Life Clips, Inc. just announced its Belfrics Group subsidiary, one of India’s early adopters of blockchain and cryptocurrency, has launched a Non-fungible Token (NFT) exchange platform – BelNFT. This launch is part of a larger business strategy of Belfrics Group, which recently announced an expansion of its blockchain and crypto operations in India. The BelNFT platform will help users tokenize their real-world assets and provide a market to buy, sell, or trade the NFTs in a safe and secured manner.
Praveen Kumar, Founder and CEO of Belfrics Group, said, “The launch of BelNFT enables us to diversify our services and offer a larger pool of investment options for our customers. The NFT universe has exploded in the last year and is poised to grow by $147.24 billion by 2026, which is a compound annual growth rate of 35%. Having said that, our initial focus would be to ensure a seamless verification process of the NFTs listed on our platform. Hence, we have created a unique process to validate every NFT trade on BelNFT so our customers could buy authentic assets at the right price.”
BelNFT will tokenize NFTs like collectibles, artworks, music, gaming, virtual assets, memes, domain names, merchandise, and other investable assets. Praveen Kumar added, “Our focus here is to create repositories with authentic metadata as the world is moving Web 2.0 to Web 3.0. With BelNFT, we are developing a platform which will not only promote the digital assets of artists and creators, but would also aim at developing tangible asset backed NFTs as well. Our identity specific Belrium blockchain will play a crucial role in addressing some of the complex regulatory requirements these new-age assets might face in the near future.”
Satish Shekar, Director of Operations for BelfricsBT, said, “A large section of the Indian population is unaware of NFTs, crypto currencies and the metaverse. This is quite similar to the lack of understanding that people had for online shopping in the late nineties. To break this deadlock, BelNFTs would be in the form of digital assets created on blockchain with unique encryption codes that can be validated for authenticity and ownership. The BelNFT exchange platform will have cultural heritage forms of artworks which will be converted into NFTs for buyers and collectors to have the ownership of it.”
Life Clips CEO, Robert Grinberg, said, “Moving forward, the BelNFT exchange platform will be another source of revenue for Life Clips. Belfrics entry into the NFT market comes on the heels of our announcement that Life Clips eliminated all of its nearly $4 million in outstanding convertible debt by paying the outstanding amounts in Belrium. NFTs are an exciting new asset class that are immutable and exchangeable, and investors around the world are eager to stake their claims in this new ecosystem. The market is driven by increasing demand for digital artworks, growing investment in digital assets, and security and ownership of digital assets. The BelNFT exchange platform will play a big role in the future of financial investing for many people.”
About Life Clips
Life Clips is the parent company of Belfrics Global and Cognitive Apps Software Solutions Inc. Belfrics Global is a Malaysian based blockchain provider and cryptocurrency exchange and platform that is licensed and regulated by Labuan Financial Services Authority (LFSA), Malaysia. With 10 operational offices in 8 countries, Belfrics’ multi-feature trading platform offers digital assets, cryptocurrencies, and crypto derivative contracts to its clients. Belfrics blockchain has been recognized by Gartner as being a top 10 blockchain in terms of real-world projects and has received a patent for its Belrium KYC verification System (BKVS) by the Nigerian patent authority.
Image by Charlie Costello on Unsplash
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