MIAMI, Nov. 29, 2021 (GLOBE NEWSWIRE) -- In partnership with NAX and Skybridge, UNLOX leverages the Algorand blockchain to seamlessly integrate more modern models to large organizations, enabling frictionless experiences for businesses and their customers.
The first two marketplaces leverage the scale of one of the world's leading manufacturers/retailers to introduce a first-of-its-kind Buy Now, Pay Later platform that harnesses the power of Algorand to mint consumer finance loan NFTs, and an exchange for warranties that tokenizes excess risk flowing through the manufacturer's captive insurance company. These two ventures will bring millions of customers, transaction volume, and value on-chain.
For the third, UNLOX has partnered with one of the world's largest fine art insurers with the intent of securitizing assets for lending, fractionalization, and trading. It is estimated that this venture will have lower numbers of participants and transaction volume; however, on-chain value will be significant with the highly valued art assets represented on Algorand's blockchain.
The fourth marketplace is a digital-asset exchange and commerce engine that will create fungibility across cryptocurrencies, loyalty points, rewards, and fiat currencies to help consumers maximize purchasing power, wealth visibility, and the value of their digital assets. It is anticipated that this marketplace will bring tens of millions of users on chain with transaction volume in the hundreds of millions.
The fifth marketplace, in partnership with Spin Magazine, features a curated selection of NFTs of Spin's most iconic photography and cover art. The first NFT auction is slated for early 2022 and the marketplace will eventually serve both primary and secondary sales.
"Building our music, media and collectibles NFT marketplace with NAX on Algorand was an easy decision. A carbon-negative, super-fast blockchain with no gas fees to mint, buy or sell our iconic catalog of music assets is exactly what we and the industry needs to bridge millions of fans into the world of NFTs. We are excited to launch the marketplace soon and create something really special for music fans," said Jimmy Hutcheson, CEO of Spin Magazine.
In September, Algorand, NAX, and SkyBridge unveiled UNLOX at SkyBridge's annual SALT Conference in New York. This groundbreaking initiative accelerates growth of decentralized applications on Algorand. With Anthony Scaramucci as its chairman, the group is focusing on a variety of decentralized finance efforts associated with digital currencies.
About NAX
NAX creates new markets and ecosystems around corporate assets. From seed to securitization, the company co-leads the commercialization of these initiatives with its partners. NAX maintains its headquarters in Manhattan Beach, CA, and has offices in Palo Alto, New York, London, Paris, Zurich, and Frankfurt. For more information, www.naxgrp.com.
About SkyBridge
SkyBridge is a global alternative investment manager that provides a range of investment solutions to individuals and institutions. Addressing every type of market participant, SkyBridge's investment offerings include commingled funds of hedge funds products, customized separate account portfolios, hedge fund advisory services, and an Opportunity Zone focused on non-traded REIT. The firm is headquartered in New York. For more information, www.skybridge.com.
About Algorand
Algorand is building the technology to power everything from the creator economy to the convergence of traditional and decentralized finance. Founded by Turing Award-winning cryptographer Silvio Micali, Algorand developed a blockchain infrastructure that offers the interoperability and capacity to handle the volume of transactions needed for anyone to transition into the new digital economy. The leading decentralized infrastructure of choice for visionary leaders across more than 1000 global organizations, Algorand is enabling the simple creation of next-generation financial products, protocols and exchange of value. For more information, www.algorand.com.
Inquiries: communications@naxgrp.com
This content was issued through the press release distribution service at Newswire.com.
