Non Fungible Token or NFT based technologies and emerging Web 3 platforms are currently in their infancy. These innovative communities and technologies are still functioning in silos until they find their voice, partners, and their place in the global ecosystem.
The NFT space currently lacks cross-chain systems of trusted and secure verification, history, and provenance, a major barrier to entry for mass adoption of NFT technology. The team at leading edge software platform, Esaiyo, has a unique proprietary solution to this monumental challenge in the NFT Space.
Esaiyo CTO Ryan Quick explained recently that for any transaction, there is the language of the transaction itself — things like buyer, seller, currency, amounts, escrow, date of purchase, location of purchase, asset purchased, etc. These are enough to describe the behavior of an asset changing ownership and identifying possession. But to really understand the item being bought or sold, there is a much richer set of expressions which cover description of the item, the history of and behind the purchase, details about the seller and the buyer, and the notion that the item has its own place in the world.
When we buy a car we ask about how many accidents it was in, whether the mileage comes from highway or local use, whether it has been kept up to date on scheduled maintenance. It’s not just about what is on the sticker. Right now the rich language of possession and the history of ownership is missing from the NFT ecosystem– especially when an NFT is moved from one marketplace to another. When there is an effort to flesh out these assets, the metadata is left on the origination marketplace or stranded on a disconnected mesh of social media.
Esaiyo provides that rich history in a manner which leverages blockchain for trust and provenance throughout the lifetime of the NFT. Regardless of marketplace, chain, or even off-chain movement, Esaiyo delivers context for all NFTs as they are created, exchanged, and displayed independently and verifiably. No matter where you want to trade.
The growth of the emerging metaverse has accelerated dramatically over the last 18 months. According to Esaiyo COO Andy Van Valer, “When we first looked at this market a year ago, it was still quite an underdeveloped frontier, with many barriers to entry, mainly in educating consumers and the investment community,” said Van Valer. ” Given the exponential growth in revenue generated and of mindshare garnered globally for NFT’s in 2021, the team feels now is time to leverage Esaiyo technology to bring further innovation and transparency to this emerging market.”
The Esaiyo team’s object graph technology and architecture for blockchain will provide key missing connectivity across NFT platforms and marketplaces to store and validate an NFT’s history, provenance, and metadata. Esaiyo’s offering allows for transparent communication across platforms and blockchains.
With the history and track record of Esaiyo’s development team in scaling large infrastructures with a high level of security – Esaiyo has a unique opportunity to position itself as a leader in one of the fastest-growing markets in the world.
Esaiyo CEO, Raymond St. Martin who takes the stage at NFT.NYC in early November, explains it like this, “Every unique physical, digital, and virtual object in the universe can become non-fungible. This is why we are leaning into NFTs. Our tech will help differentiate, track and define objects that others find significant. This is the first step in creating a unified language that will one day tie everything together in an immutable and indisputable way.”
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