HO CHI MINH CITY, Vietnam, Feb. 24, 2021 /PRNewswire/ — Vietnam based RedFOX Labs Joint Stock Company (‘RedFOX‘) will build a non fungible token (NFT) marketplace which will serve as the equivalent of a Roblox, providing a global platform for user-created content with the aim of bringing people and their digital collections together through community, rewards, earnings and a host of games.
NFTs are a unique and indivisible representation of crypto asset ownership that create digital scarcity. NFTs can be bought, sold and traded, but since they run on blockchain, ownership and validity of the asset they represent can be verified and tracked. NFTs can take the form of celebrity memorabilia, digital collectibles (NBA Topshots), digital art, smart contracts and unique coins.
Major auction house Christies has recently announced that it will become the first major auction house to sell a fully digital, NFT-based artwork.
The top 100 NFT projects have a market capitalisation of US$2.893 billion and trade more than US$775 million per day according to Coingecko. In one week alone, NBA Topshot, an NFT of digital NBA collectibles, generated more than US$50 million worth transactions in the secondary market.
Currently there is no marketplace for NFTS that is technology agnostic and provides a smooth Customer Experience. Based on RedFOX Labs’ own experience in creating its NFT, KOGS (Keys to other games) – rated number one on the WAX platform – it saw an opportunity that was missing from the ecosystem.
Ben Fairbank, CEO, and Co-founder of RedFOX Labs commented:
"With recent attention from leading investors, Mike Novogratz, Gary Vaynerchuk and Mark Cuban, we know beyond a doubt that NFTs have a bright future in decentralized finance. The opportunities in terms of celebrity memorabilia, digital art, digital assets and collectables is on an exponential trajectory."
"When we created KOGS on the WAX platform it was clear to us that an opportunity existed to create a technology-agnostic marketplace, where creators could produce their NFTs on the technology that was best for them."
"With high gas fees on the Ethereum network, creators are looking at other opportunities for robust platforms that are interoperable and have incredible functionality. As an end user, I shouldn’t need to know which technology the NFTs I wish to purchase are housed on. I should be able to go to one place and buy, sell and trade what I want."
"What we are building for the NFTs is analogous to what Roblox is for gaming or Shopify is for e-commerce."
"RedFOX Labs aims to be the one-stop-shop to create and market NFTs across all technology platforms to a wider and more engaged audience. We will be the central hub for companies and creators to develop, market and supply NFTs across to all sectors of the NFT economy."
"We have built an interoperable NFT project ourselves and we know exactly what is required. As it currently stands, collectors have to move across platforms to be involved in multiple projects and creators have to bring buyers across to where they are building, which is not an easy task with increasing noise and competition. The RedFOX Labs NFT platform will open up an entire new economy for NFTs."
"The $RFOX token will power the ecosystem in a unique way that will provide increased utility for holders and incorporate a cash-back component that we will use across all of RedFOX ventures. This opportunity is endless."
About RedFOX Labs
RedFOX Labs is a venture builder based in Vietnam, that identifies and builds successful business models for the Southeast Asian markets. It is focused on unlocking the true market value of the Southeast Asian digital economy for high consumer demand services such as e-commerce, e-media, e-travel, and esports/gaming and focuses on adding value to the digital economy through the use of emerging technologies such as blockchain. As a company, its value is tradable through its native token ($RFOX).