NFT’s and Revolutionizing Security in the Art and Collectibles Market

NEW YORK, April 7, 2021 /PRNewswire/ — Despite COVID-19’s impact on galleries, auction houses and retailers, the global art market circulated more than $50 billion in art, while other collectibles such as coins and trading cards saw record sales.

A 1952 Topps Mickey Mantle rookie baseball card, the world’s most expensive baseball card, which sold for $5.2 million in January, is non-fungible because there isn’t another card identical to it.

The white-hot commodity today is art, as evidenced by Mike Winkelman, a digital artist known as Beeple, selling his JPEG titled, “Everydays — The First 5000 Days” at a Christie’s online auction for a stunning $69.3 million, including fees.

FACT offers an eponymous turnkey suite of products, called FACT, an acronym for Forensic Asset Certification Technology, for comprehensive data collection and tracking to ensure the authenticity of any item.

The software application uses blockchain, an immutable digital ledger, to store all pertinent information including authentication, condition reporting, GPS tracking and provenance data, that is available in real-time to the appropriate parties.

More specifically, the company has developed cutting-edge technology using noncontact, nondestructive white light interferometry, an optical method for surface height measurement to generate three-dimensional scans capturing more than 100,000 images at a resolution of two microns, a level impossible to forge.

If a valuable is to be transported, it is scanned again using FACT analytic software to verify the authenticity, tracked using GPS technology while in transit and scanned again once it arrives at its destination.

In other words, just as Beeple’s $69-million digital image was permanently affixed to a digital token, FACT will be able to do this with a framed Picasso hanging on a wall by creating a scan using its proprietary imaging technology, a first for the industry.

If indeed some pundits are correct that NFT’s will be the preeminent way to buy, sell and collect digital art, FACT is making the right move with its authentication technology combined with in-house auctions.

These records store all necessary documentation for seamless creation of NFT’s of a tangible object or a digital recreation of the object with user-specified smart contracts for near instantaneous execution of transactions between buyers and sellers.

Usage analytics, royalties, value enhancements, restricted specified displays, capped supply and usage restrictions are only a few of the customizable options that can only be confidently protected through blockchain architecture such as that built into the FACT system.

Fact is, much like Bitcoin, people will be educated on NFT’s gradually because it is a market squarely facing the younger generations that are deeply rooted in a digital world.

The Los Angeles-based company operates its CurrencyWorks Collectibles NFT platform, is working to create the first NFT for the Barrett-Jackson Auction Company and recently partnered with XTM Inc.

, a Hong Kong-based company, operates an online trading platform for art collectors and investors to acquire shared ownership in Asian and other fine art.

Oriental Culture Holding LTD  is another that has felt tremendous volatility in its stocks owing to a connection to NFT’s.

, a Chinese online individual finance marketplace, is in the same boat as TKAT and OCG insomuch that its stock has made moves in both directions because investors may be betting it is expanding into the NFT business.

According to Forbes, the combined market cap of major NFT projects has increased by 1,785% in 2021, not even a full three months into the year.

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