Technopark-based Accubits Technologies intends to make a mark in the metaverse with its product Coinfactory — a suite of crypto platforms — which had earlier launched an NFT (Non-Fungible Token) platform. The product will help customers explore the metaverse with new services. This comes at a time when several technology companies, ranging from start-ups to large enterprises, are seeking to enter the metaverse, a spokesman for Accubits said.

Fungibles and non-fungibles

An NFT is built using programming similar to cryptocurrency’s, but the similarity ends there. Physical money and cryptocurrencies are ‘fungible,’ meaning they can be traded or exchanged for one another.

NFTs are unique cryptographic, digital assets on a blockchain that belong to only one individual — most popular of which include artwork, music, videos and even tweets — with unique identification codes and metadata that distinguish them from each other.

Launches NFT marketplace

The Coinfactory whitelabel NFT marketplace platform helps customers launch their own NFT marketplace in just a matter of days, the spokesman said. An NFT marketplace brings together artists, creators, and crypto enthusiasts on a single platform to create and trade top NFTs.

A number of customers are already using the marketplace platform to mint and sell NFT products. Besides, Coinfactory also helps them with underlying blockchain development and technology consultation.

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Jithin VG, CEO and Co-Founder, Accubits Technologies Inc, said the company has deployed Coinfactory to help companies in Kerala get a foothold in the metaverse and educate themselves on the subtle nuances of the new digital universe.

Launch of the metaverse marketplace has reinforced Coinfactory’s credentials to delve into full-fledged metaverse solution technologies, too. Accubits believes that demand will continue to grow in the coming years. Coinfactory has launched the new platform to address this growing market demand, Jithin added .