Sustainable fashion startup Cassava Bags rewards investors with NFTs

Telusa Mapapalangi, Chief Operating Officer, Cassava Bags Australia

The team at Cassava Bags Australia is not content with saving the planet with their plastic-free single-use bags that dissolve within minutes in hot water, they also want to thank their shareholders by rewarding them with the world’s first investor NFT catalogue.

Why reward shareholders with NFTs?

“We are determined to do things differently at Cassava Bags Australia. We want to make single-use plastic bags history by replacing them with a fully organic all-natural bag made out of the Cassava plant.  And yes, our bags are not only strong and robust, they also dissolve within minutes in hot water,” Cassava Bags Australia, COO, Telusa Mapapalangi said.

“We also want to reward our investors with NFTS. NFTs are becoming increasingly popular as more and more people move into the crypto space. Essentially, NFTs are a digital image or piece of art that can be sold to others directly or via NFT trading platforms,” Telusa said.

“We decided to do this as a measure of our thanks to our investors. We are undertaking a fundraising round at the moment to meet the cost of expansion via the Birchal equity crowdfunding platform and we want to ensure we have truly acknowledged everyone’s valued contribution in the form of a unique Cassava Bags NFT,” Telusa further commented.

“Hopefully over time the NFTs will be recognised for helping to de-plasticify the planet.”

How did they come up with the idea?

According to Telusa, when Cassava Bags Australia began looking at ways to reward investors, the standard options were either producing branded memorabilia or gifting merchandise, so the team started looking at other options including NFTs.

“In line with our theme of keeping things real, we enlisted creative production agency Relator to create a range of innovative NFTs with allocated values to them,” Telusa said.

“Initially we were concerned about the energy consumption of the blockchain industry as sustainability is a core value of the business. To address this, our NFTs will be minted on Tezos. It is a reliable proof of stake blockchain that operates with lower energy needs.”

“We have created five tiers of NFTs tied to investment value. Each NFT has been designed to reflect the style, aim and ethos of sustainability and progress towards the green economy. Every investor will receive one of our unique NFTs based on the value of their investment.”

“Our NFTs might become unique they grow in value and become collectors’ items. That is the beauty of NFTs, it is a new area of crypto with so much growth and potential ahead.”

What does Cassava Bags Australia do?

Cassava Bags Australia produces non-plastic single-use bags made from the Cassava plant. The Cassava is a nutty flavoured starchy root vegetable that is versatile and used to make tapioca. The Cassava starch is extracted and combined with organic components to create a biodegradable film which is then used in the manufacture of non-plastic bags and other items.

The business was established by three millennials and business colleagues with a love for the great outdoors – Delarossi, Chun Lau and Telusa Mapapalangi. “Our company is founded on the belief that businesses can be a force for good and that the actions of people, both individually and collectively, have the power to change the world,” Mapapalangi emphasised.