Singapore-based technology company Weifeng technology believes that the true power of NFT (non-fungible tokens) lies in e-commerce and international trade because it empowers all supply-chain participants. Based on this idea, the company plans to launch Jeritex in August this year which will be integrated with partner e-commerce platforms through NFT gateways, according to media reports.
According to experts, traditional money is considered to be fungible. If you lend someone hundreds of dollars, you don’t need the borrower to return that exact one-hundred-dollar bill. But, if you lend something unique to someone, it is imperative that the product is returned in the same condition, making it non-fungible.
NFTs are also known to unlock massive potential for innovation. But most NFT marketplaces currently focus on digital art, games, and music, fashion, and sports collectibles. A large number of e-commerce platforms specialise in fashion, cosmetics, smartphones, sports goods and other luxury goods and they have expressed their interest to partner with Weifeng technology to offer their customers a wider range of payment gateways like Visa, Mastercard, Paypal, Alipay, and VNPay to name a few.
The company’s NFT technology will enable e-commerce users to seamlessly exchange for goods and merchandise in USDR, a stablecoin that can be traded on the e-commerce platform. The list of partner e-commerce platforms of Weifeng technology will be unveiled during the third quarter of this year.
Jeritex, which will be revealed in August this year is one of the company’s many offerings. It operates on the Binance Smart Chain protocol, and along with developing NFT payment gateways and payment applications, the company also aims to revolutionize the e-commerce market.