DGAP-News: FACT, Inc.
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Toronto, Ontario-(Newsfile Corp. - March 25, 2021) - FACT, Inc. (OTC Pink: FCTI) (the "Company" or "FACT") a global leader of fine art and collectible authentication technology, announced today it has begun development to integrate Non-Fungible Tokens (NFTs) within its blockchain technology platform, allowing users to create and trade NFTs for physical assets.
NFTs are digital tokens that prove the authenticity and ownership of a digital asset ranging from art to music offerings a new-age method of buying, selling and collecting digital assets. While the NFT craze has been limited to digital assets, FACT's forensic technology creates the immutable link needed to tokenize physical asset to the NFT. Their proprietary imaging system links each asset to a provenance record within the FACT blockchain database. These records store all the necessary documentation for seamless creation of NFTs of a tangible object or a digital recreation of the object with programmable smart contracts to secure transactions.
FACT offers users and collectors with the unique ability to buy, sell, and trade physical artworks and collectibles through NFTs on any of the growing number of trading platforms. Users specify the terms and conditions through smart contracts and FACT embeds all documentation for streamlined sales with near instantaneous execution.
"Our mission to secure collections is driven by our desire to confidently share them with the world," said FACT CEO, Patricia Trompeter. "NFTs offer true utility for each record and never before seen liquidity for collectors. With our technology, we can now make NFTs for the art on your wall as easily as those we've seen of digital assets. As an example, we have the technology to link the NFT of a Warhol with the physical painting."
FACT's service offerings will include the creation of the token, smart contract integration, and dozens of optional terms and conditions. Each NFT is customized to the client's specifications featuring any number of complex mechanics such as usage analytics, royalties, and value enhancements. Consistent with FACT's mission, robust immutability programs come standard to ensure the properties, terms, and access remain unchanged. Further measures to prove scarcity and security include restricted specified displays, capped supply, and usage restrictions.
Ms. Trompeter continued, "With growing demand and improved marketplaces for NFTs, we are excited to provide a secure avenue for our customers to participate in the market and expand their collection. Offerings for both digital and the underlying tangible assets are an opportunity to attract a whole new audience of collectors across a truly global market."
NFTs can be created to represent the entire asset, sections of the asset which can be offered as a standalone item, collectible set or through fractional ownership. Additionally, FACT plans to offer brokerage services, NFT valuation, and facilitate sales through various channels including online NFT platforms, auction houses, and dealers. It's Trompeter's belief that NFTs will "unlock new opportunities to expand the art and collectibles market and enhance value for collectors."
ABOUT FACT INC.
FACT, Inc, (Forensic Asset Certification Technology) is a global organization which is revolutionizing security for the art and collectibles market. FACT utilizes ballistics technology, currently employed by global law enforcement agencies, to authenticate and analyze fine art and collectibles. FACT offers a suite of robust collection management products that includes authentication, condition reporting, GPS tracking, and provenance data - all stored securely on the blockchain and accessible in real time to the consumer. The FACT software application is applicable to various channels within the fine art and collectible industry including secured lending, insurance, dealers, auction houses, grading companies, and private collectors. FACT, Inc. is headquartered in Toronto, Ontario. For additional information please visit www.factsecured.com.
Contact: Patricia Trompeter
All statements other than statements of historical facts contained in this press release are "forward-looking statements," which may often, but not always, be identified by the use of such words as "may," "might," "will," "will likely result," "would," "should," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "continue," "target" or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including: the Company's reliance on one key customer for a substantial percentage of its revenue; the Company's ability to consummate any proposed financing, acquisition or transaction, the timing of the closing of such proposed event, including the risks that a condition to closing would not be satisfied within the expected timeframe or at all, or that the closing of any proposed financing, acquisition or transaction will not occur or whether any such event will enhance shareholder value; the Company's ability to continue as a going concern; the Company's ability to attract, maintain and increase the number of its customers; the Company's ability to maintain compliance with certain financial and other covenants; the Company successfully implementing its growth strategy; management's relationships with industry stakeholders; the effects of the global Covid-19 pandemic; changes in economic conditions; competition; risks and uncertainties applicable to the businesses of the Company's subsidiaries; and other risks, uncertainties and factors. These forward-looking statements speak only as of the date hereof and the Company disclaims any obligations to update these statements, except as may be required by law. The Company intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1993.
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News Source: Newsfile
25.03.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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