WISeKey International Holding Ltd (WISeKey), a leading cyber security, IoT, and AI platform company, is collaborating with Ocean Protocol (Ocean) to launch TrustedNFT.io, a decentralized marketplace for physical paintings, sculptures, luxury watches, and other objects of value. The trusted NFT marketplace will include non-fungible tokens (NFTs) to represent the physical work, combined with fungible tokens for more fluid price discovery and for staking on physical works.
By deploying Ocean’s data marketplace technology to the domain of physical art, WISeKey’s NFT marketplace will combine the strengths of both parties. WISeKey has developed specialized chips to link physical items with NFTs, and world-class blockchain identity technology. Ocean has developed powerful decentralized marketplace technology, with a track record in the domain of data assets.
“Like paintings or sculptures, NFTs need to be properly maintained. After all, an NFT is a record of provenance, not the artwork itself, so it’s essential that the records are up to date and always available. TrustedNFT.IO deploys a number of mechanisms to provide this – for example, we use our WISeKey Swiss Mountain Vault as a backup, connected to a multitude of hosts to ensure that NFTs remain online,” said Carlos Creus Moreira, CEO and Founder of WISeKey.
WISeKey partners with Ocean Protocol to launch TrustedNFT.io, a decentralized marketplace for objects of value designed to empower artists, creators, and collectors with a unique solution for the authentication of physical artworks.
Purchasing an exclusive piece of art is an important milestone in a collector’s life, but this purchase comes with concerns that the work may be stolen, that the art itself may not be an original, or that its provenance might not be verifiable. While most high-end art collectors find it difficult to stop such acts, WISeKey’s WISeART technology takes steps to protect exclusive pieces of artwork. It combines authentication microprocessors with identity blockchain technology, which, together with on-the-ground measures, can ensure the authenticity of the artwork.
Moreover, if the art is stolen, it can be traced, making it difficult to be traded on the secondary market. This control is made possible because each artwork’s identity is stored on a blockchain in the implemented system.