Business
ZK International's Subsidiary, xSigma Eneters Non-Fungible-Token Market Projected at $1.3 billion in 2021 as it Announces the Launch of its "NFT" Platform on Ethereum and Polkadot Blockchains
WENZHOU, China, March 15, 2021 /PRNewswire/ -- ZK International Group Co., Ltd. (Nasdaq: ZKIN) ("ZKIN", "ZK International" or the "Company"), is pleased to
About this update from Zk International Group Co., Ltd
[{"type":"text","content":"WENZHOU, China, March 15, 2021 /PRNewswire/ -- ZK International Group Co., Ltd. (Nasdaq: ZKIN) (\"ZKIN\", \"ZK International\" or the \"Company\"), is pleased to announce that, xSigma Corporation, a subsidiary of the Company and a blockchain R&D lab, announces that it will be launching its newest project that will allow it to participate in the projected $1.3 Billion growing industry in 2021 of Non-Fungible Tokens (NFT). \nThe new platform being developed by the developing team at xSigma labs will be an NFT marketplace, which will allow users in the community to buy and sell NFTs, as well as to create their own custom NFTs in a few clicks. xSigma plans to use multiple blockchains behind the platform, such as Ethereum and Polkadot. xSigma plans to attract various artists and talents on an exclusive basis to its platform. Previously, xSigma was able to attract NBA Champion Dwight Howard, to endorse its DeFi project and it hopes that the new marketplace will be able to attract similar celebrities to its new NFT Platform.\nThe NFT Platform will be the fourth project in xSigma's ecosystem of blockchain products to be implemented and launched later this year. Currently, xSigma's DeFi project was launched in February and successfully reached $100 M of Total Value Locked in the first week. \nWhat are Non-Fungible Tokens? \nNon-Fungible Tokens are easily exchangeable and individually unique digital assets which are held on certain blockchains, mainly Ethereum but also others such as Flow, Wax, and many others. \nOne of the key differences between Cryptocurrencies and Non-Fungible Tokens is that every NFT is completely and not directly interchangeable with any other asset by identity, value, and/or utility. Every Non-Fungible Token is composed of metadata which gives each one their individuality, these attributes can include size, artist name, scarcity etc. NFT not only exist in a digital space but crucially they can also represent any type of physical asset, acting as a kind of 'digital twin' to anything existing in the real world and enabling the ownership and exchange of physical possessions within digital marketplaces. \nTrue ownership is one of the defining key components of any NFT and, as the digital economies continue to thrive, there is no doubt that NFT will play a pivotal role in bringing the digital and physical worlds closer ...