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HO CHI MINH CITY, Vietnam, Feb. 24, 2021 / PRNewswire / – Vietnam based RedFOX Labs Joint Stock Company (‘Red fox‘) will build a non-fungible token (NFT) market that will serve as an equivalent Roblox, providing a global platform for user-created content to bring people and their digital collections together through community, rewards, revenue and a multitude of games.
NFTs are a unique and indivisible representation of the ownership of crypto assets that create digital scarcity. NFTs can be bought, sold and traded, but because they run on the blockchain, the ownership and validity of the asset they represent can be verified and tracked. NFTs can come in the form of celebrity memorabilia, digital collectibles (NBA Topshots), digital art, smart contracts, and unique pieces.
The major auction house Christies recently announced that it will become the first major auction house to sell a fully digital work of art based on NFT.
The top 100 NFT projects have a market capitalization of 2.893 billion USD and exchange more 775 million USD per day according to Coingecko. In just one week, NBA Topshot, an NFT of NBA digital collectibles, generated over US $ 50 million worth secondary market transactions.
Currently, there is no market for NFTS that is technology independent and provides a smooth customer experience. Based on RedFOX Labs own experience in creating its NFT, KOGS (keys to other games) – ranked number one on the WAX platform – he saw an opportunity that the ecosystem was missing.
Ben fairbank, CEO and co-founder of RedFOX Labs commented:
“With recent attention from major investors, Mike Novogratz, Gary Vaynerchuk and Cuban Mark, we know without a doubt that NFTs have a bright future in decentralized finance. Opportunities for celebrity memorabilia, digital art, digital assets and collectibles are on an exponential trajectory.“
“When we created KOGS on the WAX platform, it was clear to us that there was an opportunity to create a technology independent marketplace, where creators could produce their NFTs with the technology that suited them best.“
“With high gas costs on the Ethereum network, creators are looking for other opportunities for platforms that are robust, interoperable, and packed with incredible features. As an end user, I shouldn’t need to know what technology the NFTs I want to buy are hosted on. I should be able to go to a place and buy and sell and trade whatever I want.“
“What we’re building for NFTs is analogous to what Roblox is for games or Shopify for ecommerce.“
“RedFOX Labs aims to be the one-stop-shop to create and market NFTs across all technology platforms to a larger and more engaged audience. We will be the central hub for businesses and creators to develop, market and deliver NFT in all sectors of the economy NFT.“
“We have built an interoperable NFT project ourselves and we know exactly what is needed. As it is now, collectors have to move from platform to platform to be involved in multiple projects, and creators have to get buyers to where they are building, which they don’t. an easy task with increasing noise and competition The NFT platform RedFOX Labs will open up a whole new economy for NFTs.“
“The $ RFOX token will fuel the ecosystem in a unique way that will provide increased utility to holders and incorporate a cash back component that we will use across all RedFOX businesses. This opportunity is endless.”
About RedFOX Labs
RedFOX Labs is an enterprise builder based in Vietnam, which identifies and builds effective business models for Southeast Asian markets. It aims to unleash the true market value of Southeast Asia’s digital economy for high-demand consumer services such as e-commerce, electronic media, online travel and electronic sports / games and focuses on adding value to the digital economy through the use of emerging technologies such as blockchain. As a company, its value is exchangeable via its native token ($ RFOX).
SOURCE RedFOX Labs
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