Singapore Biometric-Technology Pioneer XiD Technologies Issues NFTs Offering Fractional Ownership of its Patents
From the early days of the World Wide Web to the present, authentication methods have largely relied on user name and password combinations. As any Internet user knows, these are both cumbersome and vulnerable to loss or breach, putting users and institutions at significant risk of loss of privacy and financial losses.
XiD Technologies seeks to put an end to the risks and hassles of current authentication methods: By endowing any Internet user with the ability to carry their assets and credentials anywhere on the Internet and access them easily and securely through just their face.
Biometric technologies, in particular face recognition, have allowed people around the world to replace usernames and passwords in a safe and secure manner. But to date, the Internet has not provided a secure way to store and share such sensitive data.
As a result, biometric identities, no matter how sophisticated, have only been stored locally, on digital devices or local servers. However, blockchain ledgers have created an unprecedented level of security and integrity to store information on the Internet without any risk of hacking or corruption.
These unique capabilities of blockchain technologies open the door to providing, for the first time, to store, carry and use vital and uniquely identifying information such our biometric identities in a safe, easy to use and entirely private manner.
How are NFTs utilised here?
Non-Fungible Tokens (NFTs) are a “one-of-a-kind” unit of data stored on a blockchain, and because of its unique properties, NFT can neither be replaced nor interchanged and it serves as the most secure proof of ownership. Traditionally, Non-Fungible Tokens (NFTs), have represented digital art, sports memorabilia and even iconic tweets. However, XID’s Intellectual Property adaptation of NFTs are built around fractional ownership of its pioneering biometric technology patents.
XiD Technologies acknowledges the utility of F-NFTs and will therefore tokenize its Intellectual Property on the Ethereum (ETH) chain representing 20% ownership in two Singapore patents and four US patents, as well as any future updates or extension of the mentioned patents.
XiD Technologies F-NFTs
The F-NFT sales of the XiD fractional IP consists of multiple rounds which add up to a total of 5000 F NFTs. No additional F-NFTs within the aforementioned patent domain will be created, resulting in a maximum supply of 5000 F-NFTs.
The F-NFT sale is executed through multiple rounds:
First round: 1000 F-NFT available on the XiD NFT platform at a cost of $1,500
Second Round: 2000 F-NFT available for sale at a cost of $3,500
Third Round: 2000 F-NFT available for sale at a cost of $5,500
This tokenization of intellectual property will create a new vehicle for the individual investor, in addition to the usual investor classes, to access the purchase, trade, sale and otherwise monetize this asset class. The process will bring new diversity and liquidity to this asset class for innovators and investors.
By purchasing an F-NFT, holders will not only own a portion of our face recognition patents, but also be entitled to future royalties earned from the patents. This is a unique opportunity to invest in the future of technology and be a part of the development of this rapidly growing industry. Find out more on XiD’s website: NFT.xidtech.com
About XiD Technologies
XiD Technologies is a pioneer in biometrics, having built one of the first face recognition machines across multiple industries. Today, XiD is building the world’s first decentralized, secure identity verification using facial recognition on the blockchain.
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