- Americana Technologies is launching a chip that converts physical assets to NFTs.
- NFTA Universal Chip allows brands and creators to turn streetwear, collectibles, cars and artwork into non-fungible tokens.
- Founder Jake Frey said the app can scan artwork or items to display the web data and ownership history of the piece.
Americana Technologies has launched a chip that allows users to turn physical goods into non-fungible tokens. With the NFTA Universal Chip brands and creators will be able to turn streetwear, collectibles, cars and artwork into NFTs.
The NFTA Universal Chip turns physical goods into NFTs by linking them to the blockchain. Users can scan artwork or items to display the web data and ownership history of the piece.
Americana Technologies was founded by Jake Frey in 2021 with the aim of disrupting the NFT space. Frey said the platform can be applicable to the traditional art world.
“Imagine walking up to an artwork, being able to scan it with your phone and seeing its entire web presence and ownership history pop up on your screen — that’s how the chip turns any object into an NFT,” he explained.
While non-fungible tokens are widely used by the community to prove their ownership of JPEGs and other collectibles, the underlying technology has proved highly applicable in several use cases.
Ideally, NFTs provide proof of ownership and authenticity of a digital file. By applying the same concept to physical objects, the value of converting items to NFTs would allow their creators to earn royalties every time the ownership changes.
Frey said that while digital artists and 3D creators have made millions from NFTs, they represent just a portion of the creator market. The tech entrepreneur believes that whilst it is far easier to file digital records and items, physical goods could be equally worth as much.
He said that his idea was inspired by the possibility of onboarding approximately 99% of the creator market to Web3, reported TechCrunch, which said Frey refused to share any details regarding the startup’s customer base.
Americana recently raised $6.9 million in a seed fundraising led by Alexis Ohanian’s venture capital firm Seven Seven Six and backed by NFT marketplace OpenSea and rapper Future, indicating a growing interest in its concept of creating NFTs.
The NFT space has become a focal point in the last 18 months with several mainstream brands pouncing to secure their own intellectual property rights. However, given Americana’s concept of creating NFTs, this now opens the door for everyone to turn their valuables into NFTs.
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