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FACT, or Forensic Asset Certification Technology (OTC PINK: FCTI) is revolutionizing security for the fine art and collectibles market and is now venturing into the exciting world of NFTs. FACT utilizes the same ballistics as global law enforcement agencies to authenticate and analyze fine art and collectibles, to protect collectors from fraud. Their disruptive technology is capable of detecting unique markers as small as 2 microns and is all stored using blockchain technology to maximize security.
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 assets 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 to create NFTs of a tangible object or a digital recreation of the object with programmable smart contracts to secure transactions.
FACT offers users and collectors 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 all 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. Trompeter believes that NFTs will “unlock new opportunities to expand the art and collectibles market and enhance value for collectors.”
For additional information please visit www.factsecured.com.
FACT, Forensic Asset Certification Technology, is positioned to be the leader in art (and other valuable collectible) authentication. The simple truth is that too much money is at risk, and the industry is due for a technological shakeup. Add to that, the recent announcement that FACT would be developing an NFT play, and it’s clear FACT is set up for a big 2021.
The worldwide art market is valued at $64B, with 42% of sales coming from auction houses (Sotheby’s and Christies make up 40% of those sales) and 58% from dealers. It’s estimated that of the art currently in circulation, 20% is fake. That means, roughly speaking, about $12B of the art market’s value is built on forgeries.
Art verification is done by professionals who examine the artwork or item, using a variety of methods, tools, and techniques to ascertain if a piece is authentic. Unfortunately, even the pros get duped now and then, which explains the thriving forgery market.
This is part of why FACT represents an attractive investment opportunity.
FACT’s advanced ballistic technology scans the surface of an object at a resolution of 2 microns or better, revealing details that can be measured by the diameter of a human hair. Their scan creates a 3D map, which is securely stored using unalterable blockchain technology. This unique fingerprint is then used as the authentication standard. The piece is compared to the digital file anytime verification is needed, and is updated with each restoration or minute change to the original. Blockchain allows the entire history of changes and transactions to be permanently logged, giving buyers and sellers complete certainty of a piece’s authenticity.
FACT offers clients an entire suite of products, including authentication, condition reporting, GPS tracking, provenance data, and collection management – all stored on blockchain and accessible via a convenient app.
No other authentication service offers the level of security and convenience that FACT does, and they are constantly striving to make their technology even better. The F.B.I estimates that 80% of all art crime is forgery, and FACT is offering a bulletproof solution to collectors.
Cryptocurrencies and NFTs are having a bit of a moment. Bitcoin continues to climb in value, along with other coins, while an NFT created by the digital artist Beeple sold for $69.3M through Christie’s on March 11. To put that in perspective, NFT collectors spent $250M total in 2020.
A quick primer: NFT stands for Non-Fungible Token. You can think of them like digital files that have proof of ownership. Like cryptocurrencies they are stored on blockchain, but unlike cryptocurrencies their value is non-fungible. While one Bitcoin will always be worth the same amount as another Bitcoin, each NTF has a unique valuation all its own.
So when FACT scans a piece of art or other collectible and stores it on their blockchain, they’re essentially making an NFT. That is a valuable offering for many reasons, but FACT’s plan to allow anyone to make NFTs for their collectables, then list them on partnering exchanges, is what really has us interested.
At the moment, most of the NFTs out there are created by digital artists, musicians, and the like. What FACT is proposing would allow anyone to take pictures of their baseball cards, shoes, priceless artifacts, or whatever you have lying around the house, and then turn it into an NFT.
The example that Patricia Trompeter, FACT CEO, used is linking an original Warhol to an NFT. Maybe the everyman won’t be turning their shoe collection into a digital asset, but it does open up this technology to a different class of global investor.
Honestly? No one. FACT doesn’t have any real competitors. No one in the space is offering this kind of scaleable, technology-driven solution. We think this is a ground-floor opportunity in a business that’s about to go straight to the moon.
When looking at the potential for FACT, there are several clear opportunities to secure lasting contracts.
FACT plans on using a subscription business model, tailored to the needs of individual markets. They offer pay-per-scan pricing, as well as an option to take a percentage of sales for high-volume clients.
Patricia spent 15+ years in the financial services industry with GE Capital. She held several positions in various divisions including CFO, Controller, Operations Leader, and M&A. She also founded Webbs Hill Partners, and holds a Bachelor of Science in Finance/Economics and Management Information Systems from Marquette University.
Michael is a business-oriented software engineer with a 17 year track record successfully building high performance solutions for top tier companies, using emerging technologies. Michael’s code has processed billions of dollars in securities transactions, and some of the largest banks and organizations in the US rely on his software to power millions of users across various applications.He holds degrees in Applied Mathematics and Computer Science. He is fluent in four languages, enjoys flying small airplanes, and is an early adopter/investor in crypto and blockchain.
FACT is a true innovator in their field. With basically zero competition and a no-brainer technology offering, it won’t be long before they’ve captured the majority of the art verification market. Moreover, their NFT play could potentially help launch a new wave of art investment. This is a company that has massive upsides and a market in need. We believe their capable executive team will be able grow this business into a market leader in no time at all.