Belfrics Group launches NFT exchange platform BelNFT, to tap into booming global market
- ByStartupStory | April 27, 2022
Belfrics Group in order to tap into the booming global NFT market has launched its NFT exchange platform called BelNFT. The Group plans to launch its NFT platform across 10 countries within the next 6 months.
This new development comes at a time when renowned artists, sports and Bollywood celebrities have entered the non-fungible token/NFT space. The Indian market has also witnessed the inception of several NFT startups in the last one year. Belfrics Group also has plans to focus on creating a seamless verification process for the NFTs listed on the platform.The startup is currently also working on developing NFTs backed by tangible assets
Commenting on this recent development, Praveen Kumar, founder and CEO, Belfrics Group said “NFTs have been on our radar for quite some time because this particular space has been growing decently. As compared to the previous years where there was an absolute lack of how to adjust this particular asset class, now regulators are even coming up with respective policies to effectively manage this. Hence, we thought it would be the right time for us to enter into the space because, as a company, we always aspire to thrive on compliance”.
BelNFT will tokenize NFTs such as collectibles, artworks, music, gaming, virtual assets, merchandise, memes etc. The CEO also added that their focus here is to create repositories with authentic metadata as the world is slowly moving Web 2.0 to Web 3.0.
“With BelNFT, we are now developing a platform which will promotes the digital assets of artists and creators and also aims at developing tangible asset backed NFTs as well. Our identity specific Belrium blockchain will play an important role in addressing some of the very complex regulatory requirements these new-age assets are likely to face in the near future”, said Praveen.
Satish Shekar, who holds post of the Director of Operations for BelfricsBT, said,“ BelNFTs would be in the form of digital assets created on blockchain with unique encryption codes that can also be validated for ownership and authenticity. The BelNFT platform will have cultural heritage forms of artworks which will be converted into NFTs for collectors and buyers to have the ownership of it.”
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