Home Crypto Ernst & Young’s Blockchain Technology to Create NFTs for Award-Winning Italian Film

Ernst & Young’s Blockchain Technology to Create NFTs for Award-Winning Italian Film

A blockchain-as-a-service dubbed EY OpsChain below big-four accounting and auditing agency Ernst & Young will create non-fungible tokens (NFTs) for the award-winning Italian movie La Leggenda Di Kaspar Hauser. 

Per the announcement:

“EY groups labored with CinTech to design a disruptive enterprise imaginative and prescient for the leisure trade to assist filmmakers attain new viewers and drive further income streams.”

CinTech, an Italian-based blockchain startup, duties to create 62 NFTs utilizing EY OpsChain for the 22 major scenes of the Italian movie. 

Non-fungible tokens’ possession is pegged on their uniqueness. Therefore, NFTs are totally different from typical crypto tokens due to fungibility. Fungible tokens may be exchanged for one other, whereas NFTs can’t be primarily based on their finite nature. 

Giuseppe Perrone, EY’s blockchain chief, famous:

“We are proud to help a brand new and progressive method of driving worth for the movie trade. It demonstrates the super potential to leverage blockchain and really displays how the know-how can present advantages throughout numerous sectors.”

Conversely, CinTech founders acknowledged:

“With this initiative, we’re showcasing how digital content material or property can innovate enterprise fashions by creating new income streams and financing sources.”

NFTs have emerged as a booming sector within the crypto ecosystem. For occasion, Coca-Cola just lately announced the launch of NFT collectables within the type of digital wearables that had been to be used to rejoice International Friendship Day. 

Furthermore, Stoner Cats, an grownup animated brief sequence offered as NFTs, just lately clogged the Ethereum community making hourly charges surged to $2.53 million due to excessive demand. 

On the opposite hand, OpenSea, a preferred market, processed $95 million value of NFT transactions in two days in contrast to the cumulative quantity of $21 million recorded within the entirety of 2020.

The platform’s co-founder & CEO, Devin Finzer, acknowledged that the NFT growth was insane, provided that it represented a novel software of blockchain know-how.

Image supply: Shutterstock

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