LUXXFOLIO looks to include Non-Fungible Tokens in the 2021 Development Plan
VANCOUVER, BC, March 2, 2021 /CNW/ - LUXXFOLIO Holdings Inc. (the "Company") (CSE: LUXX) is pleased to announce that their wholly owned subsidiary LUXXFOLIO Network Inc. ("Luxx Network") has signed an agreement with their technical consulting group to increase the scope of their 2021 development plan to include Non-Fungible tokens.
Luxx Network developed a robust solution on the Hyperledger platform to track the provenance of unique identifiable assets ("UIAs") such as digital contracts, equipment, memorabilia, artwork, luxury items, etc. The UIAs are secured via the Luxx validator, which is a high-level security tag designed to prevent counterfeit. The solution allows for an originator of the UIA to transfer it to a counterparty or customer of the UIA or between counterparties in a secondary market.
Luxx Network has expanded on its 2021 development plan to scope out a vertical expansion of the solution to provide for a secondary layer where a unique non-fungible token ("NFT") can be produced and related directly to the UIA that is stored on the Luxx Network. In addition, multiple NFTs with unique characteristics could be produced in association with a single UIA.
Commenting on expansion of the scope Dean Linden CEO of Luxxfolio, "The Non-Fungible Token space continues to mature as an asset class with total value of transactions increasing by 299% year on year in 2020 with over $250 million* of tokens transacted globally with both institutional and retail participation. We believe the foundation of the Luxx Network will continue to drive new innovative solutions for the Company going forward."
(* Harrison, Polly. "Non-Fungible Token Market Grew by 299% in 2020." The Fintech Times. February 15, 2021. https://thefintechtimes.com/non-fungible-token-market-grew-by-299-in-2020/)
Luxxfolio Holdings Inc. is a growth-oriented, CSE-listed company based in Canada. The Company utilizes blockchain technology and other trust-based authentication and crypto mining tools for asset monetization of unique identifiable assets (UIAs). UIAs may include digital contracts, equipment, memorabilia, artwork, and crypto-assets. It provides a liquid alternative for exposure to the UIAs for the broader capital markets.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be", "anticipated", "expected", "contemplated to", "plan to", or variations of such words and phrases or statements that certain actions, events, or results "will" occur. Forward-looking statements regarding the Company and Luxx Network's development plans are based on the Company's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company and its subsidiary to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures and other costs. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE Luxxfolio Holdings Inc.
Company Codes: CNSX:LUXX
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