Web3 domain provider Unstoppable Domains partnered with farmer-focused blockchain Farmsent to help farmers accept crypto transactions and create a digital identity.
In an announcement sent to Cointelegraph, Unstoppable Domains said that its new top-level domain, “.farms,” will play a role in Farmsent’s blockchain-based marketplace. The marketplace aims to directly connect farmers with consumer-facing businesses, eliminating the need for intermediaries.
The new Web3 domain lets food producers create a digital identity that can be used to transact with buyers across the globe. This allows them to send and receive crypto with over 275 tokens supported by the platform.
Simpler digital identities for farmers
Farmsent CEO Yog Shrusti believes the new Web3 domain will empower small farmers to access capital, expand their farms and “overcome the limitations of centralized systems.” While these farmers could also get wallets to accept crypto payments, Shrusti claims that traditional crypto wallets present a barrier to entry for farmers.
The Farmsent project uses non-fungible tokens (NFTs) to create digital representations of bids to ensure the authenticity of farm products during an auction. According to the project’s white paper, its NFT-driven approach will secure the bidding process and enhance the credibility of buyers and sellers.
Farmsent claims it has onboarded more than 160,000 farmers from Colombia and Indonesia. The platform, which is currently in its beta phase, also said in the press release that it already facilitates coffee, avocado and palm sugar trade between the United Arab Emirates (UAE) and Indonesia.
Related: UAE residents can now trade crypto directly with their bank accounts
Unstoppable Domains chief operating officer Sandy Carter believes that Farmsent showcases the “transformative power” of blockchain technology.
“We’re proud to provide Farmsent with a home on onchain, enabling them to give users a unique digital identity they can use to trade securely and on equal terms with major, multinational competitors,” Carter added.
UAE prohibits crypto mining on farms
In May, the Abu Dhabi Agriculture and Food Safety Authority issued an advisory to farmers, saying that they could not use farms to mine crypto. The government agency said this is a “misuse of the farm” and noted that violators could face penalties of up to 10,000 UAE dirhams, worth about $2,700.