This study examines the network of firms participating in the blockchain-based voluntary carbon market (VCM), focusing on the factors that shape partnership structures and the significance of chosen blockchain infrastructures within this context. Although blockchain technology was initially anticipated to consolidate market participants, our findings reveal a diverse and relatively fragmented ecosystem, featuring multiple infrastructure options. Distinct tokenization strategies also appear to influence collaboration patterns. Companies engaging primarily in tokenizing “legacy” credits tend to form more extensive partnerships, yet they may face increased competitive pressures. Conversely, those that tokenize credits through proprietary procedures often exhibit fewer connections, and shortening their supply chains. Overall, strategic considerations and market dynamics prevail over purely technical factors in shaping these interfirm relationships.