark your calendar for the next episode on Oct. 7 at 12:00 pm EST.