In many countries, millions of people have basic equitable access to the financial services that would enable them to meet their daily needs.

In this week’s episode of Steez NFThosts Alyssa Expósito and Ray Salmond meet with Mashiat Mutmainnah to discuss how regenerative finance (ReFi) can bring more accessibility and inclusion to blockchain technology.

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

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

What is the impact of ReFi?

Mutmainnah stressed that ReFi is intended to raise awareness of how current financial systems operate in an “extractive” and “exploitative” manner. He also drew a comparison to fast fashion, explaining that what allows a wearer to buy a shirt for $5 is at the expense of a working child.

These “extractive” systems no longer work for people, and a fundamental principle of ReFi is equitable accessibility and distribution.

Mutmainnah explained that ReFi is often seen as synonymous with climate, and while it is a mainstay, ReFi has enabled “tangible and accessible use cases.” Users can “plug in” and participate in models and systems that can increase their overall prosperity and that of the ecosystem.

Therefore, ReFi can be considered a way to triangulate elements of sustainability through climate “stabilization” and “biodiversity”, while maintaining equitable access within global communities. This has the potential to create new financial models and systems that can increase prosperity.

As Mutmainnah said:

“ReFi is helping people change the way they relate to money.”

Related: NFT Steez and Lukso co-founder explore the implications of digital self-sovereignty on Web3

Can Web3 and NFT be used for the public and social good?

When asked if non-fungible tokens (NFTs) could be used for public and social good, Mutmainnah referenced a pilot program involving an “NFT loyalty rewards program.” Similar to Starbucks’ latest NFT loyalty program, Mutmainnah explained how a similar scheme could generate positive and sustainable profits.

For example, imagine purchasing an NFT that grants the holder a free coffee for 10 days. In these models, NFTs can generate more economically feasible benefits than purchasing the item, while also generating more awareness of the good or service.

Contrary to the hype and speculation going around NFTs in 2021, more creators and platforms are branching out and exploring use cases for peer-to-peer and peer-to-business initiatives.

However, that doesn’t mean adoption is always easy. According to Mutmainnah, there are many “pieces of infrastructure” to explore beyond NFTs, including creating more dynamic products that enable this.

Mutmainnah explained that it’s something of a dance between “making a product frictionless” for smooth adoption and empowering the user to be a “power” user who takes “full ownership of their assets.”

To hear more of the conversation, tune in and listen to the full episode of NFT Steez on Cointelegraph’s new podcast page or on Spotify, Apple Podcasts, Google Podcasts, or TuneIn.