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With WISeKey’s Cryptographically NFT Authentication Technology, You Do Not Need to Destroy the Original Art Object to Create a TrustedNFT.IO
While NFTs can be sold on any platform, the actual cryptographic key that attaches the owner to their new NFT is stored on a WISeKey certificate in perpetuity across a distributed network of computers so that they cannot be deleted, copied or destroyed in the future.
Geneva/Brussels – April 9, 2021 – WISeKey International Holding Ltd (“WISeKey “) (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity, AI, Blockchain and IoT company, announced today the launch of TrustedNFT.IO a platform allowing Non-Fungible Tokens (NFTs) to verify the existence and the ownership of a digital collectible using a combination of Digital certification and blockchain technology. This authentication technology by has been around since 2010 and comes as an offshoot of the boom in cryptocurrencies, which also run on the blockchain.
Last week WISeKey launched a world premiere luxury watch NFT auction. To date, the NFT auction has already received a bid of 25 ethers (~$50,000) for the digital twin of Jean-Claude Biver's Bigger Bang All Black Tourbillon Chrono ‘Special piece’ watch.
This watch NFT auction was the first luxury watch to have a digital life with certified ownership and authenticity. This digital twin will be the "authentic" double of the physical watch in the digital space and has attracted international attention due to the unique combination of Trust and NFT as the current momentum on NFT as hit new highs. Of note, in March Christie’s, auctioned off a digital collage by an artist who goes by the name of Beeple for nearly $70 million, immediately making the artist the third-most expensive living artist in history.
The auction conducted by WISeKey of a prestigious watch has many wondering why any collector would want to buy just the digital version of the watch and not the original and how the person acquiring the NFT can claim ownership of something that can be easily and endlessly duplicated?
Some people struggle with this idea because they want to know, what is it they actually own. But people of a younger generation do not struggle with it. It is a very old-world idea, wanting to hold something in your hand, as if the intangible or the immaterial doesn’t have value.
An NFT auction works much like an online auction on platforms like eBay. Each work is displayed online as a digital file that contains metadata – which literally means “data about data” – about the work’s title, number and who owns it.
WISeKey (NASDAQ: WKEY; SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying large scale digital identity ecosystems for people and objects using Blockchain, AI and IoT respecting the Human as the Fulcrum of the Internet. WISeKey microprocessors secure the pervasive computing shaping today’s Internet of Everything. WISeKey IoT has an install base of over 1.5 billion microchips in virtually all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers, mobile phones, crypto tokens etc.). WISeKey is uniquely positioned to be at the edge of IoT as our semiconductors produce a huge amount of Big Data that, when analyzed with Artificial Intelligence (AI), can help industrial applications to predict the failure of their equipment before it happens.
Our technology is Trusted by the OISTE/WISeKey’s Swiss based cryptographic Root of Trust (“RoT”) provides secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people. For more information, visit www.wisekey.com.
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