# kaal:claim:4685567-026

**Claim.** Impact 3.0 is bounded by market participants' purchasing choices: projects whose impact certificates find no purchasers after listing are less likely to proliferate or find long term commercial applications.

**Type.** condition  **Support.** asserted

**Holds when.**

- post listing secondary market demand

**Source quote.**

> If market participants don't purchase impact certificates post-listing, those projects whose impact certificates do not find purchasers are less likely to proliferate and find commercial applications long-term.

**From.** Wulf A. Kaal, *Impact Investing Innovation - From Impact 1.0 to 3.0* (2024), Impact Certificate Marketplace, page 42

**Cite as.** Wulf A. Kaal, Impact Investing Innovation - From Impact 1.0 to 3.0 (2024). SSRN: https://ssrn.com/abstract=4685567

**Verify.** sha256 of source PDF `87fb1be89d2661967ed2b0b673fe26448ded3bc3119b122177a4fc13ae5c085c` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202024%20-%20Impact%20Investing%20Innovation%20-%20From%20Impact%201.0%20to%203.0.pdf

**Failure mode.** No Purchaser Listing Failure  (family: liquidity-and-market-structure-failure)

**Topics.** economics

**Keywords.** market-demand, impact-certificates, scaling-limits, impact-3-0

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.