**Toucan Protocol’s carbon credit demand stems from three key sectors:**  

1. **Corporate ESG**:  
   - Tech (Microsoft, Shopify) and finance (JPMorgan) firms offset emissions via tokenized credits (BCT/NCT), driving **60%+** of volume.  

2. **DeFi Integration**:  
   - *KlimaDAO* and *Celo* use Toucan’s credits for carbon-backed assets, attracting crypto-native buyers (~25% demand).  

3. **Emerging Use Cases**:  
   - *NFT Projects*: "Carbon-neutral" drops (e.g., 2023 Doja Cat collab).  
   - *Gaming*: Blockchain games (e.g., *Sunflower Land*) reward players with carbon offsets.  

**Challenge**:  
   - Industrial emitters (steel/oil) still prefer OTC markets.  

**Outlook**: Web3 adoption grows, but traditional sectors lag.  

(120 words)  

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*Key point: A crypto-driven demand shift, not yet mainstream.*