LUXXFOLIO looks to include Non-Fungible Tokens in the 2021 Development Plan
VANCOUVER, BC – March 2, 2021 – LUXXFOLIO Holdings Inc. (the “Company”) (CSE: LUXX) is pleased to announce that their wholly owned subsidiary LUXXFOLIO Network Inc. (“Luxx Network”) has signed an agreement with their technical consulting group to increase the scope of their 2021 development plan to include Non-Fungible tokens.
Luxx Network developed a robust solution on the Hyperledger platform to track the provenance of unique identifiable assets (“UIAs”) such as digital contracts, equipment, memorabilia, artwork, luxury items, etc. The UIAs are secured via the Luxx validator, which is a high-level security tag designed to prevent counterfeit. The solution allows for an originator of the UIA to transfer it to a counterparty or customer of the UIA or between counterparties in a secondary market.
Luxx Network has expanded on its 2021 development plan to scope out a vertical expansion of the solution to provide for a secondary layer where a unique non-fungible token (“NFT”) can be produced and related directly to the UIA that is stored on the Luxx Network. In addition, multiple NFTs with unique characteristics could be produced in association with a single UIA.
Commenting on expansion of the scope Dean Linden CEO of Luxxfolio, “The Non-Fungible Token space continues to mature as an asset class with total value of transactions increasing by 299% year on year in 2020 with over $250 million* of tokens transacted globally with both institutional and retail participation. We believe the foundation of the Luxx Network will continue to drive new innovative solutions for the Company going forward.”
(* Harrison, Polly. “Non-Fungible Token Market Grew by 299% in 2020.” The Fintech Times. February 15, 2021. https://thefintechtimes.com/non-fungible-token-market-grew-by-299-in-2020/)
LUXXFOLIO Holdings Inc. is a growth-oriented, CSE-listed company based in Canada. The Company utilizes blockchain technology and other trust-based authentication and crypto mining tools for asset monetization of unique identifiable assets (UIAs). UIAs may include digital contracts, equipment, memorabilia, artwork, and crypto assets. It provides a liquid alternative for exposure to the UIAs for the broader capital markets.
For more information, please contact:
Dean Linden, Chief Executive Officer
Tel: (604) 398-3837 or (425) 449-9442
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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