Rhoda – Sri Lankan Start Up To Crowd Fund Via NFT’s
Posted 28,June

By Chaveendra Dunuwille

In Articles

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With concerns regarding global warming and climate change on the rise with the ever increasing number of compelling scientific reports many of the world’s nations have begun the transition from fossil fuels to renewable energy sources such as wind, solar and hydropower. However in most cases financing this transformation would seem to be the biggest obstacle. However it would seem that one of our Sri Lankan start-ups has found a unique way to overcome this obstacle. 

Rhoda (Pvt) Ltd is Sri Lanka’s first electrical sustainable mobility start-up founded via the partnership of Eyas Fazul, Fazul Mowjood and Lee Bazalgette which focused on developing innovative electric transportation designed and built-in Sri Lanka. The result of this endeavor was their very own electric bicycle.  With its unique design it seeks to make our daily commutes more convenient,  sustainable, economical and fun. 

With the goal of crowdfunding sustainable mobility in Sri Lanka the company recently announced the “Rhoda Royalty Program” where they announced the sale of NFT Merchandise. These merchandise which would exist in both the physical and digital realms included t-shirts, wallets and masks. The T-shirts made from upcycled cotton will be available in the colors of white, grey and black. Both the wallets and masks will be made from ethical genuine leather, the wallets will come in a wide variety of colors which include black, blue, red and green while the masks will be available in black and brown. 

What sets this crowdfunding campaign apart from the others is the fact that  Rhoda allows its supporters to obtain one out of 100 Steller verified Non-fungible tokens (NFT’s). These NFT will allow for its owner a lifetime 15% discount on all  Rhoda accessories, merchandise and services. Non- Fungible Tokens are considered a class of cryptocurrency but unlike the more mainstream cryptocurrencies such as Bitcoin and Ether each individual NFT is unique allowing for it to be distinguished as the original in the case the material is copied by others.  Akin to the real-life signature of an original creator it has allowed for digital creators to make profits from their creations no matter how many times the original work had been copied. 

This advantage may have driven Rhoda to pursue NFT’s instead of traditional membership’s cards. As previously mentioned the individuality of NFT’s contributes to the overall increase in value as time goes on. Rhoda had stated that only 100 tokens would be issued and these tokens can either be auctioned or sold for a greater value, something which cannot be done with membership cards.

With the ever changing conditions of the planet innovative start-ups like Rhoda will be instrumental in fighting back against climate change and pollution. This innovation has the potential to make our day-to-day lives easier, healthier and cheaper.  

Ceylon Exchange Mentoring (Pvt) Ltd understands the need for the preservation and we have taken steps to purchase one of Rhoda’s NFT’s to show our support to their mission. As sustainability and conservation will be one of the most discussed topics in the next 50 years we encourage you all to be a part of the change for a better tomorrow. One token to help save the future. 

For more information please visit www.rhoda.life/nft