A New Utility Token & NFT Marketplace By The ORIGYN Foundation
The tokenization of real-world things and assets on the blockchain as tokens or as NFTs is a hot trend that began in 2021. It’s also a multi-million dollar industry, not including just regular sales of NFT digital art. Examples of tokenizing real assets and goods include property, supply chain management, verification, luxury goods, rare art, authenticity proving, and decentralized record preservation. In one way or another, the ORIGYN Foundation is working on a solution that touches these sectors.
And recently, the foundation came out with an announcement that will take its products and solutions to the next level — through the introduction of their own platform token and NFT marketplace.
What Is The ORIGYN Foundation?
The ORIGYN Foundation is a Switzerland-based group that combines intelligent technologies and decentralized computing to identify, authenticate, and unlock the powers of ownership for the world’s most valuable objects.
ORIGYN essentially brings NFTs to life with biometric data and unique ownership experiences to power brands, creators, artists, marketplaces, consumers, and industries with guaranteed certificates of authenticity.
It’s this last point — certificates of authenticity — that hits at ORIGYN’s main use case. Especially give the current state of the blockchain/Web3/cryptocurrency industry, many DApps and Web3 solutions can no longer rely on marketing alone, they must have feasible use cases and technologies — and that’s what ORIGYN brings through its blockchain certificates for real-world valuable goods.
Especially for industries such as art, collectibles, digital media, and luxury (as seen in the image below). What’s great about ORIGYN is it’s a real use case for NFTs, crypto, and blockchain — and it sets itself apart from many of the other solutions that claim their value of NFTs, but don’t actually store the NFTs on the blockchain. So it’s actually superficial. ORIGYN on the other hand keeps everything on chain, so it’s a true blockchain/NFT solution for tokenizing real assets and objects, even digital.
In summary, the New York Times put it another way — ORIGYN uses ML, AI, computer vision, and decentralized technology to mint and guarantee digital certificates as NFTs that are matched to both real-world goods and natively digital assets on the blockchain. So ORIGYN essentially creates a digitized twin that is minted and paired with each object during the authentication process.
ORIGYN’s New Updates: OGY & Impossible Things
Now that we understand ORIGYN and its platform — it’s common to know that every platform needs a native utility token, and in this case ORIGYN’s token is labeled OGY. OGY is the primary mechanism for creating certificates of authenticity and is required to interact with the platform. In particular, OGY gives holders voting and governance rights, staking capabilities, as well as trading capabilities into other cryptocurrencies. It will be the gateway between the real-world objects and their digital blockchain equivalents.
However, more exciting than a token is the store for using those tokens — or in Web3 lingo, an NFT marketplace. It’s like the Web3 version of Walmart and Amazon where you can buy and sell rare objects and other valuable assets.
At the current stage Impossible Things NFT Marketplace is still in its infancy, but soon ORIGYN-minted NFTs will be able to be traded on the marketplace, with additional support for the DIP721 and EXT standards.
The OGY token and Impossible Things NFT Marketplace being run on the Internet Computer will give the blockchain a valuable use proposition that caters to the real-world blockchain and tokenization industries, with a specific focus on art, collectibles, digital media, and luxury. As demand for these industries remains predictable, even given economic turbulence, their transition to the Internet Computer blockchain will be beneficial.
