HomeCoinsDigitalBits (XDB)NFTY Labs to Integrate DigitalBits Blockchain | by Rajiv Naidoo | DigitalBitsOrg...

NFTY Labs to Integrate DigitalBits Blockchain | by Rajiv Naidoo | DigitalBitsOrg | Jun, 2021

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June , 2021 — NFTY Labs, a project hyper-focused on bringing community-based tools to the NFT ecosystem, has announced plans to integrate the DigitalBits blockchain. NFTY Labs first product, NFTY Connect, is a first-of-its-kind solution that allows users and brands to easily customize and manage their NFT functionality, enabling activations via NFTs and tokens, such as access to exclusive community chats, content, physical item redemption, and VIP events. The introduction of NFTY Connect and token gates, the means by which creators can manage access to their material, unlocks a number of synergies with the XDB Foundation’s NFT initiatives, such as the development of fan tokens, in-game items and other utility-focused digital assets. NFTY Labs has also joined the XDB Foundation partner program.

The primary functions of NFTY Connect are,

  1. Verify ownership of any given wallet address
  2. Determine which NFTs or tokens are held by the address, how many of these tokens are held, and if or when these tokens have been transferred

Token gates refer to specific communities, websites, products, and content that can only be accessed by specific token holders. NFT Connect allows the ownership of NFTs and tokens to be easily verified, empowering creators to manage access to their content by specifying token requirements. This innovative approach to NFT utility enables creators, brands and organizations access to a diverse set of activations, helping to address issues currently faced when monetizing content, products and communities, including:

  • Company flexibility (vendor lock-in, cryptocurrency support)
  • Lack of rewards or incentives for community members
  • Development overhead

“I am very pleased to welcome NFTY Labs to the DigitalBits ecosystem,” said Michael Gord, XDB Foundation Managing Director. “The explosion of interest we saw earlier this year in NFT technology was great to draw more eyeballs to the industry, but I think we’ve barely scratched the surface in terms of what these assets are capable of. Elements of exclusivity and scarcity can now be easily integrated into digital landscapes, and NFTY Connect introduces this in a way that will empower users and brands the world over. As we look to strengthen the relationship between brand and user, I believe that NFTY Labs has a quintessential role to play.”

NFTs have and will continue to revolutionize the way we look at fine art, but there’s so much more to this asset category,” said Digital Lawrence, NFTY Labs CEO. “Verifiable uniqueness is a very powerful tool, and now we can empower creators to leverage this as they manage access to their content. Exclusivity, VIP access, 1st editions, hold so much weight in the physical world, and it’s time that this manifested in digital spaces as well. The XDB Foundation is currently exploring a number of NFT applications that align heavily with what we are doing here at NFTY Labs, and I’m very excited to work together to bring out the true potential of NFTs.”





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