FACT Inc. (OTC: FCTI) Expanding into Burgeoning NFT Market

Rhea-AI Summary

FACT Inc. (OTC: FCTI) has been featured in an editorial by NetworkNewsWire, discussing its expansion into the NFT market. Despite challenges from COVID-19, the global art market generated over $50 billion, with 10% of art estimated to be stolen annually. FACT leverages advanced authentication technology to enhance security in the art and collectibles sector, integrating solutions like GPS tracking and blockchain for real-time data access. The company aims to address vulnerabilities in the growing NFT landscape, where scams and forgeries are becoming prevalent.

Positive

• Expansion into the NFT market aligns with current trends.
• Recognized as a leader in authentication technology for fine art and collectibles.

Negative

• High rate of art theft (10% annually) indicates market vulnerabilities.
• The authenticity and security of NFTs are increasingly compromised by scams.

NEW YORK, April 08, 2021 (GLOBE NEWSWIRE) -- via InvestorWire — FACT Inc. (OTC: FCTI) today announces its placement in an editorial published by NetworkNewsWire ("NNW"), one of 50+ trusted brands within the InvestorBrandNetwork (“IBN”), a multifaceted financial news and publishing company for private and public entities.

To view the full publication, “NFT’s and Revolutionizing Security in the Art and Collectibles Market,” please visit: https://nnw.fm/IqURm

 

Despite COVID-19’s impact on galleries, auction houses and retailers, the global art market circulated more than $50 billion in art, while other collectibles such as coins and trading cards saw record sales. Amazingly, an estimated 10% of art is stolen annually, and an estimated 50% of all sports memorabilia is estimated to be fake per the FBI. To get a flavor of just how difficult it is to know if something is stolen and replaced with a near-perfect forgery, Interpol’s stolen artwork database has more than 50,000 items across 134 countries listed in it. Experts note that scams and hacks are already hitting the exploding market of digital collectables known as NFT’s (non-fungible tokens).

Taking the collectables world by storm, a non-fungible token is a unit of data on a blockchain ledger that represents a unique underlying asset. As with most other things, crooks flock to where the money is, and right now NFT’s provide plenty of money and new vulnerabilities. That’s exactly why FACT Inc. (OTC: FCTI), a recognized global leader of fine art and collectible authentication technology, has recently expanded into the burgeoning NFT market.

About FACT Inc.

FACT (Forensic Asset Certification Technology) is a global organization that is revolutionizing security for the art and collectibles market. FACT utilizes ballistics technology, currently employed by global law enforcement agencies, to authenticate and analyze fine art and collectibles. FACT offers a suite of robust collection management products that includes authentication, condition reporting, GPS tracking, and provenance data – all stored securely on the blockchain and accessible in real time to the consumer. The FACT software application is applicable to various channels within the fine art and collectible industry including secured lending, insurance, dealers, auction houses, grading companies, and private collectors. FACT is headquartered in Toronto, Ontario.

For more information, visit the company’s website at www.FactSecured.com.

NOTE TO INVESTORS: The latest news and updates relating to FCTI are available in the company’s newsroom at https://ibn.fm/FCTI.

About NetworkNewsWire

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NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
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Editor@NetworkNewsWire.com

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FAQ

What is FACT Inc.'s recent development regarding NFTs?

FACT Inc. has expanded into the NFT market to enhance security and authentication.

How much did the global art market generate despite COVID-19?

The global art market circulated more than $50 billion.

What percentage of art is estimated to be stolen each year?

An estimated 10% of art is stolen annually.

What technology does FACT Inc. use for authentication?

FACT utilizes ballistics technology for authentication and analysis of art and collectibles.

How does FACT Inc. provide real-time data access?

FACT stores information securely on the blockchain for real-time consumer access.