Fintech company implementing non-fungible token (NFT) capabilities to secure sales of electronic tickets and other digital assets using blockchain tokens
The OLB Group, Inc., a provider of cloud-based omnicommerce and payment acceptance solutions for small and mid-sized merchants, announced that its SecurePay payment gateway will support the transfer or sale of digital assets utilizing non-fungible token (NFT) technology. The NFT technology is built upon the Ethereum platform which manages token generation and redemption, association with an asset, and transfer of registered ownership.
“The rapid adoption of digital ticketing over the past year has accelerated the need for secure ways to buy and sell these properties without the risk of fraud associated with the duplication of QR codes or barcodes, particularly on a sale of Peer-to-Peer (P2P) transaction”
“The rapid adoption of digital ticketing over the past year has accelerated the need for secure ways to buy and sell these properties without the risk of fraud associated with the duplication of QR codes or barcodes, particularly on a sale of Peer-to-Peer (P2P) transaction,” said Ronny Yakov, chief executive officer of OLB Group. “When an NFT is associated with a digital ticket or asset, the transfer of ownership is assured through a blockchain ledger, preventing anyone from selling the same ticket twice or multiple times which, unfortunately, happens far too often. The secure NFT process we have implemented is intended to work seamlessly with the broad range of payment processing options of SecurePay, giving buyers and sellers unmatched flexibility in funding sources.”
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SecurePay provides integrated support for major digital wallets including Apple Pay® and Google Pay®, cryptocurrency wallets, PayPal®, and traditional credit cards. NFT functions utilize smart contracts to assure the simple and seamless exchange of funds and appropriate management of terms and conditions of sale.
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Yakov continued, “NFTs are often associated with art and collectable transactions, but the mechanism is an excellent fit with the sale or transfer of nearly any digital asset, regardless of the dollar value. OLB Group is dedicated to providing solutions which make buying and selling flexible and secure for all parties. NFTs are the latest addition to the portfolio of services that we believe will be an effective tool against digital asset fraud.”
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