Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
OGY lets users mint, reference, and transact ORIGYN certificates of authenticity for luxury goods, art, media, and collectibles.
ORIGYN Foundation, a Swiss organization that identifies, authenticates, and unlocks the powers of ownership for luxury goods, fine art, media, and collectibles, was among the earliest projects to begin building on the Internet Computer. In a major milestone for the ICP ecosystem, ORIGYN has now released a native utility token, OGY, ahead of the imminent launch of Impossible Things, an ORIGYN-powered marketplace for exchanging NFTs that are backed by authenticated assets.
OGY is trading on Sonic, one of the Internet Computer’s premier decentralized exchanges, before hitting exchanges such as MEXC and Bitrue in the coming weeks, and others soon after. Sonic provides permissionless token swaps and liquidity services, introducing a new era of DeFi with zero gas fees. ORIGYN and Sonic both leverage the scalability, transactional network, and speed of the Internet Computer.
As reported in The New York Times, ORIGYN uses machine learning, artificial intelligence, computer vision, and decentralized technology to mint and guarantee digital certificates as NFTs that are matched to both real-world goods and natively digital assets. The ORIGYN certificate of authenticity incorporates an object’s “digital twin” — its unique, tamper-proof digital duplicate — which is minted and paired with each object during the authentication process.
Last fall, ORIGYN raised $20 million from a group of investors that included Bill Ackman’s Table Management, Paris Hilton, and Polychain Capital at a valuation of $300 million. ORIGYN has since partnered with the pre-owned luxury watch retailers WatchBox and Topwatch to help guarantee authenticity by minting certificates associated with watches sold on their platforms, each one uniquely distinguished by the watch’s biometric data.
The OGY token is required to interact with the ORIGYN platform, providing access for minting, referencing, and transacting ORIGYN certificates of authenticity. OGY is used to fuel the lifespan of each certificate, as well as participate in ORIGYN’s on-chain governance system. For more details, visit: https://www.origyn.ch/ogy/
One primary benefit of ORIGYN-authenticated NFTs is that the data is stored on-chain with global distribution. Unlike conventional blockchains, where NFTs are simply references to images or media assets that are hosted off-chain on centralized servers, the Internet Computer allows all NFT assets to be stored directly on the blockchain with no centralized dependencies, enhancing their security, reliability, and utility.
Impossible Things is a new NFT marketplace launching in June where ORIGYN-minted NFTs can be traded, with support for the DIP721 and EXT standards. Each NFT has a native HTTPS endpoint that allows access from any internet application, and purchases are reliable and transparent, with negligible transaction fees due to the Internet Computer’s minimal-gas experience. On June 13, Impossible Things will also release the Impossible Pass in a one-time limited quantity, with their purchase providing premier access to future drops and collectibles on the marketplace. Learn more on the Impossible Things Discord.
Impossible Things on Twitter: "The Impossible Pass 👀Dropping on the Impossible Things marketplace powered by @ORIGYNTech on 6/13/22 - https://t.co/wxGHA3QrL6 / Twitter"
The Impossible Pass 👀Dropping on the Impossible Things marketplace powered by @ORIGYNTech on 6/13/22 - https://t.co/wxGHA3QrL6
Earlier this year, ORIGYN partnered with UEFA Foundation for Children, which defends the rights of underprivileged children using the power of football, to launch the NFTs for Good charitable initiative. ORIGYN will mint NFT certificates associated with individual football collectibles, and the physical pieces of memorabilia and their corresponding digital certificates will be sold on Impossible Things, with proceeds helping to fund UEFA Foundation for Children’s work.
“We are thrilled to partner with ORIGYN to bring these important items to the world stage for the benefit of The UEFA Foundation for Children,” said Urs Kluser, the general secretary for the UEFA Foundation for Children. “We share a vision of leveraging next-generation technology such as NFTs to raise money for children and communities around the world. There is no better collective mission.” In April, ORIGYN and Impossible Things minted and auctioned three NFT football jerseys that were created in partnership with two European superstars, Ivan Rakitić and Eugénie Le Sommer, to benefit the charity.
As industry partners and users adopt the ORIGYN platform and unlock the power of ownership, an increasing number of digital assets will exist on the Internet Computer and be available to interact with other open internet services, such as DeFi. But these developments are just the beginning.
By delivering a decentralized, transparent, and high-performance development environment at scale, the Internet Computer makes possible a new class of on-chain dapps and services with the potential to shape the future of Web3.
Start building at internetcomputer.org and join the developer community at forum.dfinity.org.
ORIGYN Launches OGY Utility Token, Powers Impossible Things NFT Marketplace was originally published in The Internet Computer Review on Medium, where people are continuing the conversation by highlighting and responding to this story.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.