MXProtocol enters multi-billion dollar NFC market
Further Reading

MXProtocol enters multi-billion dollar NFC market

Turning tangible goods into digital assets

The MXC Foundation has taken a deep dive into creating a new way of bringing physical goods and fashioning them as digital assets on the blockchain that are not only tradable but also trackable, traceable, and giving their sense of origins. This has all been possible due to the beauty of our MXProtocol, which integrates the use of encrypted NFCs to extend the benefit of blockchain technology into daily, real-world use cases.

NFC, or Near Field Communication, is an intelligent technology that allows two-way communication between an NFC tag and a smart device within a 10 cm radius. The MXC Foundation believes that NFC technology is an ecosystem where users can explore new services, new opportunities, and the integration and intersection of multiple industries to create the use of our global data republic network.

The MXC NFCs are designed using the novel LPWAN technology, which allows them to easily and efficiently communicate over the data republic network. In addition, they will be offered as self-adhesive NFC labels with a tamper-resistant loop, which will effectively protect against product counterfeiting or illegal imitation of physical goods.

If the product packaging is opened without direct authorization or if counterfeiters have already opened the physical good, or if any external influences have tried to tamper with the tag, the loop consisting of the antenna will be damaged. If the seal is scanned after that by smart devices, it will respond with an error message or will show an unidentifiable asset. Moreover, these MXC NFC tags will be offered with customized holograms that will self-destruct if it unexpectedly detaches, ensuring it can’t be illegally traded.

Once NFC tags are placed on physical goods, they can be traded as digital assets in the form of NFTs, or non-fungible tokens.Therefore, these MXC NFT-NFC tags are showcased as a tradable digital asset in the universe of NFT platforms. With the NFC tag, you can see details on the particular good ranging from origin, rare ingredients, all previous owners, traders, and total individual items in circulation. Additionally, you will be able to determine its trading market price based on the item’s rarity.

Use Case:
The MXC Foundation recently tested this groundbreaking technology by partnering with one of the oldest limited-edition luxury gin manufacturers, Gin 1689, allowing them to use MXC NFC tags on their rarest collection of gin bottles. These MXC NFC tags were then minted and showcased as NFTs on one of the most well-known NFT trading platforms, OpenSea.

These MXC NFC tags integrate with the blockchain through this premier non-fungible marketplace. With the purchase of an NFT, one can own one of these limited edition bottles of gin from the collection. These NFTs serve as a digital receipt that verifies buyers’ ownership and authenticity. To learn more about these limited collections of Gin, scan the QR code below:

What happens if NFTs are burned?
Once the minted NFTs are burned, you will be entitled to receive the physical goods containing these NFC tags. The NFC tag, upon scanning, will be able to verify the authenticity of the physical goods on the blockchain. Thanks to these smart NFC tags, the buyer will be able to see all the details and determine if any physical damage or forging was done or attempted to the physical item.

With this new release, the MXC Foundation has revolutionized the blockchain space with groundbreaking innovations, tapping the multi-billion dollar sectors and bringing them towards smart developments. Whether low-power Bitcoin mining or Functional NFTs, the MXC Foundation has always been keen to deliver innovative state-of-the-art releases.