NetCents Technology Inc (CSE:NC) (FRA:26N) (OTCQB:NTTCF), a cryptocurrency payments company, revealed on Friday that it is developing a smart contract-based non-fungible token (NFT) platform for merchants, and ultimately its rapidly growing user base to allow "authenticity and provenance tracking" of products using Ethereum smart contract technology.
The Vancouver-based company said the product “opens up a whole new use case for the development of the blockchain universe.” Non-fungible tokens contain identifying information recorded in their smart contracts. It's this information that makes each NFT different and as such, they cannot be directly replaced by another token. A non-fungible token is a special type of cryptographic token, which represents something unique; non-fungible tokens are thus not mutually interchangeable. This is in contrast to cryptocurrencies like bitcoin that are fungible in nature.
NetCents said it is first focusing on the sports authentication and memorabilia market and has signed a partnership with Boulder, Colorado-based Human Interest Group, a sports marketing and business development company. The firms will bring the first application of the technology to market, allowing buyers and sellers of merchandise to prove ownership and authenticity of the item when purchased through the NetCents platform.
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The companies will also be co-developing industry-specific perks aligned with NetCents' cryptocurrency business solutions to benefit merchants, athletes, and consumers in active lifestyle markets.
Cryptocurrency experts expect NFTs to find broad acceptance in the collectible, sports memorabilia, gaming, art, jewelry, and other areas where rare items are bought and sold. They have already gained mainstream adoptions with Formula 1, NFL, NBA, Vodafone, Louis Vuitton, and Nike beginning to use NFT's for their products.
"We have spent 2019 building our technology - and 2020 deploying it," NetCents Technology founder CEO Clayton Moore said in a statement.
"We have proven that we can make completing a transaction using crypto as seamless as using a debit card. Our future vision for 2021 and beyond includes creating products that makes crypto the preferred solution. It adds and enhances the value of a transaction that traditional payment methods cannot replicate. That is where we're going, and we are thrilled to be leading this new future!"
NetCents has experienced rapid growth this year within its existing ecosystem. In October, the company exceeded $27 million in transactions on its platform with much of this growth coming from the firm’s B2B merchant base. To drive growth and diversify its revenue and tech portfolio, NetCents said it will continue to innovate and bring new products to market, like the NFT platform and expand into new markets like the $75 billion North American sports industry.
The Human Interest Group represents and has worked with world-class athletes and major sports leagues, including the NFL, NHL, and MLB. The company said the collaboration brings merchants and athletes from around the world together in a specially created ecosystem. It allows athletes and their fans to trade unique sports paraphernalia with the expanding interest in the use of cryptocurrencies around the world.
"Elite world-class athletes are the best at what they do and are always searching for new boundaries to explore. Well, this is entirely a new boundary marrying up the physical world with the intangible crypto world," said The Human Interest Group founder Franko Vatterott.
"We are excited to be the first group to work on this venture with NetCents. Additionally, it is exciting to think of athletes, sponsor brands and ultimately, users coming together in a unique forum that has never been done before. It truly is a new world."
Owners of rare products, who have concerns around authenticity, will be able to utilize NetCents' technology to create their own unique NFT. This one-of-a-kind authentication goes on the blockchain with a timestamp, giving both merchants and consumers the assurance that the item in their possession is genuine.
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