DGAP-News

FACT, Inc. Expands Blockchain Platform to Include Non-Fungible Tokens (NFTs)

DGAP-News: FACT, Inc. / Key word(s): Miscellaneous FACT, Inc. Expands Blockchain Platform to Include Non-Fungible Tokens (NFTs) 25.03.2021 / 12:00 The issuer is solely responsible for the content of this announcement. Toronto, Ontario--(Newsfile Corp. - March 25, 2021) - FACT, Inc. (OTC Pink: FCTI) (the "Company" or "FACT") a global leader of fine art and collectible authentication technology, announced today it has begun development to integrate Non-Fungible Tokens (NFTs) within its blockchain technology platform, allowing users to create and trade NFTs for physical assets.

NFTs are digital tokens that prove the authenticity and ownership of a digital asset ranging from art to music offerings a new-age method of buying, selling and collecting digital assets. While the NFT craze has been limited to digital assets, FACT's forensic technology creates the immutable link needed to tokenize physical asset to the NFT. Their proprietary imaging system links each asset to a provenance record within the FACT blockchain database. These records store all the necessary documentation for seamless creation of NFTs of a tangible object or a digital recreation of the object with programmable smart contracts to secure transactions.

FACT offers users and collectors with the unique ability to buy, sell, and trade physical artworks and collectibles through NFTs on any of the growing number of trading platforms. Users specify the terms and conditions through smart contracts and FACT embeds all documentation for streamlined sales with near instantaneous execution.

"Our mission to secure collections is driven by our desire to confidently share them with the world," said FACT CEO, Patricia Trompeter. "NFTs offer true utility for each record and never before seen liquidity for collectors. With our technology, we can now make NFTs for the art on your wall as easily as those we've seen of digital assets. As an example, we have the technology to link the NFT of a Warhol with the physical painting."

FACT's service offerings will include the creation of the token, smart contract integration, and dozens of optional terms and conditions. Each NFT is customized to the client's specifications featuring any number of complex mechanics such as usage analytics, royalties, and value enhancements. Consistent with FACT's mission, robust immutability programs come standard to ensure the properties, terms, and access remain unchanged. Further measures to prove scarcity and security include restricted specified displays, capped supply, and usage restrictions.