Somerset NJ, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Somerset, NJ, February 16th, 2021. Global Fiber Technologies, Inc., (OTC PINK: GFTX) Updates shareholders on fortifying its credibility in the collectable clothing arena.
Chris Giordano President and Chairman stated “Counterfeit and stolen goods are a significant problem of global commerce. According to the Economist, “estimates for the total value of fakes sold worldwide each year go as high as $1.8 trillion and the problem lies in the inability to truly track the real from the fake as well as the provenance or ownership history of a particular item.
Typically, due to historical and legacy reasons, many industries still use paper to prove whether something is real or whether a particular person actually owns a particular asset. Paper can be easily altered as well as lost or stolen. If you purchase a piece of memorabilia it is easy for the corresponding certificate of authenticity to say one thing, but for the item to be something entirely different. Steiner Sports suing The New York Giants and Eli Manning is just an example of how the authentication process can run amuck. https://www.si.com/nfl/2018/05/15/eli-manning-settles-memorabilia-fraud-lawsuit
“The Authentic Heroes business model is being built around having the only patented process to create Fanwear which contains the “authenticated fibers” from an original event worn garment and create a series of limited edition collectables from that very original.
One of the things thing that separates us from every other manufacturer of fanwear is our ability to track the fibers from the original and provide our customers authentication features that range from a UPC Code embedded into the fibers, a UV pen light that allows the fan to see them, and a QR code that contains personal registration information. We are now going to further those standards of unmatched authenticity for our past and future customers.
The incorporation of block chain technology will bring to our customers the 100% confidence in knowing that every time they purchase an item from Authentic Heroes it will be not only have the aforementioned security and provenance features, but the item will be registered in their own personal ownership portal to be known as “My Authentic Blockchain”
It will be accessed by simply scanning the QR code sewn or embedded into each item we sell. Once a purchase is listed on our blockchain, the ownership becomes immutable, unless the actual owner verifies a change. With My Authentic Blockchain you can store your ownership credentials for both your physical and soon to be "virtual collectables" with the confidence of knowing your purchase and true ownership will never be compromised as a reslt of counterfeiting or the misapprpriation of true ownership.
Henceforth, we have hired “Code Zeroes” a leading developer of blockchain technology to build out a state of the art system for us which can be easily expanded and utilized for more than registering Authentic Heroes items but also have the scalability and flexibility to handle virtual product offerings in the future.
We will be starting the development of the Authentic Heroes blockchain this week and should have it completed within the next 4-6 weeks to coordinate with the sales and delivery of the merchandise in our relationship with YUNGBLUD and Bravado/Universal Music.
True provenance and “Proof of Ownership” is tantamount to everything in the collectables business. It is our goal at Authentic Heroes to be the gold standard for the industry. Blockchain technology will not only further our product’s and our brand’s credibility but also allow us to expand our entrée into “virtual product” offerings in the near future.
We welcome the opportunity to use our entrée into the world of blockchain to continue strengthening our message, positioning our products and creating a new world of opportunity for the company.
In addition, we are nearing the end of our 2019 audit and expect to file our 2019 10-K in the next few weeks if not sooner. We are staying on the path of becoming “current” with our filing requirements and eventually relisting the common stock on as an OTCQB designated company.
We look forward communicating our progress on both fronts with you in the not too distant future.