Accubits’ blockchain products suite CoinFactory partners with SmartSeal, a USA-based digital identity product company, to enable true traceability of physical NFTs. Smartseal facilitates digital identity for physical assets through encrypted near field communication(NFC) Technology. Its NFC tag system enables proof of authenticity, ownership, possession, and digital product experiences with just the tap of a smartphone. With this partnership, the companies agree to work together to enable entrepreneurs to launch NFT marketplaces and NFT minting via CoinFactory’s white-label NFT marketplace platform with true traceability of physical assets like artworks and collectibles.
When a physical asset is coupled to an NFT through an encrypted NFC tag, the NFT acts as the proof of authenticity, proof of ownership, history of ownership, and method to transfer ownership and royalties. This allows anyone to verify the provenance of the asset with just the tap of a smartphone. Assets can also be bought and sold without the need for a middleman. SmartSeal tags can be embedded into any physical asset in a way that makes the tag difficult or impossible to remove. The minting process couples the NFC-embedded asset to a non-fungible token using the address of the creator. This proves where the asset originated from and is the basis for authentication. Ownership of the asset is verified through the NFT-NFC link and is transferred by selling the NFT on a marketplace.
