New Technology often entails unbelievably sharp and explosive incline of public interest, followed by abrupt stall thereof, and NFT is no exception. A storming demand for NFT arts which took the globe in a heartbeat is now in part replaced by complaints and rumors of some digital assets (which presumably cost buyers a fortune) to be digitally tainted, counterfeited, and in violation of intellectual properties; calling for strict customer protection measures.
How the New Economy Is being Shaped
Behind a recent NFT fever was a strong demand for change, for the better and fairer. DeFi is reshaping how we conceive currency and how it is circulated; DAO is soon to revolutionize how we connect as a society and how we make decisions. Newer generations gladly embraced the change and led the world to the decentralized world, promising to bring back power and control over what they create.
A recent second wave of crypto assets led by NFTs indicates the core commodities which we trade over the internet are shifting from ‘information’ to ‘value.’ However, investors need to consider where the value is created, and how it is appraised, transferred, and flexed. The fact is, despite all the hype, there had never been a proper attempt of appraisal of popular NFTs and the digital commodities which they represent.
Where Value Is Created
Korea’s blockchain tech firm “HUPAYX [hjuː-peɪ-eks]” is launching new services to address the issues surrounding NFTs. Its New platform is named “TAYCAN,” and will include data-driven tools and features to aid its users and investors. The company suggests trading digital assets without understanding what they represent can be as risky as purchasing a used car simply by looking at its title, not knowing what condition it is in. HUPAYX emphasizes that the commodity itself is where the true value lies, not the token. HUPAYX’s new platform will boast various features to help users with data-driven NFT appraisal tools, such as asset valuation, intellectual property rights infringement check, and market price indicators with current and predicted market demands. The company promises to play an active role in investor protection, which is uncommon in the industry.
HUPAYX is no stranger to the game; its first service “Shuffle,” a crypto-enabled mobile payment platform launched in 2019, is one of a few services which allows use of cryptocurrencies in the real world. South Korea has one of the most developed financial systems, with strict and high regulative standards, which the company met with flying flags. With strong support from its infrastructural partners, the company will also be expanding into tokenization of real properties, while launching a mobile crypto payment service in Indonesia in the latter half of the year 2022.