NetCents Technology (NC.C) is diversifying their crypto-holdings to include non-fungible tokens (NFT), or Nifties, platform that its merchant and user-base can use to allow authenticity and provenance tracking of their products using smart contracts.
Nifties are tokens that contain identification information recorded in smart contracts. They’re infinitely divisible, which means they can be divided into any percentage required by the transaction, opening up possibilities for division of assets that can’t normally be divided—like real estate and vehicles. The information inside the tokens are what help differentiate them from each other, and provides the reason why they can’t be swapped for any other in the way banknotes, or Bitcoin, can be exchanged for each other if they’re the same value.
Essentially, Nifty‘s are digital placeholders for the contents of the smart contract they’re meant to signify.
“We have spent 2019 building our technology — and 2020 deploying it. 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,” said Clayton Moore, founder and CEO of Netcents Technology.
NetCents is using the technology to get involved in the sports authentication and memorabilia market, and signed a partnership with the Boulder, Colorado-based Human Interest Group. Together they’ll bring the first application of Nifty tech to market, giving merchandise buyers and sellers the chance to prove ownership and authenticity of an item when purchased through NetCents platform.
Nifties could be used in a branded authenticated digital photo issued with a number series to purchasers from a specific merchant. The user would get the memorabilia, with all of its technicals stored on an immutable blockchain for easy authentication. The only way to acquire the Nifty would be to buy it directly through the website created by NetCents and the Human Interest Group.
The Human Interest Group works with and represents world-class elite level athletes all over the world, and also with major sports leagues, including the NFL, NHL and Major League Baseball. The collaboration’s intention is to give merchants, athletes and collectors an ecosystem to trade sports paraphernalia using the technology surrounding cryptocurrency.
If you think about it, Nifty’s can find a natural home in any market where authenticity is required, including collectibles, sports memorabilia, gaming, art, classic cars, jewellery and more. They’ve already gained some mainstream traction after Formula 1, the NFL, NBA, Vodafone, Louis Vuiton and Nike each started using the tech.
“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. 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,” said Franko Vatterott, founder of the Human Interest Group.
Because the non-fungible token system can literally be a stand-in for any variety of commodity from real-estate to candy-bars, there’s a fair amount of room for diversification and development with this technology. It’ll be curious to see how and what Netcents uses it for in the coming months.