11/29/2021

Press Release

New UNLOX Initiatives to Bring Corporate Value and Millions of Participants to the Frictionless Economy on Algorand

New UNLOX Initiatives to Bring Corporate Value and Millions of Participants to the Frictionless Economy on Algorand

UNLOX today announced the launch of five new future-of-finance marketplaces as the organization looks to exponentially increase adoption of blockchain across the corporate sector.

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.


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